Infrastrutture Wireless Italiane S.p.A. (IFSUF)
NEUTRAL基本面
64
价格
$6.25
市值
$5.54B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
主要风险
- 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.
客户集中度
主要客户占营收的80.2%
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.
看多理由
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.
看空理由
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
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资产负债表与流动性
营收
$1.08B
最近12个月（截至2026/3/31）
净利润
$352M
最近12个月（截至2026/3/31）
自由现金流
$499M
股东权益合计
$3.04B
负债合计
$5.55B
流动比率
0.37
利息覆盖率
-
债务/EBITDA
7.27
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$10.71
当前价格
$6.25
安全边际
+41.6%
公允价值区间
$6.96 - $14.46
估算方法
估值指标
市盈率（P/E）
16.59
ROE
9.9%
市净率（P/B）
1.83
P/FCF
11.10
毛利率
92.5%
ROIC
5.1%
盈利能力雷达图
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.
基本面分析标准
通过（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
未通过（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
不可用（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-评分
存在严重财务隐患
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
4
董事会风险
2
薪酬风险
2
股东权利风险
5
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Latest News
Recent headlines for IFSUF, sourced from Markets Gazette.