Inwit Earnings: 2030 Business Plan Foresees Mid-Single-Digit Growth in Sales and EBITDAaL

Inwit ended 2024 with revenue of EUR 1.04 billion and EBITDAaL of EUR 750 million, an 8% and 9.3% year-on-year increase, respectively. The firm launched its 2030 business plan, where it expects to grow revenue and EBITDAaL at a 4.5% and 6.0% CAGR, respectively, in line with our estimates. In the next five years Inwit’s revenue growth profile will moderate from the high-single-digit range to the mid-single-digit range, as Italian networks are already much denser and Telecom Italia and Vodafone have lower needs of deploying extra points of presence. Still, Inwit provides a growing and predictable revenue stream with inflation protection, something that can be attractive for investors with a lower risk profile and looking for maintainable and growing dividends. Dividends are expected to grow at a 7.5% CAGR until 2026, and a 5% thereafter, reaching EUR 0.72 per share in 2030. We are maintaining our EUR 12.60 fair value estimate.