Infrastrutture Wireless Italiane SpA

INW: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€57.10	Fkgpbb	Pcyscxkw

Inwit Earnings: Strong Focus on Shareholder Returns Continues; Shares Undervalued

Javier Correonero

Jul 31, 2024

Inwit sales were up 8% organically year over year to EUR 257.1 million in the second quarter. Given the inherent operating leverage of the business, EBITDA after leases grew by 11% to EUR 186 million, a 72.4% margin. Sales growth was supported by inflation escalators, new organic points of presence in wireless towers, and new services. We expect improved operating leverage in the second half of the year to get closer to the firm's 73% EBITDAaL margin target for the full year.

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