Buy Or Sell Opportunity • May 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 23% to €6.78. The fair value is estimated to be €8.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 7.1%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings are also forecast to grow by 3.3% per annum over the same time period. Announcement • Apr 09
Infrastrutture Wireless Italiane S.p.A. announces Annual dividend, payable on May 20, 2026 Infrastrutture Wireless Italiane S.p.A. announced Annual dividend of EUR 0.5500 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Announcement • Apr 16
Inwit Appoints New Board Inwit at its AGM approved new member board of directors. The new board appointed until 31 December 2027 is composed of Christian Hillabrant, Nicolas Mahler, Paola Bonomo, Vania Petrella, Giulia Staderini, Oscar Cicchetti, Rosario Mazza, Stefania Bariatti, Quentin Le Cloarec, Barbara Tadolini, Francesco Valsecchi, Carlo Bozzoli and Antonella Odero Ambriola. The new appointments were: Christian Hillabrant, Nicolas Mahler, Paola Bonomo, Vania Petrella, Giulia Staderini, Barbara Tadolini, Carlo Bozzoli and Antonella Odero Ambriola. Announcement • Mar 07
Infrastrutture Wireless Italiane S.p.A., Annual General Meeting, Apr 15, 2025 Infrastrutture Wireless Italiane S.p.A., Annual General Meeting, Apr 15, 2025, at 15:00 W. Europe Standard Time. Announcement • Feb 19
Infrastrutture Wireless Italiane S.p.A. to Report Fiscal Year 2024 Results on Mar 04, 2025 Infrastrutture Wireless Italiane S.p.A. announced that they will report fiscal year 2024 results on Mar 04, 2025 Announcement • Feb 13
Inwit Announces Board Changes Inwit said its board of directors has appointed Paolo Favaro as a non-executive, independent director following the resignation of Antonio Corda. The move has been approved by the Board of Statutory Auditors and Favaro will hold office until the company's next Shareholders' Meeting. Announcement • Jan 01
Infrastrutture Wireless Italiane S.p.A. to Report Q2, 2025 Results on Jul 30, 2025 Infrastrutture Wireless Italiane S.p.A. announced that they will report Q2, 2025 results on Jul 30, 2025 Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: €0.093 (vs €0.089 in 3Q 2023) Third quarter 2024 results: EPS: €0.093 (up from €0.089 in 3Q 2023). Revenue: €260.3m (up 7.6% from 3Q 2023). Net income: €87.0m (up 2.2% from 3Q 2023). Profit margin: 33% (down from 35% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Oct 02
Now 20% undervalued Over the last 90 days, the stock has risen 11% to €10.94. The fair value is estimated to be €13.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Buy Or Sell Opportunity • Sep 13
Now 20% undervalued Over the last 90 days, the stock has risen 12% to €10.95. The fair value is estimated to be €13.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 25%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings are also forecast to grow by 10% per annum over the same time period. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: €0.094 (vs €0.086 in 2Q 2023) Second quarter 2024 results: EPS: €0.094 (up from €0.086 in 2Q 2023). Revenue: €257.1m (up 8.2% from 2Q 2023). Net income: €89.3m (up 11% from 2Q 2023). Profit margin: 35% (in line with 2Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 13
Upcoming dividend of €0.48 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.6%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (3.2%). Reported Earnings • May 08
First quarter 2024 earnings released First quarter 2024 results: Revenue: €254.6m (up 9.0% from 1Q 2023). Net income: €89.7m (up 8.2% from 1Q 2023). Profit margin: 35% (in line with 1Q 2023). Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Telecom industry in Germany. Announcement • Mar 25
Infrastrutture Wireless Italiane S.p.A. to Report Fiscal Year 2023 Results on Apr 23, 2024 Infrastrutture Wireless Italiane S.p.A. announced that they will report fiscal year 2023 results at 9:05 AM, Central European Standard Time on Apr 23, 2024 Declared Dividend • Mar 13
Dividend increased to €0.48 Dividend of €0.48 is 38% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 4.6%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is not covered by earnings (135% earnings payout ratio) nor is it covered by cash flows (146% cash payout ratio). The dividend has increased by an average of 23% per year over the past 8 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 50% to bring the payout ratio under control. EPS is expected to grow by 36% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Mar 10
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 135% Cash payout ratio: 146% Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: €0.35 (vs €0.31 in FY 2022) Full year 2023 results: EPS: €0.35 (up from €0.31 in FY 2022). Revenue: €960.3m (up 13% from FY 2022). Net income: €339.5m (up 16% from FY 2022). Profit margin: 35% (up from 34% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 01
Infrastrutture Wireless Italiane S.p.A., Annual General Meeting, Apr 23, 2024 Infrastrutture Wireless Italiane S.p.A., Annual General Meeting, Apr 23, 2024. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: €0.088 (vs €0.078 in 3Q 2022) Third quarter 2023 results: EPS: €0.088 (up from €0.078 in 3Q 2022). Revenue: €242.0m (up 13% from 3Q 2022). Net income: €85.1m (up 14% from 3Q 2022). Profit margin: 35% (in line with 3Q 2022). Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 27
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €237.6m (up 13% from 2Q 2022). Net income: €80.8m (up 9.3% from 2Q 2022). Profit margin: 34% (down from 35% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Telecom industry in Germany. Upcoming Dividend • May 15
Upcoming dividend of €0.35 per share at 2.9% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (4.7%). In line with average of industry peers (3.2%). Reported Earnings • May 14
First quarter 2023 earnings released: EPS: €0.086 (vs €0.071 in 1Q 2022) First quarter 2023 results: EPS: €0.086 (up from €0.071 in 1Q 2022). Revenue: €233.6m (up 13% from 1Q 2022). Net income: €82.9m (up 22% from 1Q 2022). Profit margin: 36% (up from 33% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Mar 05
Full year 2022 earnings released: EPS: €0.31 (vs €0.20 in FY 2021) Full year 2022 results: EPS: €0.31 (up from €0.20 in FY 2021). Revenue: €853.0m (up 8.6% from FY 2021). Net income: €293.3m (up 53% from FY 2021). Profit margin: 34% (up from 24% in FY 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 4% per year. Announcement • Feb 18
Inwit Appoints Donatella Colantoni as Head of Human Resources and Organisation Inwit has announced the appointment of Donatella Colantoni as its new head of human resources and organisation, reporting directly to general manager Diego Galli. In her new role, Colantoni will be responsible for ensuring human resource management through the definition and implementation of policies for selection, career growth, rewarding and caring. Announcement • Feb 04
Infrastrutture Wireless Italiane S.p.A. to Report Fiscal Year 2022 Results on Mar 02, 2023 Infrastrutture Wireless Italiane S.p.A. announced that they will report fiscal year 2022 results at 5:25 PM, Central European Standard Time on Mar 02, 2023 Board Change • Nov 16
High number of new and inexperienced directors There are 10 new directors who have joined the board in the last 3 years. The company's board is composed of: 10 new directors. 2 experienced directors. No highly experienced directors. Director Antonio Corda is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 30
Third quarter 2022 earnings released: EPS: €0.078 (vs €0.062 in 3Q 2021) Third quarter 2022 results: EPS: €0.078 (up from €0.062 in 3Q 2021). Revenue: €214.8m (up 8.4% from 3Q 2021). Net income: €75.0m (up 37% from 3Q 2021). Profit margin: 35% (up from 28% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Telecom industry in Germany. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 1% per year. Announcement • Sep 28
Infrastrutture Wireless Italiane S.p.A. to Report Q3, 2022 Results on Oct 27, 2022 Infrastrutture Wireless Italiane S.p.A. announced that they will report Q3, 2022 results on Oct 27, 2022 Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.071 (vs €0.054 in 2Q 2021) Second quarter 2022 results: EPS: €0.071 (up from €0.054 in 2Q 2021). Revenue: €207.0m (up 7.3% from 2Q 2021). Net income: €68.1m (up 32% from 2Q 2021). Profit margin: 33% (up from 27% in 2Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 10%, compared to a 2.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jun 29
Infrastrutture Wireless Italiane S.p.A. to Report Q2, 2022 Results on Jul 28, 2022 Infrastrutture Wireless Italiane S.p.A. announced that they will report Q2, 2022 results on Jul 28, 2022 Upcoming Dividend • May 16
Upcoming dividend of €0.32 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (4.3%). In line with average of industry peers (3.4%). Reported Earnings • May 08
First quarter 2022 earnings released: EPS: €0.071 (vs €0.045 in 1Q 2021) First quarter 2022 results: EPS: €0.071 (up from €0.045 in 1Q 2021). Revenue: €207.0m (up 8.8% from 1Q 2021). Net income: €68.1m (up 57% from 1Q 2021). Profit margin: 33% (up from 23% in 1Q 2021). The increase in margin was primarily driven by higher revenue. Over the next year, revenue is forecast to grow 9.6%, compared to a 2.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €0.044 (down from €0.18 in FY 2020). Revenue: €203.9m (down 69% from FY 2020). Net income: €41.8m (down 73% from FY 2020). Profit margin: 21% (down from 24% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 318%, compared to a 2.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Nov 07
Third quarter 2021 earnings released: EPS €0.076 (vs €0.067 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €198.1m (up 6.5% from 3Q 2020). Net income: €54.6m (up 36% from 3Q 2020). Profit margin: 28% (up from 22% in 3Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €192.9m (up 4.6% from 2Q 2020). Net income: €51.5m (up 35% from 2Q 2020). Profit margin: 27% (up from 21% in 2Q 2020). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • May 17
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 24 May 2021. Payment date: 26 May 2021. Trailing yield: 3.2%. Lower than top quartile of German dividend payers (3.3%). Lower than average of industry peers (4.4%). Reported Earnings • May 01
Full year 2020 earnings released: EPS €0.18 (vs €0.23 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: €663.4m (up 68% from FY 2019). Net income: €156.7m (up 13% from FY 2019). Profit margin: 24% (down from 35% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Mar 06
Full year 2020 earnings released: EPS €0.18 (vs €0.23 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: €663.4m (up 68% from FY 2019). Net income: €156.7m (up 13% from FY 2019). Profit margin: 24% (down from 35% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 06
Revenue misses expectations Revenue missed analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 20%, compared to a 2.6% growth forecast for the Telecom industry in Germany. Is New 90 Day High Low • Feb 21
New 90-day low: €8.63 The company is down 16% from its price of €10.32 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.98 per share. Is New 90 Day High Low • Jan 28
New 90-day low: €8.99 The company is down 2.0% from its price of €9.13 on 30 October 2020. The German market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.73 per share. Reported Earnings • Nov 20
Third quarter 2020 earnings released: EPS €0.067 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: €186.1m (up 93% from 3Q 2019). Net income: €40.3m (up 36% from 3Q 2019). Profit margin: 22% (down from 31% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Analyst Estimate Surprise Post Earnings • Nov 20
Revenue beats expectations Revenue exceeded analyst estimates by 0.001%. Over the next year, revenue is forecast to grow 33%, compared to a 6.9% growth forecast for the Telecom industry in Germany. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue beats expectations Revenue exceeded analyst estimates by 0.001%. Over the next year, revenue is forecast to grow 34%, compared to a 12% growth forecast for the Telecom industry in Germany. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS €0.17 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: €186.1m (up 93% from 3Q 2019). Net income: €40.3m (up 36% from 3Q 2019). Profit margin: 22% (down from 31% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Nov 05
New 90-day high: €9.56 The company is up 15% from its price of €8.35 on 06 August 2020. The German market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.42 per share. Announcement • Oct 03
Canson Capital Partners and a consortium led by Ardian completed the acquisition of 14.8% stake in Infrastrutture Wireless Italiane S.p.A. (BIT:INW) from Telecom Italia S.p.A. (BIT:TIT). Canson Capital Partners and a consortium led by Ardian made a binding offer to acquire 14.8% stake in Infrastrutture Wireless Italiane S.p.A. (BIT:INW) from Telecom Italia S.p.A. (BIT:TIT) on May 19, 2020. The parties to the transaction signed an agreement on June 24, 2020. Telecom Italia and Ardian reached an agreement to invest in a newly formed holding company in which will be transferred a 30.2% share of the controlling stake in Infrastrutture Wireless Italiane currently held by Telecom Italia. Telecom Italia has also reached an agreement with a vehicle managed and advised by Canson Capital whereby Canson will acquire a direct stake in Infrastrutture Wireless Italiane of up to 3% of its share capital, based on the same Infrastrutture Wireless Italiane share price used in the sale to the consortium. On completion of the transaction, the consortium will hold a 49% stake in the capital of the holding company. The transactions are based on an Infrastrutture Wireless Italiane share price of €9.47 with implied proceeds for Telecom Italia of €1.6 billion. Completion of the transaction is subject to a number of conditions being met by September 30, 2020, including authorisation under the Golden Power regulations and confirmation from Commissione Nazionale per le Società e la Borsa, of there being no requirement to make a mandatory offer. BofA Securities, Inc. acted as a financial advisor to Telecom Italia S.p.A. (BIT:TIT). Francesco Gianni, Chiara Gianni, Filippo Ughi, Giulia Staderini, Fabio Chiarenza, Sandro Maria Galardo and Antonio Lirosi of Gianni, Origoni, Grippo, Cappelli & Partners acted as legal advisors to Telecom Italia S.p.A. Stefano Cacchi Pessani, Elena Busson, Riccardo Ubaldini, Massimo Merola and Leonardo Armati of Bonelli Erede Pappalardo Studio Legale acted as legal advisors to Ardian.
Canson Capital Partners and a consortium led by Ardian completed the acquisition of 14.8% stake in Infrastrutture Wireless Italiane S.p.A. (BIT:INW) from Telecom Italia S.p.A. (BIT:TIT) on October 2, 2020. Is New 90 Day High Low • Sep 28
New 90-day high: €9.36 The company is up 6.0% from its price of €8.81 on 30 June 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is down 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.93 per share. 