Infrastrutture Wireless Italiane SpA

INW: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Inwit Earnings: Flawless Execution Continues; Shares Offer 30% Upside

Javier Correonero

Nov 6, 2024

Narrow-moat Inwit continued its steady trajectory one more quarter with revenue and EBITDAaL up 7.6% and 9.0% year over year, respectively. Revenue and EBITDAaL were EUR 260.3 and EUR 189.5 million respectively, with tenancy ratios growing to 2.30 times from 2.28 times last quarter and 2.21 one year ago. Network densification from Telecom Italia and Vodafone plus colocation demand from alternative clients, like utility companies and other mobile operators, continues to be the main growth driver. We are maintaining our EUR 12.60 fair value estimate with shares offering 30% upside at this point.

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Infrastrutture Wireless Italiane SpA

Inwit Earnings: Flawless Execution Continues; Shares Offer 30% Upside

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