Cellnex Telecom S.A.

Cellnex, based in Barcelona, is Europe's largest operator of wireless telecom towers, owning and leasing the masts and rooftop sites that mobile networks use to carry their signals across many countries. It grew rapidly by buying tower portfolios from telecom operators, taking on heavy debt to do so. Cellnex pays only a small dividend, having prioritised expansion and now debt reduction over payouts, which keeps its score low on a dividend measure. This is more a play on long-term, contracted tower income and falling debt than a dependable income stock, with dividends set to grow only gradually.