The most popular dormant Ibex stock with a potential of 46%.

One of the Ibex's laggards this year is a clear investment option for most hedged companies. It boasts the highest upside potential in the Spanish index, exceeding 45% over the twelve-month period.

The Ibex is in a battle to regain the 15.00 point mark it surpassed at the end of August. It's still up 30% for the year and is the most bullish index in Europe. Doubts about the economy and the evolution of interest rates on both sides of the Atlantic persist, but experts are optimistic about the performance of Spain's main index for the end of the year.

Thus, only four companies have posted losses since the start of 2025. One of them is an investment opportunity for 31 of the 33 companies that cover its listing. It also stands out for being the stock with the greatest upside potential in the medium term , according to the consensus of experts consulted by Bloomberg .

This is Cellnex , a stock that has lagged in recent years after shining brightly on the stock market. Since reaching an all-time high of €61.08 on August 23, 2021, the European telecommunications infrastructure operator has lost 51% . This year, it is down 1.6% , after losing 14.5% in 2024.

The stock's poor performance on the stock market offers an investment opportunity, according to analysts , due to Cellnex's growth potential and its leading position in the sector.

Cellnex, Europe's leading telecommunications tower and infrastructure company, achieved organic revenue growth of 6% in the first half of the year, while EBITDA (EBITDA after leases) grew by 8.1%, which the company said "reflects the strength of its business."

The group recorded net losses of 115 million euros compared to 418 million euros in the same period of the previous year .

Cellnex has reiterated its 2025 guidance with the following estimates: revenue between €3.95 billion and €4.05 billion, adjusted EBITDA between €3.275 billion and €3.375 billion, and free cash flow between €280 million and €380 million.

Bank of America defends the Spanish telecommunications company's consistency, reiterating its buy recommendation , as it expects business growth of 27.7% in the medium term. "Cellnex reported solid second-quarter results and has good medium-term prospects . Our strong buy recommendation is based on the visibility of its cash flows and its return potential," the American bank states.

To strengthen its financial capacity , the company successfully completed a €750 million bond issue and refinanced a €2.8 billion syndicated credit facility in July, bringing total available liquidity to €4.9 billion . The market welcomed the news, rising 7.4% on the day of the announcement, its highest gain in two years.

José María Rodríguez, technical analyst at EXPANSIÓN, believes the stock has been very weak recently and does not rule out a move toward the support it held at the beginning of the year (28.38 euros) and below that, the 2023 lows, around 26 euros. Its key resistance levels are at 37 and 39 euros, levels very far from the current ones.

Overall, the expert consensus consulted by Bloomberg gives a target price of 43.62 euros , 45.5% higher than its current price .