Infrastrutture Wireless Italiane S.p.A (INW) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Infrastrutture Wireless Italiane S.p.A stock €8.04, price €7.31, upside +10.0%, quality 63 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range €5.78 – €9.97 · fair‑value band €3.70 – €12.65 · the €7.31 price screens below the €8.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Infrastrutture Wireless Italiane S.p.A. operates in the electronic communications infrastructure sector in Italy. The company builds and manages digital and shared infrastructure elements, that hosts logic, the radio equipment of mobile, fixed wireless access (FWA), and IoT markets.
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Its infrastructure includes integrated ecosystem of tower infrastructure, such as towers, poles, masts, related technology systems, gateways, IoT sensors, fibre, and land; smart infrastructure comprising distributed antenna systems (DAS) antennas, small cells, and repeaters; and real estate infrastructure, including land and production of renewable energy.
In addition, the company provides indoor and outdoor coverage services through small cells and distributed antenna system to operators and owners of public and private buildings multi-operator infrastructures, as well as in the tests technologies to support operators; and hosting and connectivity services.
It serves mobile network operators; fixed wireless access operators; broadcasting service operators; utilities; and institutions, public bodies, and armed forces. Infrastrutture Wireless Italiane S.p.A. was incorporated in 2015 and is headquartered in Rome, Italy.
Stock analysis
Infrastrutture Wireless Italiane S.p.A (INW) currently trades at €7.31, while our model-based Fair Value estimate is €8.04, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the Dividend Discount group reads highest at a median of €9.60 per share, and 10 of the 23 models we run sit above the €7.31 price.
Bear case: the Economic Profit group reads lowest at €2.10, and 13 of the 23 models stay below the price. Data coverage for this calculation is high.
Scenario range: €3.70 (bear) to €12.65 (bull), the price of €7.31 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Infrastrutture Wireless Italiane S.p.A reported revenue of €1.1B in FY2025 versus €785M in FY2021, a compound +8.2%/yr. Reported net income was €362M in FY2025, compounding +17.2%/yr from FY2021.
Key figures
Market cap €6.6B Mid · P/E ratio 19.7 · P/S ratio 6.16 · EPS (TTM) €0.3700 · Dividend yield 10.0% · Net margin 31.5% · Return on equity 9.9% · Return on assets (EBIT) 5.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 10%, INW screens cheaper than that median.
Fair Value models
Bear€3.70Fair Value €8.04Bull€12.65
Price €7.31 · Upside +10.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+4.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Start year 2020 (pandemic). Over 10 years: +16.2% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+25.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.0%
Dividend (yield on the price)10.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.0% vs 10.4%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.44% → 55%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+14.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +11.9% a year for the price and −0.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (18 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: The business draws moderate support from high margins and predictable long-term tower agreements, yet limited moat signals and elevated leverage remain key constraints.
Main risk: Fastweb plus Vodafone might shift antennas to Cellnex or Phoenix towers or a new joint venture with TIM, reducing demand for INWIT sites and pressuring contract revenues.
Bull case: INWIT could retain key sites through court rulings on contract terms and expand into small cells or smart infrastructure to offset any customer shifts.
Bear case: If major customers complete migrations to rival towers or new builds, INWIT could face sustained loss of recurring revenues from its core tower network.
Major shareholders in INWIT are arranging financing to explore a take-private deal while disputes persist with its two largest customers over tower contracts. The business model relies on predictable long-term agreements for its tower network serving Italian telecom operators. Will a shift in ownership help secure contract stability, or will the legal uncertainties continue to pressure recurring revenues?
Compare Infrastrutture Wireless Italiane S.p.A with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 472 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+10.0% · Below median
Profitability
Return on equity (12 months)9.9% · Above median
Return on assets3.8% · Above median
Net margin (12 months)31.5% · Above median
Operating margin (12 months)51.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)−0.8% · Below median
Dividend yield (12 months)10.0% · Top 25%
Balance sheet
Debt / equity1.18× · Highest 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
P/E (12 months)19.7× · Priciest 25%
P/B1.90× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)6.16× · Priciest 25%
Price / free cash flow (fiscal year)12.8× · Pricier than median
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Cite: Fair Value Calculator (2026). "Infrastrutture Wireless Italiane S.p.A Fair Value". https://www.fairvalue-calculator.com/stock/INW
Frequently asked questions
Is Infrastrutture Wireless Italiane S.p.A (INW) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of €8.04 versus a price of €7.31, about +10% upside (fairly valued).
What is the fair value of INW?
Our model-based fair value for Infrastrutture Wireless Italiane S.p.A is €8.04 (as of Nov 7, 2026), built from audited fundamentals. The current price: €7.31.
What is the quality score of INW?
Infrastrutture Wireless Italiane S.p.A has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Infrastrutture Wireless Italiane S.p.A (INW)?
Our model-based price target is the fair value of €8.04 (as of Nov 7, 2026) from 24 valuation models. Cautious scenario €3.70, optimistic scenario €12.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Infrastrutture Wireless Italiane S.p.A stock forecast for 2026?
Our models put fair value at €8.04, about +10% upside versus a price of €7.31 (fairly valued). Cautious scenario €3.70, optimistic scenario €12.65. The calculation is refreshed regularly with new filings.
What is the revenue of Infrastrutture Wireless Italiane S.p.A (INW)?
Infrastrutture Wireless Italiane S.p.A reported trailing-twelve-month revenue of about €1.1B (latest available figure, as of Nov 7, 2026).
Does Infrastrutture Wireless Italiane S.p.A pay a dividend?
Infrastrutture Wireless Italiane S.p.A currently shows a dividend yield of 10.00% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Infrastrutture Wireless Italiane S.p.A (INW) and when is the ex-dividend date?
Infrastrutture Wireless Italiane S.p.A pays a dividend of €0.73 per share a year, a dividend yield of 10.0%. The last ex-dividend date was May 18, 2026. A dividend has been paid every year since at least 2016. The payout ratio is 197% of earnings. Free cash flow covers the dividend 0.79 times. Our assessment: Pays more than it earns. The company pays out more in dividends than it earns, and free cash flow clearly does not cover the dividend either. It may need to be cut unless profits recover.
What growth is priced into Infrastrutture Wireless Italiane S.p.A (INW)?
For today's price to be fair in a discounted-cash-flow model, Infrastrutture Wireless Italiane S.p.A would have to grow free cash flow by +14.4 % per year for five years (discount rate 11.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.2 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of INW use?
Our models discount Infrastrutture Wireless Italiane S.p.A at 11.4 %: a base by market capitalisation (mid), damped by beta 0.80, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Infrastrutture Wireless Italiane S.p.A that is +14.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.4 %) and the same formula as our fair value.
How much growth has Infrastrutture Wireless Italiane S.p.A (INW) delivered so far?
Over the past 5 years revenue at Infrastrutture Wireless Italiane S.p.A grew +10.2 % a year. The price currently implies free-cash-flow growth of +14.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Infrastrutture Wireless Italiane S.p.A (INW) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Infrastrutture Wireless Italiane S.p.A (+14.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Infrastrutture Wireless Italiane S.p.A (INW)?
The free-cash-flow yield on the price is 7.84 %: that much free cash flow Infrastrutture Wireless Italiane S.p.A produces per unit of market value. When it exceeds the discount rate of our models (11.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Infrastrutture Wireless Italiane S.p.A (INW)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Infrastrutture Wireless Italiane S.p.A it is €8.04 per share (as of Nov 7, 2026), against a price of €7.31. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Infrastrutture Wireless Italiane S.p.A stock overvalued or undervalued in 2026?
As of Nov 7, 2026, INW trades below its calculated fair value: price €7.31, fair value €8.04, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of INW?
No. The price is what the market pays today (€7.31); the fair value is what the company's own numbers justify (€8.04). For Infrastrutture Wireless Italiane S.p.A the two are €0.7305 per share apart. That gap is exactly why we show both numbers side by side.
How much is Infrastrutture Wireless Italiane S.p.A worth?
The market values Infrastrutture Wireless Italiane S.p.A at about €6.6B (market capitalisation, as of Nov 7, 2026). Per share that is €7.31; our models calculate a fair value of €8.04 per share.
What do the bullish and bearish scenarios say about INW?
Our models span a range for Infrastrutture Wireless Italiane S.p.A: cautious scenario €3.70, base €8.04, optimistic €12.65 per share (as of Nov 7, 2026, price €7.31). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of INW?
Infrastrutture Wireless Italiane S.p.A trades at a price-to-earnings ratio of 19.7 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €8.04 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 30.1. Other multiples: PEG 2.2, P/B 1.9, P/S 6.2, EV/EBITDA 13.7.
What is the PEG ratio of INW?
The PEG ratio of Infrastrutture Wireless Italiane S.p.A is 2.24 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Infrastrutture Wireless Italiane S.p.A (INW)?
Balance-sheet figures for Infrastrutture Wireless Italiane S.p.A (as of Nov 7, 2026): return on equity 9.9%, debt of 1.18 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is INW from its 52-week high?
Infrastrutture Wireless Italiane S.p.A trades at €7.31, about 14% below its 52-week high of €8.54 and 26% above the low of €5.78 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €8.04 is for.
Which stocks are comparable to Infrastrutture Wireless Italiane S.p.A?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Infrastrutture Wireless Italiane S.p.A stock attractive at the current price?
The data as of Nov 7, 2026: price €7.31, calculated fair value €8.04 (+10%), Quality Score 63/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of INW calculated?
We run Infrastrutture Wireless Italiane S.p.A through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €8.04 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Infrastrutture Wireless Italiane S.p.A currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Infrastrutture Wireless Italiane S.p.A (INW)?
The closing price on Nov 6, 2026 was €7.31. Our model-based fair value is €8.04, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Infrastrutture Wireless Italiane S.p.A right now?
The model range is unusually wide (€3.70 to €12.65). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Infrastrutture Wireless Italiane S.p.A (INW) come from?
Earnings per share at Infrastrutture Wireless Italiane S.p.A grew +11.5 % a year from 2015 to 2025. Broken into its drivers: revenue per share +8.9 %, EBIT margin +2.9 %, tax rate +2.5 %, residual (interest, one-offs) −2.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Infrastrutture Wireless Italiane S.p.A
How large is the market capitalisation of Infrastrutture Wireless Italiane S.p.A (INW)?
The market capitalisation of Infrastrutture Wireless Italiane S.p.A is €6.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Infrastrutture Wireless Italiane S.p.A (INW)?
The price-to-sales ratio of Infrastrutture Wireless Italiane S.p.A is 6.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Infrastrutture Wireless Italiane S.p.A (INW)?
Earnings per share at Infrastrutture Wireless Italiane S.p.A are €0.3700 (price ÷ EPS = P/E 19.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Infrastrutture Wireless Italiane S.p.A (INW)?
The dividend yield of Infrastrutture Wireless Italiane S.p.A is 10.0% (payout 197%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Infrastrutture Wireless Italiane S.p.A (INW)?
The net margin of Infrastrutture Wireless Italiane S.p.A is 31.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Infrastrutture Wireless Italiane S.p.A (INW)?
The return on equity (ROE) of Infrastrutture Wireless Italiane S.p.A is 9.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Infrastrutture Wireless Italiane S.p.A (INW)?
On an EBIT basis the return on assets of Infrastrutture Wireless Italiane S.p.A is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Infrastrutture Wireless Italiane S.p.A (INW)?
The operating margin of Infrastrutture Wireless Italiane S.p.A is 51.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Infrastrutture Wireless Italiane S.p.A (INW)?
Revenue at Infrastrutture Wireless Italiane S.p.A is growing −0.8% versus a year earlier (3y avg +8.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Infrastrutture Wireless Italiane S.p.A (INW)?
Earnings per share at Infrastrutture Wireless Italiane S.p.A are growing −12.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Infrastrutture Wireless Italiane S.p.A (INW) carry?
The net debt of Infrastrutture Wireless Italiane S.p.A is €4.2B (fiscal year 2025, ≈ 8.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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