Infrastrutture Wireless Italiane: Fair Value Estimate Trimmed Following Softer 2030 Outlook

Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new built-to-suit (BTS) towers to cover white spots (areas with poor coverage). Inwit expects its main customers will deploy 14,000 new points of presence in the coming years, reaching 72,000 total points of presence by 2030, which implies a tenancy ratio north of 2.60 times. We estimate Inwit will keep deploying new capital at double-digit internal rates of return through BTS towers, distributed antenna systems, and fiber-to-the-tower projects.