Inwit is Italy's main wireless tower operator, growing organically as Telecom Italia and Vodafone deploy new equipment on existing towers and new build-to-suit towers for areas with poor coverage.
If Inwit succeeds in court, we expect this to be a positive catalyst for the stock. A moderate settlement and reestablishment of healthy relationships with tenants would also be a positive event.
Bears
The legal dispute with its anchor tenants is a very high-uncertainty event that puts at risk the long-term viability of the company.
Inwit is an Italian wireless tower company born from the spinoff of Telecom Italia’s tower assets in 2015. In 2020, Inwit merged its tower assets with those of Vodafone Italia, creating a tower leader in the Italian market with a high-quality portfolio derived from the networks created by Telecom Italia and Vodafone over the past two decades. Inwit owns 25,000 towers, having the highest tenancy ratio and EBITDA margin among the European tower firms. Cellnex is Inwit’s main competitor in Italy, owning a similar number of towers.