Infrastrutture Wireless Italiane S.p.A. (IFSUF)
SubavaliadaFundamental
61
Preço
$6.44
Capitalização de Mercado
$5.89B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Receita por segmento
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.
Principais riscos
- 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.
Concentração de clientes
Os principais clientes representam 80.2% da receita
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.
Os argumentos a favor
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.
Os argumentos contra
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 de agosto de 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.
Balanço & Liquidez
Receita
$1.07B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$338M
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$499M
Capital Próprio Total
$3.04B
Passivo Total
$5.55B
Rácio de Liquidez
0.37
Cobertura de Juros
-
Dívida/EBITDA
7.27
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$10.87
Preço Atual
$6.44
Margem de Segurança
+40.7%
Intervalo de Valor Justo
$7.06 - $14.67
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
17.65
ROE
9.9%
Rácio P/B
1.94
P/FCF
11.81
Margem Bruta
92.5%
ROIC
5.1%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
5.1%
WACC
4.1%
ROIC − WACC
+1.0 pp
O ROIC está próximo do custo do capital — a empresa cobre apenas o custo do capital.
Critérios de Análise Fundamental
Aprovado (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
Reprovado (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
Indisponível (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
Preocupações financeiras graves
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Não há declarações institucionais para esta empresa.
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 | - |
Risco de Auditoria
4
Risco do Conselho
2
Risco de Remuneração
2
Risco dos Direitos dos Acionistas
5
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for IFSUF, sourced from Markets Gazette.