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Inwit
(INW)
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Rating:66Neutral
Price Target:
€7.00
▲(10.06% Upside)
Action:Reiterated
Date:08/09/26
The score is driven primarily by solid financial performance (strong margins and cash generation) offset by rising leverage and a recent top-line setback. Earnings-call takeaways reinforce the cash-flow strength and reiterated guidance but introduce notable legal/commercial uncertainty. Technicals are neutral-to-soft versus longer-term averages, while valuation is supported by a mid P/E and very high dividend yield.
Positive Factors
Structural profitability and infrastructure efficiency
Very high EBITDA and post-lease margins reflect the scalable economics of a shared tower network. Incremental tenants can be added with limited additional infrastructure, supporting durable profitability as site utilization and tenancy increase.
Negative Factors
Elevated and rising leverage
Higher leverage reduces financial flexibility and increases sensitivity to refinancing costs, interest rates and operating disruption. Although much debt is fixed, the elevated debt burden could constrain investment or shareholder distributions over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Structural profitability and infrastructure efficiency
Very high EBITDA and post-lease margins reflect the scalable economics of a shared tower network. Incremental tenants can be added with limited additional infrastructure, supporting durable profitability as site utilization and tenancy increase.
Read all positive factors
Inwit (INW) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€5.29B
Dividend Yield12.72%
Average Volume (3M)1.38M
Price to Earnings (P/E)16.3
Beta (1Y)0.53
Revenue Growth1.27%
EPS Growth-3.44%
CountryIT
Employees345
SectorGeneral
Sector StrengthN/A
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.37
Shares Outstanding903,994,900
10 Day Avg. Volume1,205,163
30 Day Avg. Volume1,382,334
Financial Highlights & Ratios
PEG Ratio7.69
Price to Book (P/B)2.09
Price to Sales (P/S)6.72
P/FCF Ratio13.99
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€7.30Price Target Upside14.78% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)0.38
Revenue Forecast (FY)€1.07B
Inwit Business Overview & Revenue Model
Company Description
Headquartered in Milan, Italy, and established in 2015, Infrastrutture Wireless Italiane S.p.A. (INWIT) operates within the electronic communications infrastructure sector across Europe. The company delivers a broad range of services, including th...
How the Company Makes Money
Inwit primarily makes money by leasing access to its passive telecom infrastructure (mainly towers and rooftop sites) to customers that install and operate their own active radio equipment. The core revenue model is based on long-term service cont...
Inwit Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call presents a resilient operational and financial profile: strong cash generation (+11% recurring FCF), high margins (EBITDA margin ~91%, EBITDA after leases ~72%), liquidity actions (bank facility extension) and reiterated guidance/targets. These positives are counterbalanced by near-term revenue and EBITDA declines driven by suspended discretionary project revenues, a weak industry investment environment, slow Q1 tower additions and a material legal dispute with anchor tenants that introduces execution and commercial risk. Management emphasizes confidence in the contracts, readiness to defend MSAs legally, openness to win-win renegotiations, and optional upside if market normalizes (network densification, edge and smart infra), but significant uncertainty remains in the short-to-medium term.Positive Updates
Normalized Revenue Growth despite reported decline
Q1 2026 reported revenue EUR 264 million, down ~1% YoY; adjusted for the absence of discretionary, project-based revenues Q1 2026 shows a normalized annual revenue growth above +3% YoY. Inflation (2025 CPI avg ~1.4%) and anchor commitments contributed to growth.
Negative Updates
Reported Revenue and Earnings Pressures
Reported revenues down ~1% YoY and EBITDA down -1.9% YoY (EBITDA after leases -2.2% YoY), driven by the absence of discretionary project-based revenues and a broadly weak investment environment.
Read all updates
Q1-2026 Updates
Positive
Negative
Normalized Revenue Growth despite reported decline
Q1 2026 reported revenue EUR 264 million, down ~1% YoY; adjusted for the absence of discretionary, project-based revenues Q1 2026 shows a normalized annual revenue growth above +3% YoY. Inflation (2025 CPI avg ~1.4%) and anchor commitments contributed to growth.
Read all positive updates
Company Guidance
INWIT reiterated its full‑year 2026 guidance and medium‑term baseline outlook while quantifying operational targets and key financial metrics: about 200 new towers in 2026, >1,700 new PoPs, ~900 DAS locations (c.850 in Q1), ~1,600 real estate transactions for the year, tenancy ratio at 2.39 (Q1) with continued growth, and a network of ~26,000 sites (35% unique) against an industry need of ~7–12k (c.10k) new towers; Q1 revenues were EUR 264m (‑1% reported, >3% normalized), EBITDA EUR 239.5m (91% margin), EBITDA after leases >EUR 190m (72% margin), recurring FCF EUR 176m (+11%, 74% cash conversion), gross CapEx just below EUR 80–90m in Q1, net debt ~EUR 5bn (IFRS16), leverage 5.2x, dividend payout ~EUR 500m (>7% yield), avg cost of debt ~3% (85% fixed), avg bond maturity 4.3 yrs and a extended EUR 1bn bank facility to 2031; the baseline excludes upside from market normalization and downside from potential MSA terminations.Inwit Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
56
Neutral
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.07B | 1.08B | 1.04B | 960.29M | 852.99M | 785.15M |
| Gross Profit | 847.66M | 1.06B | 982.97M | 915.23M | 809.47M | 739.95M |
| EBITDA | 970.08M | 972.42M | 941.54M | 874.67M | 773.16M | 709.98M |
| Net Income | 337.25M | 361.52M | 353.90M | 339.50M | 293.34M | 191.40M |
Balance Sheet | ||||||
| Total Assets | 9.45B | 9.60B | 9.48B | 9.35B | 9.26B | 9.36B |
| Cash, Cash Equivalents and Short-Term Investments | 98.00M | 209.61M | 115.13M | 95.08M | 72.85M | 96.32M |
| Total Debt | 5.55B | 5.32B | 4.64B | 4.30B | 4.15B | 4.15B |
| Total Liabilities | 6.31B | 6.12B | 5.40B | 5.01B | 4.80B | 4.88B |
| Stockholders Equity | 3.13B | 3.47B | 4.08B | 4.34B | 4.47B | 4.48B |
Cash Flow | ||||||
| Free Cash Flow | 579.97M | 517.57M | 469.00M | 511.73M | 431.95M | 49.44M |
| Operating Cash Flow | 806.38M | 799.58M | 762.86M | 811.20M | 686.97M | 217.82M |
| Investing Cash Flow | -288.62M | -281.93M | -302.72M | -269.86M | -254.56M | -168.31M |
| Financing Cash Flow | -530.13M | -423.16M | -441.20M | -519.13M | -455.88M | -73.40M |
Inwit Technical Analysis
Negative
6.36
Price Trends
6.36
Negative
6.53
Negative
6.89
Negative
Market Momentum
-0.08
Positive
35.23
Neutral
6.09
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:INW, the sentiment is Negative. The current price of 6.36 is above the 20-day moving average (MA) of 6.34, below the 50-day MA of 6.36, and below the 200-day MA of 6.89, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 35.23 is Neutral, neither overbought nor oversold. The STOCH value of 6.09 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:INW.
Inwit Peers Comparison
UnderperformOutperform
Sector (55)
IT:INW
Inwit
6.04
-3.37
-35.80%
IT:RWAY
Rai Way S.p.A.
4.70
-1.01
-17.66%
IT:TIT
Telecom Italia SPA
7.65
3.05
66.49%
Inwit Corporate Events
INWIT Publishes Half-Year 2026 Financial Report for Investor Access
Aug 5, 2026
INWIT has released its Half-Year Financial Report for the period ended 30 June 2026, making the document available at its Milan registered office, through the authorized storage mechanism 1INFO, and on its corporate website. The publication enhanc...
INWIT Q2 Profit, Cash Flow Fall as Investments and Leverage Shift in Tough Market
Jul 28, 2026
INWIT reported second-quarter 2026 revenues of €267 million, down 0.8% year on year, with EBITDA falling 2.1% and EBITDAaL down 2.8%, as a challenging market and issues around master service agreements weighed on performance. Net profit slid...
INWIT to Appeal Milan Court Ruling in Fastweb Contract Dispute
Jul 14, 2026
INWIT has announced that the Court of Milan has rejected its request for interim measures in proceedings against Fastweb, a dispute centered on the interpretation of a master service agreement tied to a major sale-and-leaseback of telecom towers. ...
INWIT Challenges TIM’s Interpretation of Milan Court Order in Contract Dispute
Jul 13, 2026
INWIT has issued a clarification regarding a recent communication by TIM about a Milan Court order concerning their Master Service Agreement dispute. The company disputes TIM’s portrayal that the court confirmed the lawfulness of TIM’s...
INWIT to pursue full trial after court rejects urgent measures in TIM contract dispute
Jul 13, 2026
INWIT has acknowledged an order by the Court of Milan rejecting its request for urgent interim measures in a dispute with TIM over the interpretation and duration of their Master Service Agreement. The judge found that the urgency requirement for ...
INWIT Brings Forward Board Meeting for 2026 Half-Year Results
Jun 16, 2026
Infrastrutture Wireless Italiane S.p.A. has adjusted its 2026 corporate events calendar, rescheduling the Board of Directors meeting to approve the half-year financial report as of 30 June 2026 from 29 July to 28 July. The company will present the...
Inwit Updates Articles After Cancelling 27.9 Million Treasury Shares
May 27, 2026
Inwit has updated its Articles of Association following the cancellation of 27,895,167 treasury shares, a move that became effective upon filing with the Register of Companies on 26 May 2026. The revised corporate charter, reflecting the reduced n...
Inwit discloses managerial share sale tied to incentive plan tax cover
May 25, 2026
Inwit has disclosed a managerial share transaction involving Emilia Trudu, Chief Administration, Finance and Control officer and key manager, under EU market abuse regulations. The transaction concerns ordinary Inwit shares traded on the Milan exc...
INWIT Cancels Treasury Shares, Streamlines Share Capital Structure
May 22, 2026
INWIT has updated its share capital structure following a shareholder resolution that led to the cancellation of 27,895,167 treasury shares without reducing the overall share capital of €600 million. As a result, the number of ordinary share...
INWIT Publishes Minutes of April 2026 Shareholders’ Meeting
May 22, 2026
INWIT has announced that the minutes of its ordinary and extraordinary shareholders’ meeting held on 30 April 2026 have been made publicly available through its registered office, an authorized storage mechanism and the company’s websi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.