Infrastrutture Wireless Italiane S.p.A. (INW.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+292.6%

€29.15

vs €7.43 price

Levered DCF

€16.06

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.91

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.23×	25.84×	32.14×	30.35×	53.4×	55.17×	37.96×	26.52×
P/B	2.09×	2.25×	2.55×	2.02×	2.29×	1.89×	3.35×	2.36×
P/S	6.72×	8.84×	11.52×	10.59×	13.06×	13.04×	13.24×	9.67×
EV / EBITDA	12.7×	14.53×	17.46×	16.83×	20.02×	20.63×	17.23×	17.53×
Gross margin	98.5%	94.9%	95.3%	94.9%	94.2%	94.1%	91.8%	60.1%
Operating margin	54.6%	53.9%	53.0%	48.7%	45.2%	43.8%	55.6%	52.9%
Net margin	33.6%	34.2%	35.4%	34.4%	24.4%	23.6%	35.2%	37.2%
Current ratio	0.59×	0.37×	0.39×	0.57×	0.5×	0.75×	0.67×	1.38×
Debt / equity	1.53×	1.14×	0.99×	0.93×	0.93×	0.84×	0.51×	0.11×
Interest coverage	4.24×	4.15×	4.49×	5.12×	3.94×	4.46×	10.68×	182.54×
Dividend yield	9.3%	4.9%	3.0%	3.4%	2.8%	8.1%	2.4%	3.1%
Payout ratio	186.6%	127.8%	99.0%	104.8%	149.8%	444.7%	90.8%	81.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.4%	8.7%	7.8%	6.6%	4.3%	3.4%	8.9%	9.1%
Return on invested capital	5.2%	5.1%	4.8%	4.0%	2.8%	2.3%	6.3%	7.9%
Return on assets	3.8%	3.7%	3.6%	3.2%	2.0%	1.7%	5.4%	7.3%
Free cash flow yield	7.1%	5.1%	4.6%	4.8%	0.5%	4.6%	1.8%	2.7%
Earnings yield	5.0%	3.9%	3.1%	3.2%	1.9%	1.8%	2.7%	3.8%
Enterprise value	€12.3B	€13.7B	€15.3B	€13.1B	€14.3B	€12.4B	€6B	€3.7B
Net debt / EBITDA	5.25×	4.81×	4.81×	5.24×	5.67×	6.2×	2.1×	0.31×
Cash conversion cycle (days)	-6,147	-1,397	-1,462	-1,127	-1,331	-1,177	-1,108	-164