Financials Inwit S.p.A.

Equities

INW

IT0005090300

Integrated Telecommunications Services

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-04-26 am EDT			5-day change	1st Jan Change
9.985 ^EUR	+0.96%		+0.40%	-12.79%

Apr. 22	Inwit buys shares for more than EUR2 million	AN
Apr. 16	Milan black jersey; Eurozone widens surplus	AN

Valuation

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	3,579	5,236	9,535	10,252	9,037	9,428	9,428	-
Enterprise Value (EV) ¹	3,635	5,964	13,246	14,305	13,116	15,056	13,895	13,786
P/E ratio	25.4 x	37.6 x	55.2 x	53.7 x	30.8 x	32.3 x	24.2 x	21.4 x
Yield	3.54%	1.51%	3.02%	3.02%	3.69%	4.19%	5.04%	5.49%
Capitalization / Revenue	9.46 x	13.2 x	14.4 x	13.1 x	10.6 x	11.3 x	8.98 x	8.34 x
EV / Revenue	9.61 x	15.1 x	20 x	18.2 x	15.4 x	15.7 x	13.2 x	12.2 x
EV / EBITDA	16.9 x	17 x	21.7 x	20 x	16.8 x	17.1 x	14.4 x	13.3 x
EV / FCF	36.4 x	63.4 x	33.3 x	39 x	26.7 x	24.6 x	31.1 x	26.3 x
FCF Yield	2.74%	1.58%	3%	2.56%	3.75%	4.06%	3.21%	3.8%
Price to Book	2.31 x	3.36 x	1.89 x	2.29 x	2.02 x	2.18 x	2.25 x	2.28 x
Nbr of stocks (in thousands)	600,000	599,778	960,200	959,913	959,906	944,220	944,220	-
Reference price ²	5.965	8.730	9.930	10.68	9.414	9.985	9.985	9.985
Announcement Date	2/18/19	3/5/20	3/4/21	2/24/22	3/3/23	3/7/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	378.5	395.4	663.4	785.1	853	960.3	1,050	1,130
EBITDA ¹	215.4	349.8	610.5	714.9	781.4	878.6	963.2	1,037
EBIT ¹	200.3	219.8	297.4	354.7	417.7	508.1	578.6	648.7
Operating Margin	52.91%	55.58%	44.83%	45.18%	48.97%	52.91%	55.08%	57.41%
Earnings before Tax (EBT) ¹	196.3	195.6	220.9	264.6	334.3	395.8	455.6	523.4
Net income ¹	140.8	139.3	156.7	191.4	293.3	339.5	384.7	439.3
Net margin	37.19%	35.23%	23.62%	24.38%	34.38%	35.35%	36.62%	38.88%
EPS ²	0.2350	0.2320	0.1800	0.1990	0.3060	0.3550	0.4132	0.4669
Free Cash Flow ¹	99.77	94	397.3	366.5	491.4	611.5	446.5	524
FCF margin	26.36%	23.77%	59.89%	46.68%	57.61%	63.68%	42.51%	46.37%
FCF Conversion (EBITDA)	46.31%	26.88%	65.08%	51.26%	62.89%	69.6%	46.36%	50.51%
FCF Conversion (Net income)	70.88%	67.48%	253.61%	191.47%	167.54%	180.12%	116.08%	119.26%
Dividend per Share ²	0.2110	0.1320	0.3000	0.3225	0.3472	0.4800	0.5033	0.5479
Announcement Date	2/18/19	3/5/20	3/4/21	2/24/22	3/3/23	3/7/24	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	195.9	192.9	383.1	198.1	203.9	207	210.7	417.7	214.8	220.5	233.6	237.6	471.2	242	247.1	254.1	259.3	265	276.4
EBITDA ¹	-	175.9	348.9	180.9	185.1	189	191.7	380.7	197.1	203.5	213.6	216.3	429.9	223	226	232.4	236.9	245.7	251.1
EBIT ¹	109.5	87.1	-	90.8	93	95.7	102.2	197.9	107.6	111.3	122.3	123.4	245.7	128.4	134.2	135.1	133.9	140.9	142.7
Operating Margin	55.92%	45.15%	-	45.84%	45.61%	46.23%	48.5%	47.38%	50.09%	50.48%	52.35%	51.94%	52.15%	53.06%	54.33%	53.16%	51.64%	53.19%	51.61%
Earnings before Tax (EBT) ¹	-	60.7	-	68.6	73	76.9	83.2	160.1	86	88.2	97.5	96.73	194.2	98.07	103.5	108.5	114.1	120.2	121.1
Net income ¹	-	51.5	-	54.6	41.8	68.1	73.9	142	75	76.3	82.9	80.82	163.7	85.1	90.6	93.97	98.6	103.8	104.5
Net margin	-	26.7%	-	27.56%	20.5%	32.9%	35.07%	34%	34.92%	34.6%	35.49%	34.02%	34.74%	35.17%	36.67%	36.99%	38.02%	39.17%	37.81%
EPS ²	-	0.0540	-	0.0710	0.0290	0.0710	0.0800	-	0.0780	-	0.0860	0.0860	-	0.0880	0.0950	0.1018	0.1049	0.1104	0.1112
Dividend per Share ²	-	0.3000	-	-	-	-	-	-	-	-	-	-	-	-	0.4800	-	-	0.4831	-
Announcement Date	7/29/19	7/29/21	7/29/21	11/4/21	2/24/22	5/5/22	7/28/22	7/28/22	10/27/22	3/3/23	5/9/23	7/26/23	7/26/23	11/9/23	3/7/24	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	56.4	727	3,712	4,053	4,079	4,207	4,467	4,358
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.2618 x	2.08 x	6.08 x	5.669 x	5.22 x	4.788 x	4.637 x	4.202 x
Free Cash Flow ¹	99.8	94	397	366	491	612	447	524
ROE (net income / shareholders' equity)	9.17%	8.96%	5.26%	4.22%	6.6%	8.35%	9.7%	11%
ROA (Net income/ Total Assets)	7.52%	6.16%	2.68%	2.08%	3.46%	3.66%	4.12%	4.91%
Assets ¹	1,872	2,263	5,839	9,224	8,485	9,337	9,341	8,940
Book Value Per Share ²	2.580	2.600	5.260	4.670	4.650	4.570	4.430	4.380
Cash Flow per Share ²	0.2700	0.5100	0.5600	0.2300	-	0.7300	0.8300	0.8600
Capex ¹	62.2	211	89.3	160	187	290	270	222
Capex / Sales	16.44%	53.32%	13.46%	20.41%	21.92%	30.2%	25.73%	19.69%
Announcement Date	2/18/19	3/5/20	3/4/21	2/24/22	3/3/23	3/7/24	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Inwit S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.985 EUR

Average target price

12.8 EUR

Spread / Average Target

+28.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Telecommunications Network Infrastructure

	1st Jan change	Capi.
INWIT S.P.A.	-12.79%	10B
INDUS TOWERS LIMITED	+77.49%	11.37B
PT DAYAMITRA TELEKOMUNIKASI TBK.	-17.73%	2.98B
STATE GRID INFORMATION & COMMUNICATION CO., LTD.	+11.22%	2.81B
PT TOWER BERSAMA INFRASTRUCTURE TBK	-11.24%	2.59B
PT SARANA MENARA NUSANTARA TBK.	-19.70%	2.5B
DIGITAL TELECOMMUNICATIONS INFRASTRUCTURE FUND	0.00%	2.24B
CHORUS LIMITED	-8.46%	1.89B
3BB INTERNET INFRASTRUCTURE FUND	-7.20%	1.25B
EASTONE CENTURY TECHNOLOGY CO.,LTD.	-7.01%	484M

Telecommunications Network Infrastructure