Infrastrutture Wireless Italiane (INW-MIL)

Dominant cell tower operator in Italy, irreplaceable assets. Undemanding valuation. Unique with its uncapped inflation escalator, which is for the trailing 12 months. So for 2023, the inflation number is about 6%, leading to robust revenue growth. Expects M&A activity from strategic co-owners. (Price target is in Euros.) Yield is 3.17%. (Analysts’ price target is $12.56)

(A Top Pick Oct 27/20, Up 13%) Italian tower company. Pretty good year, though a bit of a slowdown. Takeover of some shares looks promising. Tremendous growth over next 3-5 years, trades at discount to global peers.

Price target: 11.38 Euros A tower play on Italy. INW is the biggest player there. They recently finished an acquisition that brought in 11,000 towers from Vodaphone. INW has treaded water in recent months over this deal, but sees more growth ahead. Synergies will exceed what the street expects. It's a pure-play on Italian towers though the 5G build-out in Italy will be slower than ours. Its valuation is low vs. global peers.