Yesterday, we published our sector lookahead for EU telecoms names for 2026. There is a lot of material in the report, but as part of the review, we upgraded Cellnex and Inwit to Buy for the first time since 2017 and 2023 respectively.
Inwit has reported a solid set of Q2 results and confirmed all guidance. The company continues to deliver robust revenue growth (+5% YoY in Q2), with demand for indoor DAS deployments offsetting slower core anchor tenancy revenue growth.
Inwit reported a solid set of Q1 results, with slowing macro tower growth offset by increasing demand for small cells/ DAS systems. In this quick note we run through the results and discuss valuation given concerns around MSA renegotiation risk.
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