Infrastrutture Wireless Italiane SpA: MSA Uncertainty Weighs On Equity Story For Now

Research evidence excerpt

Infrastrutture Wireless Italiane SpA: MSA Uncertainty Weighs On Equity Story For Now

Idea

June 11, 2026 03:00 AM GMT

Morgan Stanley & Co. International plc+MInfrastrutture Wireless Italiane SpA | Europe Harrison Williams, CFA

Equity Analyst

MSA Uncertainty Weighs On Harrison.Williams@morganstanley.comEmmet B Kelly +44 20 7425-6627

Emmet.Kelly@morganstanley.com +44 20 7425-6830

Equity Story For Now Terence Tsui

Terence.Tsui@morganstanley.com +44 20 7425-3095

Uncertainty regarding the MSA dispute clouds the equity story Lindsey C Zastawny

at Inwit for now. We are Equal-weight with a €7 price target, Equity Analyst

Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

awaiting either MSA clarity or a better entry point.

Infrastrutture Wireless Italiane SpA (INWT.MI, INW IM)

Excluding wider tower sub-sector headwinds, we estimate Inwit’s shares have Telecommunications Services | Italy

fallen by ~13% on the idiosyncratic risks around the MSA dispute, which covers Stock Rating Equal-weight

>80% of group revenues. We believe the current share price implies only a 5-10% Industry View Attractive

Price target €7.00

drop in revenues relating to the MSA (Master Service Agreement) dispute with Shr price, close (Jun 10, 2026) €6.63

52-Week Range €10.35-6.07

Swisscom and TIM. At these levels, the market appears to be pricing in some form of

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

compromise. Inwit's unique tower footprint, a restrictive planning regime for new

Sales / Revenue 1,077 1,064 1,079 1,106

towers in Italy, and Italian electromagnetic emission limits are factors that could be

(€mn)**

considered in such a scenario. A first decision on the injunction filed by Inwit is EBITDA (€mn)** 984 966 976 1,001

EBIT (€mn)** 578 565 583 616