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Italy's largest independent mobile tower company, hosting operator antennas on long-term contracts.
Italy's largest independent mobile tower company, hosting operator antennas on long-term contracts.
Leases space on its towers to mobile operators under long-term contracts, typically with inflation-linked price increases, so revenue is highly predictable and rises when an operator adds more equipment on an existing tower. It was formed from Telecom Italia's tower arm in 2015 and merged with Vodafone's Italian towers in 2020.
In one line: An Italian American Tower/Crown Castle.
Moat: narrow (installed base, switching costs, regulatory licence). Site permitting is slow, so incumbent tower locations are hard for operators to replicate.
Headquarters: Milan, Italy · Founded: 2015 · Employees: 345
Size Infrastrutture Wireless Italiane (INW.MI) is an Italy Communication Services company (Specialty Telecommunications) with a market value of $7.39B, the 34th largest of 123 Italy companies the cockpit tracks. Shares closed at €7.30 on 6 Nov 2026.
Performance Over six months the shares gained 1.5%, against -7.7% for the median peer and +3.1% for the Italy market (cap-weighted) — 5th highest of 14 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median +3.9%); the operating margin is 52.7% (peer median 11.2%).
Valuation It trades at 19.4× forward earnings against a peer median of 21.1× (6th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (6.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €1.07B | €1.08B | €1.04B | €960M | €853M |
| Revenue growth | — | +4% | +8% | +13% | — |
| Gross profit | €612M | €627M | €610M | €558M | €456M |
| EBITDA | €967M | €984M | €947M | €879M | €783M |
| Net income | €337M | €362M | €354M | €339M | €293M |
| Free cash flow | €548M | €485M | €454M | €312M | €262M |
| Capital expenditure | €259M | €314M | €312M | €499M | €425M |
| Total debt | €5.55B | €5.33B | €4.64B | €4.30B | €4.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Infrastrutture Wireless Italiane INW.MI | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% |
| Cellnex Telecom CLNX.MC | $19.6B | -7% | 0% | 13% | n/a | 29.7% |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | INW.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.6% | +1.1% | 3rd highest of 14 |
| 6-month return | +1.5% | -7.7% | 5th highest of 14 |
| Distance from 52-week high | -23.1% | -23.0% | 7th lowest of 14 |
| Revenue growth (TTM) | +1.3% | +3.9% | 6th lowest of 14 |
| Operating margin | 52.7% | 11.2% | highest of 14 |
| Forward P/E | 19.4× | 21.1× | 6th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 6.0% | 6th least demanding of 11 |
| Growth delivered (Del g) | +10.2% | +1.3% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -2.0 pp | -0.4 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -1.3 pp | -0.7 pp | 7th lowest of 14 |
| EV / EBITDA | 12.5× | 8.2× | 2nd most expensive of 11 |
| Net debt / EBITDA | 5.6× | 2.0× | most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 64.8× | 21.0% | +8.4% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | n/a | n/a | n/a |
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | n/a | 40.0% | -0.3% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 8.7× | -2.9% | +0.8% |
| freenet FNTN.DE | Germany | $3.06B | -7% | +10% | 14% | 11.4× | -11.3% | -1.1% |
| Helios Towers HTWS.L | United Kingdom | $3.05B | -8% | +6% | 36% | 30.1× | 13.4% | +15.0% |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% | -1.9% |
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% | +3.6% |
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% | -4.0% |
| U-NEXT 9418.T | Japan | $2.04B | +17% | +20% | 6% | 17.6× | 0.4% | +17.7% |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 25.5× | n/a | n/a |