Inwit (1K) | Hold | Share overhang extended further

研报英文原文证据摘录

Inwit (1K) | Hold | Share overhang extended further

#EarningsPreview #Negative #TPchange

Release date: 15 July 2026

Company research

ESG profile HoldInwit

Italy | Telecom services Beta Profile: MCap: EUR5.7bn

Target Price: EUR7.20 (7.50) Change in TP: -4.0 % Bloomberg: INW IM Reuters: INWT.MI

Current Price: EUR6.35 Change in Sales: -0.5% 26E/-0.4% 27E Free float 32%

Up/downside: 13.4% Change in Adj EBIT: -1.0% 26E/-0.9% 27E Avg. daily volume (EURm) 27.4

YTD abs performance -19.5% Market data: 14 July 2026 Change in Adj. EPS: -3.2% 26E/-1.5% 27E

52-week high/low (EUR) 10.59/6.11

Share overhang extended further Price performance

Why this report?

The Court of Milan has not ruled on the core issue of the MSA expiration, but it

certainly introduces more complexity as anchors may now request Inwit to

discuss the potential migration path, and gives them probably some more

negotiating power ahead of a possible amicable agreement. The share

overhang therefore remains, and we would not expect any relevant operating

improvement this year, at least against this backdrop. We expect soft Q2

numbers, and we slightly cut estimates and TP (EUR7.2).

Key findings

The ruling of the Court of Milan is basically prolonging the share overhang.

The judge has dismissed the request made by Inwit for interim measures

(basically, stop the migration process), indicating there is no sense of urgency or FY to 31/12 (EUR) 12/26E 12/27E 12/28E

irreparable harm for Inwit. Inwit has appealed this decision (expected new ruling Sales 1,071 1,102 1,131

in December 2026). EBITDA adj. 965 994 1,020

EBIT adj. 565 595 723

This initial decision does not prejudice the final ruling on the core issue of the MSA Net profit adj. 324 317 403