Infrastrutture Wireless Italiane S.p.A. (IFSUF)
UnterbewertetFundamental
61
Kurs
$6.37
Marktkapitalisierung
$5.89B
Teil 1 · Was das Unternehmen wert ist
Übersicht
INWIT owns and operates a network of over 25,000 telecom towers across Italy, present in 84% of Italian municipalities, and rents space on them to mobile operators who install their antennas and equipment. It does not sell mobile service itself; it is the landlord to the companies that do. Its two largest tenants, TIM and Fastweb+Vodafone, are also its former parent companies and remain its anchor customers under long-term hosting contracts.
Wie das Geld verdient wird
Most revenue comes from long-term Master Service Agreements with TIM and Fastweb+Vodafone, which pay fixed hosting fees fully indexed to inflation with no cap and a zero floor, plus fees from smaller telecom operators renting the remaining tower space. A growing slice comes from Smart Infra services — indoor coverage systems, fiber backhaul and small cells — sold to both anchor and third-party clients as data demand pushes operators toward denser networks.
Umsatz nach Segment
Tower hosting fees paid by TIM and Fastweb+Vodafone under Master Service Agreements.
Tower hosting fees from other mobile operators, plus installation and technical service fees.
Indoor coverage systems (DAS), fiber backhaul, IoT and small-cell services sold to both anchor and other clients.
Wichtigste Risiken
- Dependence on two anchor customers — The company states that dependence on a narrow number of clients contributing a significant share of total revenue, combined with ongoing telecom-market consolidation, is an emerging risk for the business.
- Risk to the Master Service Agreements — The company states it cannot exclude the risk of premature unilateral termination of the effects of the MSAs with its anchor tenants due to events outside its control, with resulting litigation risk.
- Refinancing and interest-rate exposure — About 16% of debt is at floating rates, and the company states that conditions for refinancing existing and upcoming bond maturities will depend on prevailing market rates and business developments at the time.
- Antitrust remedies commitments — Following EU merger clearance conditions, the company must give TIM and Fastweb equal-terms access to about 4,000 sites by 2028 in municipalities above 35,000 inhabitants to third parties that request it, monitored by an independent Monitoring Trustee.
- Site capacity and permitting constraints — The company cites possible difficulties or delays in hosting new equipment on existing towers due to infrastructural and electromagnetic-emission limits, and in building new infrastructure due to permitting timelines.
Kundenkonzentration
Die größten Kunden machen 80.2 % des Umsatzes aus
About 80% of 2025 revenue came from just two customers, TIM and Fastweb+Vodafone, who are also INWIT's controlling shareholders under a joint shareholder agreement. The company itself flags dependence on a narrow client base as a risk tied to telecom-market consolidation.
Die Argumente dafür
Buyers argue that inflation-linked, contractually guaranteed hosting fees from two anchor tenants give INWIT unusually predictable long-term cash flow, and that growing demand for denser 5G coverage and indoor systems adds a second, less mature growth line on top of the tower business.
Die Argumente dagegen
Sellers fear that a business this dependent on two customers who are also controlling shareholders is exposed if that relationship sours, as the open dispute over how long the current hosting agreements actually run illustrates, and that high leverage leaves limited room if refinancing costs rise.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$1.07B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$338M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$499M
Gesamtes Eigenkapital
$3.04B
Gesamtverbindlichkeiten
$5.55B
Current Ratio
0.37
Zinsdeckungsgrad
-
Schulden/EBITDA
7.27
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$10.87
Aktueller Kurs
$6.37
Sicherheitsmarge
+41.4%
Innerer-Wert-Spanne
$7.06 - $14.67
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
17.65
ROE
9.9%
P/B-Verhältnis
1.94
P/FCF
11.81
Bruttomarge
92.5%
ROIC
5.1%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
5.1%
WACC
4.1%
ROIC − WACC
+1.0 pp
Der ROIC liegt etwa auf Höhe der Kapitalkosten: Das Unternehmen deckt gerade eben seine Kapitalkosten.
Fundamentalanalyse-Kriterien
Bestanden (10)
- ROIC 5.1%
- Gross Margin 92.5%
- P/FCF 11.81
- P/B Ratio 1.94
- Debt/Equity ratio
- Positive Free Cash Flow
- ROE 9.8%
- Revenue Growth 5Y 10.2%
- PEG Ratio 1.01
- Earnings Quality (OCF/NI) 2.23
Nicht bestanden (9)
- Price CAGR 4.13%
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- DCF valuation (Fairly valued)
- Analyst Consensus 35% Buy
- Earnings Surprise avg -0.1%
- Net Margin Trend 33.6% vs 34.2%
- Piotroski F-Score 2/9
Nicht verfügbar (8)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-Score
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Dr. Diego Galli | General Manager | 59 |
| Ms. Emilia Trudu | Head of Planning & Control Department, CFO and Administration, Finance & Control Director | - |
| Mr. Andrea Mondo | Director of Technology & Operations | - |
| Mr. Luigi Minerva | Director of Strategy, M&A & Investor Relations | - |
| Mr. Salvatore Lo Giudice | General Counsel & Secretary | 59 |
| Michelangelo Suigo | External Relations, Communication & Sustainability Director | - |
| Ms. Giovanna Bellezza | Human Resources & Organization Director | 57 |
| Mr. Francesco Piccirillo | Head of Real Estate | 57 |
| Alessandro Pirovano | Internal Member of Supervisory Body, Head of the Audit Department & Internal Audit Director | 53 |
| Lucio Golinelli | Commercial Department Director | - |
Prüfungsrisiko
4
Vorstandsrisiko
2
Vergütungsrisiko
2
Aktionärsrechterisiko
5
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for IFSUF, sourced from Markets Gazette.