Infrastrutture Wireless Italiane S.p.A. (IFSUF)
UndervaluedFundamental
61
Price
$7.33
Market Cap
$6.55B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by segment
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.
Key risks
- 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.
Customer concentration
Top customers account for 80.2% of revenue
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.
The case for
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.
The case against
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 August 18, 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.
Balance Sheet & Liquidity
Revenue
$1.07B
Trailing 12 months (through 6/30/2026)
Net Income
$338M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$499M
Total Equity
$3.04B
Total Liabilities
$5.55B
Current Ratio
0.37
Interest Coverage
-
Debt/EBITDA
7.27
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$11.86
Current Price
$7.33
Margin of Safety
+38.2%
Fair Value Range
$7.71 - $16.01
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
19.61
ROE
9.9%
P/B Ratio
2.16
P/FCF
13.12
Gross Margin
92.5%
ROIC
5.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
5.1%
WACC
4.2%
ROIC − WACC
+0.9 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (10)
- ROIC 5.1%
- Gross margin 92.5%
- P/FCF 13.12
- P/B ratio 2.16
- Debt/equity ratio
- Positive free cash flow
- ROE 9.8%
- Revenue growth 5Y 10.2%
- PEG ratio 1.08
- Earnings quality (operating cash flow / net income) 2.23
Failed (8)
- Price CAGR 4.13%
- CapEx intensity
- Current ratio
- Debt/EBITDA
- DCF valuation (Fairly Valued)
- Earnings surprise, average -0.1%
- Net margin trend 33.6% vs 34.2%
- Piotroski F-Score 2/9
Unavailable (8)
- EPS data insufficient
- Dividend payout –
- Operating margin –
- Interest coverage
- Return on tangible assets
- Low reliance on intangibles
- Price below Graham Number
- Share dilution (missing share count)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 Risk
4
Board Risk
2
Compensation Risk
2
Shareholder Rights Risk
5
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much IFSUF moves, measured on its daily prices.
More volatile than 26% of the tracked stocks (90-day volatility).
- Volatility 30d
- 28.7%
- Volatility 90d
- 27.1%
- Beta vs S&P 500 (1y)
- 0.01Correlation 0.01
- Max drawdown (12m)
- -39.5%
- ATR (14d, % of price)
- 2.79%
Earnings reactions
How IFSUF moved around its past quarterly results.
Next earnings release
Nov 11, 2026 · In 18 days · Time not known
EPS estimate: 0.10Revenue estimate: $268M
What usually happens
- Not enough releases with data yet: we have 0, we need at least 4.
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on IFSUF and what the price did next.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for IFSUF.