New Street: Inwit (Neutral, TP:€11.5, +19%) 3Q21: Tenancy growth remains weak
Few surprises from Inwit’s Q3 results. Financials were broadly in line with expectations (+0.5% at Adj. revenue, +1.1% at Adj. EBITDA AL) and the company has confirmed their updated guidance for the full year. Tenancy growth was weak (again), and we continue to question whether their longer term targets are achievable. Potential tax change could be an incremental negative (and even more so for Telecom Italia).Infrastrutture Wireless Italiane SpA, also known as Inwit, is an Italy-based company primarily engaged in telecommunication industry. The Company is active in the operation of wireless telecom facilities and equipment, specifically those dedicated to the hospitality of radio transmission equipment, telecommunications and distribution of television and radio signals. It owns radio transmission equipment for mobile telephony networks. Infrastrutture Wireless Italiane SpA concerns mainly its activities relating to the construction and management of passive infrastructure sites, generally consist of civilian facilities, such as towers , trellises and poles, as well as technological systems, necessary to accommodate the equipment of receiving and transmitting, owned by Telecom Italy and other customers. It operates through Gestione Due Srl.
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