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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Inwit S.p.A.    INW   IT0005090300

INWIT S.P.A.

(INW)
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UBS, Morgan Stanley expected to lead Vodafone Tower IPO: sources

07/17/2020 | 11:10am EST
FILE PHOTO: Different types of 4G, 5G and data radio relay antennas for mobile phone networks are pictured on a relay mast operated by Vodafone in Berlin

UBS and Morgan Stanley are expected to organise the lucrative listing of Vodafone's European towers unit - a deal that could value the entire business at up to 16 billion euros ($18 billion), sources familiar with the matter said.

UBS and Morgan Stanley are expected to organise the lucrative listing of Vodafone's European towers unit - a deal that could value the entire business at up to 16 billion euros ($18 billion), sources familiar with the matter said.

The two banks boast a close relationship with Vodafone and both pitched to become joint global coordinators in the listing, which is expected early next year, the sources said.

Goldman Sachs has also pitched for a top job in the initial public offering (IPO) and hopes to be in the driving seat, they said.

Vodafone and Morgan Stanley declined to comment, while UBS and Goldman Sachs were not available.

Goldman recently worked on a possible sale of a stake in Cornerstone Telecommunications Infrastructure Limited (CTIL), a joint venture between Vodafone and Telefonica which runs Telefonica's UK tower assets as well as sites in countries including Spain, Germany and Brazil.

Vodafone said last year it wanted to carve out its mobile masts in Europe into a new company worth upwards of 18 billion euros, with a view to listing a minority stake.

The new entity will include Vodafone's stake in Italian mobile tower group INWIT, three of the sources said, adding the London-based firm was working to transfer its INWIT interests into the new business.

One of the sources said Vodafone's towers business was expected to have an enterprise value of 12 to 16 billion euros.

He added Vodafone could raise 3 to 4 billion euros from the share sale, which is likely to take place in Frankfurt given Vodafone's strong presence in Germany, where it recently purchased Liberty Global's cable networks.

European IPOs raised just $5.6 billion in the first half of 2020, the lowest since 2012, Refinitiv data shows.

But the telecoms industry has proved resilient during the coronavirus pandemic, with telecoms operators involved in a series of large deals including the $38 billion merger of Liberty Global and Telefonica's British businesses.

(Reporting by Arno Schuetze, Pamela Barbaglia and Abhinav Ramnarayan; additional reporting by Paul Sandle and Elvira Pollina; editing by Mark Potter)

By Arno Schuetze, Pamela Barbaglia and Abhinav Ramnarayan

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.02% 6.4016 Delayed Quote.41.67%
INWIT S.P.A. -3.53% 9.975 Delayed Quote.18.44%
LIBERTY GLOBAL PLC 2.07% 23.2 Delayed Quote.-0.04%
MORGAN STANLEY 5.53% 63.6 Delayed Quote.24.41%
TELEFONICA S.A. 8.98% 3.592 Delayed Quote.-42.32%
THE GOLDMAN SACHS GROUP, INC. 3.79% 237.5 Delayed Quote.-0.48%
UBS GROUP AG 3.38% 13.4 Delayed Quote.8.75%
VODAFONE GROUP PLC 2.74% 125.32 Delayed Quote.-14.61%
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10/13INWIT : new bond issue for 750 million euros. Investor demand 4 times supply.
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10/02INWIT : appointment of two new Directors
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More news
Financials
Sales 2020 676 M 804 M 804 M
Net income 2020 166 M 197 M 197 M
Net Debt 2020 3 561 M 4 236 M 4 236 M
P/E ratio 2020 57,8x
Yield 2020 2,50%
Capitalization 9 578 M 11 381 M 11 394 M
EV / Sales 2020 19,4x
EV / Sales 2021 16,8x
Nbr of Employees 198
Free-Float 33,7%
Chart INWIT S.P.A.
Duration : Period :
Inwit S.p.A. Technical Analysis Chart | INW | IT0005090300 | MarketScreener
Technical analysis trends INWIT S.P.A.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 11,64 €
Last Close Price 9,98 €
Spread / Highest target 30,3%
Spread / Average Target 16,7%
Spread / Lowest Target -5,26%
EPS Revisions
Managers
NameTitle
Giovanni Ferigo Chief Executive Officer, GM & Director
Emanuele Tournon Chairman
Elisa Patrizi Head-Maintenance, Technology & Operations
Emanuela Martinelli Head-Finance & Investor Relations
Filomena Passeggio Independent Director
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