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(Add detail, CEO quotes from analyst call)
By Elvira Pollina
MILAN, Nov 5 (Reuters) - Italy's top mobile tower operator
INWIT on Thursday slightly increased its 2020
financial targets as its business was supported by deals with
phone carriers to rollout next-generation 5G networks across the
country.
Jointly-controlled by Italy's largest phone group Telecom
Italia (TIM) and Vodafone, INWIT said it
expected 8% average annual growth both of revenue and core
profit in its updated business plan to 2023.
INWIT said it expected 2020 revenue at the upper-end of a
660-665 million euro range targeted in July.
Core profit excluding leases and recurring free cash flow
are expected to slightly top 415 million euros and 265 million
euros respectively.
Growing demand for services from mobile phone operators and
other radio network players are underpinning INWIT's business,
which at the moment remained broadly unaffected by the COVID-19
epidemic, the company said.
"Looking ahead, we think that 5G will drive the deployment
of complementary technologies, and will push the creation of the
overall eco-system", Chief Executive Giovanni Ferigo told an
analyst call.
INWIT said it would distribute a 0.30 euro dividend per
share on its 2020 results and that it would increase the payout
by an annual 7.5% in the following years.
The telecoms tower firm, which operates over 22,000 masts
across Italy, said it reported a 0.9% quarterly rise in its
revenue to 186.1 million euros, slightly above a 185 million
euro analyst consensus provided by Refinitiv.
Organic earnings before interest, tax, depreciation and
amortization (EBITDA) rose by 0.7%, totalling 172.8 million
euros for July-September, just above expectations of 170 million
euros.
INWIT shares have risen by some 20% since the start of the
year, compared with a 16% drop in the Milan bourse's blue-chip
FTSE MIB index.
(Reporting by Elvira Pollina; editing by David Evans, Kirsten
Donovan)
