Inwit (IT:INW)
:INW
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Inwit
(INW)
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Rating:65Neutral
Price Target:
€7.00
▼(-5.15% Downside)
Action:Reiterated
Date:05/19/26
The score is driven primarily by solid underlying fundamentals (high margins and reliable cash generation) and supportive income valuation (very high dividend yield). These positives are tempered by balance-sheet leverage and clear technical weakness (downtrend), alongside earnings-call risks tied to near-term revenue softness and anchor-tenant legal/commercial uncertainty.
Positive Factors
Very high margins and scalable infrastructure
Inwit operates a passive-tower business with infrastructure-like economics. Exceptionally high gross and net margins reflect low incremental costs for additional tenants, enabling durable profitability across cycles and supporting sustained operating leverage and cash returns even if top-line growth softens.
Negative Factors
Rising leverage and weaker equity base
Material increase in leverage reduces balance-sheet flexibility and raises refinancing and covenant risk over the medium term. Even with low average funding costs, higher gross debt and shrinking equity constrain capacity for opportunistic investment and increase sensitivity to earnings or cash-flow shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Very high margins and scalable infrastructure
Inwit operates a passive-tower business with infrastructure-like economics. Exceptionally high gross and net margins reflect low incremental costs for additional tenants, enabling durable profitability across cycles and supporting sustained operating leverage and cash returns even if top-line growth softens.
Read all positive factors
Inwit (INW) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€5.76B
Dividend Yield6.48%
Average Volume (3M)1.38M
Price to Earnings (P/E)16.9
Beta (1Y)0.46
Revenue Growth2.61%
EPS Growth1.58%
CountryIT
Employees328
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.38
Shares Outstanding903,994,900
10 Day Avg. Volume1,205,163
30 Day Avg. Volume1,382,334
Financial Highlights & Ratios
PEG Ratio7.61
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
€7.87Price Target Upside6.66% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)0.39
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:Jul 29, 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
57
Neutral
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08B | 1.08B | 1.04B | 960.29M | 852.99M | 785.15M |
| Gross Profit | 957.09M | 1.06B | 982.97M | 915.23M | 809.47M | 739.95M |
| EBITDA | 968.94M | 972.42M | 941.54M | 874.67M | 773.16M | 709.98M |
| Net Income | 351.33M | 361.52M | 353.90M | 339.50M | 293.34M | 191.40M |
Balance Sheet | ||||||
| Total Assets | 9.79B | 9.60B | 9.48B | 9.35B | 9.26B | 9.36B |
| Cash, Cash Equivalents and Short-Term Investments | 381.76M | 209.61M | 115.13M | 95.08M | 72.85M | 96.32M |
| Total Debt | 5.42B | 5.32B | 4.64B | 4.30B | 4.15B | 4.15B |
| Total Liabilities | 6.22B | 6.12B | 5.40B | 5.01B | 4.80B | 4.88B |
| Stockholders Equity | 3.55B | 3.47B | 4.08B | 4.34B | 4.47B | 4.48B |
Cash Flow | ||||||
| Free Cash Flow | 543.57M | 517.57M | 469.00M | 511.73M | 431.95M | 49.44M |
| Operating Cash Flow | 776.92M | 799.58M | 762.86M | 811.20M | 686.97M | 217.82M |
| Investing Cash Flow | -250.33M | -281.93M | -302.72M | -269.86M | -254.56M | -168.31M |
| Financing Cash Flow | -201.67M | -423.16M | -441.20M | -519.13M | -455.88M | -73.40M |
Inwit Technical Analysis
Negative
7.38
Price Trends
6.69
Negative
6.99
Negative
7.53
Negative
Market Momentum
-0.04
Positive
46.35
Neutral
30.35
Neutral
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 7.38 is above the 20-day moving average (MA) of 6.68, above the 50-day MA of 6.69, and below the 200-day MA of 7.53, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 46.35 is Neutral, neither overbought nor oversold. The STOCH value of 30.35 is Neutral, 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
6.58
-2.47
-27.29%
IT:RWAY
Rai Way S.p.A.
5.61
0.05
0.88%
IT:TIT
Telecom Italia SPA
0.79
0.40
104.15%
Inwit Corporate Events
INWIT Holds to 2026 Guidance as Q1 Revenue Dips in Tough Market
May 12, 2026
INWIT began 2026 broadly in line with its annual guidance, as first-quarter revenues slipped 0.8% year on year to €264.1 million amid a challenging market and the halt of non-guaranteed activities and new business initiatives. Despite this, ...
INWIT Approves 2025 Accounts and Sets Dividend at €0.5543 per Share
Apr 30, 2026
INWIT has announced the distribution of an ordinary dividend of €0.5543 per ordinary share, following shareholder approval of the 2025 financial statements at the April 30, 2026 meeting. The dividend will be paid on May 20, 2026 to sharehold...
INWIT Shareholders Approve 2025 Results, Higher Dividend and Treasury Share Cancellation
Apr 30, 2026
INWIT’s shareholders approved the 2025 financial statements, reporting a separate net profit of €362.6 million and a consolidated net profit of €360.8 million, and sanctioned an ordinary dividend of €0.5543 per share, up 7....
INWIT Publishes 2025 Integrated Report and Shareholders’ Meeting Documentation
Apr 9, 2026
INWIT has filed and made publicly available its 2025 Integrated Report, which includes the annual financial report as of 31 December 2025, sustainability information, and reports from its auditors and Board of Statutory Auditors. The company has a...
INWIT lifts dividend as 2025 results meet guidance and tower rollout accelerates
Apr 2, 2026
INWIT reported 2025 results broadly in line with guidance, posting a 4% rise in revenues to €1.08 billion, a 4.8% increase in EBITDAaL and a 2% gain in net profit, while maintaining a strong 73% EBITDAaL margin and generating €633.5 mi...
INWIT Calls 2026 Shareholders’ Meeting to Approve 2025 Accounts and Cancel Treasury Shares
Mar 31, 2026
INWIT has convened an ordinary and extraordinary shareholders’ meeting for 30 April 2026 to approve the 2025 financial statements, decide on profit allocation, vote on the 2026 remuneration policy and 2025 pay report, and adopt a new 2026...
INWIT Rejects TIM’s Attempt to End Tower Deal, Citing Contract to 2038
Mar 29, 2026
INWIT has rejected a unilateral notice from TIM to terminate their Master Service Agreement and insists the contract remains in force until 2038 under change-of-control clauses both parties exercised in 2022. The tower group says TIM’s move ...
INWIT Disputes TIM’s Attempt to Exit Tower Deal, Citing 2038 Lock-In and Strategic Role
Mar 29, 2026
INWIT has rejected TIM’s unilateral attempt to terminate their long-term Master Service Agreement, asserting that contractual change-of-control clauses triggered in 2022 already extended the deal for both parties through 2038 and removed any...
INWIT Calls Remote Shareholders’ Meeting to Approve 2025 Results and Share Cancellation
Mar 25, 2026
INWIT’s Board of Directors has convened a shareholders’ meeting for 30 April 2026, to be held exclusively via remote communication with participation through a designated representative. On the agenda in ordinary session are approval o...
INWIT to Challenge Fastweb Move to Exit Long-Term Tower Deal
Mar 25, 2026
INWIT has received a notice of non-renewal of its Master Service Agreement from Fastweb, which took over the contract through Vodafone Italia, now incorporated into Fastweb. The tower operator calls the move unlawful and lacking industrial logic, ...
INWIT Cuts 2026 Guidance Amid Clash With TIM and Fastweb Over Tower JV
Mar 20, 2026
INWIT’s board has reviewed its relationship with key anchor tenants TIM and Fastweb, now aligned with Vodafone assets under Swisscom, amid rising contractual tensions and a proposed joint venture between the operators to build new Italian mo...
INWIT Cuts 2026 Outlook Amid Contract Clash With TIM–Fastweb JV Plan
Mar 20, 2026
INWIT’s board has reviewed its strained relationship with anchor tenants TIM and Fastweb, now combined with Vodafone Italia under Swisscom, after they announced plans for a new tower joint venture that INWIT deems incompatible with existing ...
INWIT Cuts 2026 Outlook as Tenant Dispute Deepens Over Planned JV
Mar 19, 2026
INWIT’s board has reviewed deteriorating relations with its anchor tenants TIM and Fastweb, now including Vodafone’s former Italian operations, following their plan to form a joint venture to build new mobile sites. The company argues ...
Oak-Led Investor Group Tightens Governance Grip on INWIT Stake
Feb 27, 2026
Oak Holdings 1 GmbH, Epeo S.r.l. and Oak Consortium TopCo Limited have entered into a shareholders’ agreement concerning a 37.60% stake in INWIT, plus additional shares that Epeo may acquire up to about 1.5% of voting share capital. The pact...
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.