INWIT - Poche sorprese dai conti

Fatto

Inwit ha comunicato i seguenti risultati 2023:

•    Revenues €960.3mn (-0.1% vs Consensus a €961.4mn, our exp. €961.7mn)
•    Organic revenues €959.7mn (+12.6% YoY)
•    EBITDA €879.2mn (-0.2% vs Consensus a €881.1mn, our exp. €881.9mn)
•    EBITDAaL €685.6mn (-0.1% vs Consensus a €686.3mn, our exp. €687.9mn)
•    RFCF €611.5mn (+1.7% vs Consensus a €601.3mn, our exp. €601.4mn), sostenuto dal NWC e minori tasse 
•    Net Debt €4,207mn (vs Consensus a €4,233mn, our exp. €4,194mn)
•    Leverage a 4.8x in linea con nostra stima e Consensus a 4.8x (4.6x escludendo lo share buyback, -0.5x vs FY2022)

Target FY24
 

•    Revenues nel range €1,030mn-€1,060mn, mid €1,045mn (consensus a €1,057mn, our exp. €1,047mn)
•    EBITDA margin >91% (consensus a 91.9%, our exp. 91.8%)
•    EBITDAaL margin at ~73% (consensus a 73.5%, our exp. 73.3%)
•    RFCF nel range €620mn-€640mn, mid €630mn (consensus at €643mn, our exp. €642mn)

Target FY26
•    Revenues nel range €1,160mn-€1,240mn, mid €1,200 (consensus at €1,196mn, our exp. €1,181mn)
•    EBITDA margin a ~92% (consensus a 92.1%, our exp. 92.0%)
•    EBITDAaL margin a ~76% (consensus a 76.2%, our exp. 75.7%)
•    RFCF nel range €720mn-€740mn, mid €730mn (consensus a €720m, our exp. €728mn)
•    Capex cumulato 2024-26 aumentato a €800mn (da precedente €650mn) per riflettere la costruzione di nuovi siti, lo sviluppo di coperture DAS indoor e acquisto terreni.
•    Confermata l’attuale politica di remunerazione agli azionisti

Effetto