Infrastrutture Wireless Italiane S.p.A. (IFSUF)
割安ファンダメンタル
61
株価
$6.36
時価総額
$5.89B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
主なリスク
- 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.
顧客集中度
主要顧客が売上高の80.2%を占める
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.
強気材料
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.
弱気材料
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 2026年8月18日
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.
貸借対照表と流動性
売上高
$1.07B
直近12か月（2026/6/30まで）
純利益
$338M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$499M
自己資本合計
$3.04B
負債合計
$5.55B
流動比率
0.37
利払い倍率
-
負債/EBITDA
7.27
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$10.87
現在株価
$6.36
安全マージン
+41.5%
適正価値レンジ
$7.06 - $14.67
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
17.65
ROE
9.9%
P/B レシオ
1.94
P/FCF
11.81
粗利益率
92.5%
ROIC
5.1%
収益性レーダー
価値創造（経済的モート）
ROIC
5.1%
WACC
4.1%
ROIC − WACC
+1.0 pp
ROICはおおむね資本コストと同水準です。企業はかろうじて資本コストを賄えている状態です。
ファンダメンタル分析基準
合格（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
不合格（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
データなし（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-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
4
取締役会リスク
2
報酬リスク
2
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for IFSUF, sourced from Markets Gazette.