Inwit Earnings: Revenue and EBITDAaL Increase 9% and 11%, Respectively; Shares Undervalued

Inwit's revenue grew 9% year over year as the firm's tenancy ratio expanded to 2.26 times from 2.23 times last quarter and 2.19 times one year ago. EBITDAaL grew by 11% year on year with margins expanding 130 basis points to 72.2%. New services revenue for indoor cells keeps growing strongly and was up 61% year on year, although it is still a very small amount of revenue. Inwit expects to generate EUR 620 million to EUR 640 million in recurring free cash flow this year. We are maintaining our EUR 12.60 fair value estimate.