Infrastrutture Wireless Italiane S.p.A. (IFSUF)
NEUTRALFundamental
64
मूल्य
$6.25
मार्केट कैप
$5.54B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
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.
यह पैसा कैसे कमाती है
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.
सेगमेंट के अनुसार राजस्व
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.
प्रमुख जोखिम
- 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.
ग्राहक Concentration
शीर्ष ग्राहकों का राजस्व में 80.2% हिस्सा है
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.
खरीदने के पक्ष में तर्क
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.
बेचने के पक्ष में तर्क
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 अगस्त 2026
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बैलेंस शीट और तरलता
राजस्व
$1.08B
पिछले 12 महीने (31/3/2026 तक)
शुद्ध आय
$352M
पिछले 12 महीने (31/3/2026 तक)
Free Cash Flow
$499M
कुल इक्विटी
$3.04B
कुल देनदारियाँ
$5.55B
Current Ratio
0.37
Interest Coverage
-
Debt/EBITDA
7.27
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$10.71
वर्तमान मूल्य
$6.25
Margin of Safety
+41.6%
Fair Value सीमा
$6.96 - $14.46
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
16.59
ROE
9.9%
P/B Ratio
1.83
P/FCF
11.10
Gross Margin
92.5%
ROIC
5.1%
लाभप्रदता Radar
Value Creation (Economic Moat)
ROIC
5.1%
WACC
4.1%
ROIC − WACC
+1.0 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental विश्लेषण मानदंड
पास (11)
- ROIC 5.1%
- Gross Margin 92.5%
- P/FCF 11.10
- P/B Ratio 1.83
- Debt/Equity ratio
- Positive Free Cash Flow
- DCF valuation (Undervalued)
- ROE 9.8%
- Revenue Growth 5Y 10.2%
- PEG Ratio 0.98
- Earnings Quality (OCF/NI) 2.23
फेल (8)
- Price CAGR 3.22%
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Analyst Consensus 30% Buy
- Earnings Surprise avg -0.7%
- Net Margin Trend 33.6% vs 34.2%
- Piotroski F-Score 2/9
अनुपलब्ध (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
गंभीर वित्तीय चिंताएं
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| 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 | - |
Audit जोखिम
4
बोर्ड जोखिम
2
मुआवजा जोखिम
2
शेयरधारक अधिकार जोखिम
5
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
Latest News
Recent headlines for IFSUF, sourced from Markets Gazette.