Infrastrutture Wireless Italiane SpA

Infrastrutture Wireless Italiane SpA maintains a capital structure characterized by significant leverage, with a debt-to-equity ratio of 1.53 and long-term debt totaling 5.32 billion EUR against total equity of 3.47 billion EUR. Liquidity is constrained, evidenced by a current ratio of 0.59 and cash and equivalents of 210 million EUR, which is insufficient to cover short-term liabilities. The company generates 800 million EUR in operating cash flow but reports negative free cash flow of -232 million EUR due to capital expenditures of 314 million EUR, indicating ongoing investment in network infrastructure.

Profitability metrics show a return on equity of 10.13% and a return on assets of 3.66%, reflecting efficient use of equity despite the asset-heavy balance sheet. The gross profit margin is exceptionally high at approximately 95.4%, derived from 1.03 billion EUR in gross profit against 1.08 billion EUR in revenue, suggesting a business model with low direct cost of goods sold, typical of infrastructure toll-operators. Operating income stands at 578 million EUR, translating to a net income of 362 million EUR, demonstrating strong operational leverage.

Revenue concentration is implied by the single-segment classification as an integrated telecommunications services provider, with no disclosed geographic or segment breakdowns to diversify risk. The company’s activity is focused on the Italian market, as indicated by its name and primary listing, exposing it to domestic regulatory and economic conditions. The lack of segment data prevents a detailed analysis of revenue mix, but the high gross margin suggests a dominant position in its core infrastructure services.

Growth trajectory cannot be assessed due to the absence of historical period data in the input. The current financial snapshot provides a static view of performance, with no year-over-year or quarter-over-quarter trends available to evaluate revenue or earnings momentum. The company’s ability to sustain its current profitability levels depends on maintaining its market share and managing its high capital expenditure requirements.

Risk factors include medium liquidity risk, driven by the low current ratio and negative net cash position after accounting for total debt. Dilution risk is assessed as low, with basic and diluted shares outstanding identical at 902 million, indicating no significant options or convertible securities currently impacting share count. Key flags highlight the negative net cash position, which may limit financial flexibility for opportunistic acquisitions or dividend increases without external financing.

Recent events are reflected in analyst estimates, with a mean price target of 7.73 EUR and a median of 7.40 EUR, suggesting moderate upside potential from current levels. The mean recommendation of 2.81 indicates a neutral stance, with 13 hold ratings and 3 buy ratings, and no strong buy recommendations. This consensus view reflects the company’s stable but capital-intensive profile, with investors balancing its strong cash flow generation against its high debt load and limited growth visibility.

Revenue grew at an 8.2% CAGR from 2022 to 2026, demonstrating consistent top-line expansion for the infrastructure provider.

Net income expanded at a 17.2% CAGR over four years, outpacing revenue growth and highlighting strong operational leverage.

Analysts assign a mean price target of 8.59 euros, suggesting potential upside relative to current market expectations.

Long-term debt surged to 5.3 billion euros in 2026, increasing financial risk and interest burden for the company.

The debt-to-equity ratio of 1.53 places the company in the bottom quartile, indicating excessive leverage compared to peers.

High credit risk flags suggest potential difficulties in refinancing or maintaining favorable borrowing terms in the future.

Revenue €264.1M, −0,8% YoY; Operating income −2,9% YoY.

• ▍Revenue €264.1M, −0,8% YoY
• ▍Operating income −2,9% YoY
• ▍Net income −11,1% YoY
• ▍Free cash flow +72,1% YoY
• ▍Net margin 30.8%

Revenue €270.8M, +2,6% YoY; Operating income +0,9% YoY.

• ▍Revenue €270.8M, +2,6% YoY
• ▍Operating income +0,9% YoY
• ▍Net income −4,3% YoY
• ▍Free cash flow −87,3% YoY
• ▍Net margin 31.1%

Revenue €271.1M, +4,1% YoY; Operating income +5,8% YoY.

• ▍Revenue €271.1M, +4,1% YoY
• ▍Operating income +5,8% YoY
• ▍Net income +5,9% YoY
• ▍Free cash flow −39,3% YoY
• ▍Net margin 34.0%

Revenue €269.0M, +4,6% YoY; Operating income +3,8% YoY.

• ▍Revenue €269.0M, +4,6% YoY
• ▍Operating income +3,8% YoY
• ▍Net income +5,1% YoY
• ▍Free cash flow −493,9% YoY
• ▍Net margin 34.9%

Revenue €266.2M; Operating income €142.2M.

• ▍Revenue €266.2M
• ▍Operating income €142.2M
• ▍Net margin 34.3%

Revenue €263.9M; Operating income €140.6M.

• ▍Revenue €263.9M
• ▍Operating income €140.6M
• ▍Net margin 33.3%

Revenue €260.3M; Operating income €140.1M.

• ▍Revenue €260.3M
• ▍Operating income €140.1M
• ▍Net margin 33.4%

Revenue €257.1M; Operating income €140.5M.

• ▍Revenue €257.1M
• ▍Operating income €140.5M
• ▍Net margin 34.7%

Revenue €1.08B, +4,0% YoY; Operating income +3,5% YoY.

• ▍Revenue €1.08B, +4,0% YoY
• ▍Operating income +3,5% YoY
• ▍Net income +2,1% YoY
• ▍Free cash flow −716,1% YoY
• ▍Net margin 33.6%

Revenue €1.04B, +7,9% YoY; Operating income +9,9% YoY.

• ▍Revenue €1.04B, +7,9% YoY
• ▍Operating income +9,9% YoY
• ▍Net income +4,2% YoY
• ▍Free cash flow +78,2% YoY
• ▍Net margin 34.2%

Revenue €960.3M, +12,6% YoY; Operating income +22,4% YoY.

• ▍Revenue €960.3M, +12,6% YoY
• ▍Operating income +22,4% YoY
• ▍Net income +15,7% YoY
• ▍Free cash flow −60,5% YoY
• ▍Net margin 35.4%

Revenue €853.0M, +8,6% YoY; Operating income +17,1% YoY.

• ▍Revenue €853.0M, +8,6% YoY
• ▍Operating income +17,1% YoY
• ▍Net income +53,3% YoY
• ▍Free cash flow +35,5% YoY
• ▍Net margin 34.4%