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Inwit
(INW)
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Rating:66Neutral
Price Target:
€7.50
▲(22.15% Upside)
Action:Reiterated
Date:08/28/26
The score is primarily driven by solid underlying profitability and cash generation, offset by increasing leverage and a recent revenue contraction. Technicals are also a headwind given the stock’s position below key moving averages and negative MACD, while valuation is a support due to the high dividend yield and moderate P/E.
Positive Factors
Recurring Tower Leasing
Recurring contract-based fees from tower hosting provide a durable revenue foundation and reduce reliance on one-off transactions. Inwit’s infrastructure remains useful to multiple wireless customers, while adding tenants to existing sites can improve profitability with limited incremental passive-infrastructure needs.
Negative Factors
Recent Revenue Contraction
The latest 18.8% revenue contraction interrupts the upward revenue trend seen from 2021 through 2025 and signals a meaningful near-term growth setback. If sustained, weaker top-line performance could reduce operating leverage and limit the pace of earnings and cash-flow expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Tower Leasing
Recurring contract-based fees from tower hosting provide a durable revenue foundation and reduce reliance on one-off transactions. Inwit’s infrastructure remains useful to multiple wireless customers, while adding tenants to existing sites can improve profitability with limited incremental passive-infrastructure needs.
Read all positive factors
Inwit (INW) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€6.26B
Dividend Yield10.83%
Average Volume (3M)2.10M
Price to Earnings (P/E)19.2
Beta (1Y)0.49
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. Volume2,102,209
30 Day Avg. Volume2,096,960
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
€7.90Price Target Upside28.66% Upside
Rating ConsensusModerate Buy
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 space on its telecom towers and other passive infrastructure to customers (typically mobile network operators and other wireless service providers) that install and operate their radio equipment on Inwit’s si...
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 | 969.85M | 972.42M | 941.54M | 874.67M | 779.19M | 714.89M |
| 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
Positive
6.14
Price Trends
6.39
Positive
6.42
Positive
6.74
Positive
Market Momentum
0.15
Negative
70.20
Negative
80.17
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:INW, the sentiment is Positive. The current price of 6.14 is below the 20-day moving average (MA) of 6.60, below the 50-day MA of 6.39, and below the 200-day MA of 6.74, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 70.20 is Negative, neither overbought nor oversold. The STOCH value of 80.17 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IT:INW.
Inwit Peers Comparison
UnderperformOutperform
Sector (55)
IT:INW
Inwit
7.10
-1.67
-19.03%
IT:RWAY
Rai Way S.p.A.
4.20
-1.40
-25.06%
IT:TIT
Telecom Italia SPA
5.65
0.89
18.72%
Inwit Corporate Events
INWIT Director Resigns; Board to Co-Opt Replacement
Sep 17, 2026
INWIT S.p.A. announced the immediate resignation of non-executive director Rosario Mazza from the Board of Directors and from his roles on the Strategies Committee and the Nominations and Remuneration Committee, citing new professional commitments...
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 ...
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.