Financials Inwit S.p.A.

Equities

INW

IT0005090300

Integrated Telecommunications Services

Market Closed - Borsa Italiana 11:44:59 2024-05-31 am EDT 5-day change 1st Jan Change
10.05 EUR +0.70% Intraday chart for Inwit S.p.A. +0.60% -12.23%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 5,236 9,535 10,252 9,037 10,849 9,474 - -
Enterprise Value (EV) 1 5,964 13,246 14,305 13,116 15,056 13,827 13,865 13,845
P/E ratio 37.6 x 55.2 x 53.7 x 30.8 x 32.3 x 24.7 x 21.7 x 19.5 x
Yield 1.51% 3.02% 3.02% 3.69% 4.19% 5.06% 5.45% 5.89%
Capitalization / Revenue 13.2 x 14.4 x 13.1 x 10.6 x 11.3 x 9.02 x 8.41 x 7.92 x
EV / Revenue 15.1 x 20 x 18.2 x 15.4 x 15.7 x 13.2 x 12.3 x 11.6 x
EV / EBITDA 17 x 21.7 x 20 x 16.8 x 17.1 x 14.4 x 13.4 x 12.6 x
EV / FCF 63.4 x 33.3 x 39 x 26.7 x 24.6 x 28.8 x 24.8 x 22 x
FCF Yield 1.58% 3% 2.56% 3.75% 4.06% 3.47% 4.03% 4.54%
Price to Book 3.36 x 1.89 x 2.29 x 2.02 x - 2.29 x 2.3 x 2.3 x
Nbr of stocks (in thousands) 599,778 960,200 959,913 959,906 947,551 942,652 - -
Reference price 2 8.730 9.930 10.68 9.414 11.45 10.05 10.05 10.05
Announcement Date 3/5/20 3/4/21 2/24/22 3/3/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 395.4 663.4 785.1 853 960.3 1,050 1,127 1,196
EBITDA 1 349.8 610.5 714.9 781.4 878.6 961.5 1,033 1,099
EBIT 1 219.8 297.4 354.7 417.7 508.1 580 645.8 709.7
Operating Margin 55.58% 44.83% 45.18% 48.97% 52.91% 55.24% 57.31% 59.33%
Earnings before Tax (EBT) 1 195.6 220.9 264.6 334.3 395.8 451.2 515.4 579.4
Net income 1 139.3 156.7 191.4 293.3 339.5 386.2 434.7 479.4
Net margin 35.23% 23.62% 24.38% 34.38% 35.35% 36.78% 38.58% 40.08%
EPS 2 0.2320 0.1800 0.1990 0.3060 0.3550 0.4061 0.4635 0.5159
Free Cash Flow 1 94 397.3 366.5 491.4 611.5 480.2 558.7 628.2
FCF margin 23.77% 59.89% 46.68% 57.61% 63.68% 45.74% 49.58% 52.52%
FCF Conversion (EBITDA) 26.88% 65.08% 51.26% 62.89% 69.6% 49.95% 54.1% 57.16%
FCF Conversion (Net income) 67.48% 253.61% 191.47% 167.54% 180.12% 124.34% 128.51% 131.03%
Dividend per Share 2 0.1320 0.3000 0.3225 0.3472 0.4800 0.5084 0.5480 0.5920
Announcement Date 3/5/20 3/4/21 2/24/22 3/3/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 S1 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 383.1 203.9 207 210.7 417.7 214.8 220.5 233.6 237.6 471.2 242 247.1 254.6 258.9 263.6 269.9
EBITDA 1 348.9 185.1 189 191.7 380.7 197.1 203.5 213.6 216.3 429.9 223 226 233 236.6 242.1 247.8
EBIT 1 - 93 95.7 102.2 197.9 107.6 111.3 122.3 123.4 245.7 128.4 134.2 137.8 133.7 137.8 134.6
Operating Margin - 45.61% 46.23% 48.5% 47.38% 50.09% 50.48% 52.35% 51.94% 52.15% 53.06% 54.33% 54.12% 51.66% 52.28% 49.89%
Earnings before Tax (EBT) 1 - 73 76.9 83.2 160.1 86 88.2 97.5 96.73 194.2 98.07 103.5 107.8 114 117.1 114.3
Net income 1 - 41.8 68.1 73.9 142 75 76.3 82.9 80.82 163.7 85.1 90.6 89.73 98.38 101.1 100.8
Net margin - 20.5% 32.9% 35.07% 34% 34.92% 34.6% 35.49% 34.02% 34.74% 35.17% 36.67% 35.24% 38% 38.33% 37.35%
EPS 2 - 0.0290 0.0710 0.0800 - 0.0780 - 0.0860 0.0860 - 0.0880 0.0950 0.1880 0.0973 0.0988 0.1036
Dividend per Share 2 - - - - - - - - - - - 0.4800 - - 0.4831 -
Announcement Date 7/29/21 2/24/22 5/5/22 7/28/22 7/28/22 10/27/22 3/3/23 5/9/23 7/26/23 7/26/23 11/9/23 3/7/24 5/7/24 - - -
1EUR in Million2EUR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 727 3,712 4,053 4,079 4,207 4,353 4,391 4,371
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.08 x 6.08 x 5.669 x 5.22 x 4.788 x 4.528 x 4.252 x 3.978 x
Free Cash Flow 1 94 397 366 491 612 480 559 628
ROE (net income / shareholders' equity) 8.96% 5.26% 4.22% 6.6% - 9.57% 11% 12.3%
ROA (Net income/ Total Assets) 6.16% 2.68% 2.08% 3.46% - 4.11% 4.73% 5.41%
Assets 1 2,263 5,839 9,224 8,485 - 9,407 9,189 8,858
Book Value Per Share 2 2.600 5.260 4.670 4.650 - 4.400 4.380 4.370
Cash Flow per Share 2 0.5100 0.5600 0.2300 - - 0.7100 0.8300 0.9100
Capex 1 211 89.3 160 187 290 280 238 216
Capex / Sales 53.32% 13.46% 20.41% 21.92% 30.2% 26.68% 21.11% 18.08%
Announcement Date 3/5/20 3/4/21 2/24/22 3/3/23 3/7/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
20
Last Close Price
10.05 EUR
Average target price
12.84 EUR
Spread / Average Target
+27.76%
Consensus
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  4. Financials Inwit S.p.A.