IFSUF (Infrastrutture Wireless Italiane SpA) Beneish M-Score: -2.58 (As of Jun. 24, 2026)


IFSUF Infrastrutture Wireless Italiane SpA IFSUF
80 GF Score
Price $7.36
GF Value $12.71
Valuation Possible Value Trap
! 6 Warning Signs
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What is Infrastrutture Wireless Italiane SpA Beneish M-Score?

Infrastrutture Wireless Italiane SpA IFSUF -3.16% 80 Beneish M-Score is -2.58 as of Jun. 24, 2026. GuruFocus rates IFSUF with a GF Score™ of 80/100 and a GF Value™ of $12.71 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,681 Real Estate companies, Infrastrutture Wireless Italiane SpA ranks better than 64.25% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Infrastrutture Wireless Italiane SpA's Beneish M-Score or its related term are showing as below:

IFSUF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.77   Med: -2.65   Max: -0.99
Current: -2.58

During the past 11 years, the highest Beneish M-Score of Infrastrutture Wireless Italiane SpA was -0.99. The lowest was -3.77. And the median was -2.65.

Infrastrutture Wireless Italiane SpA Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Infrastrutture Wireless Italiane SpA's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Infrastrutture Wireless Italiane SpA Beneish M-Score Chart

Infrastrutture Wireless Italiane SpA Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.18 -2.68 -2.80 -2.70 -2.58

Infrastrutture Wireless Italiane SpA Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.80 -2.69 -2.62 -2.58 -2.58

IFSUF vs CBRE, BEKE, CSGP: Beneish M-Score Comparison

For the Real Estate Services subindustry, Infrastrutture Wireless Italiane SpA's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Infrastrutture Wireless Italiane SpA Beneish M-Score vs Real Estate Industry

For the Real Estate industry and Real Estate sector, Infrastrutture Wireless Italiane SpA's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Infrastrutture Wireless Italiane SpA's Beneish M-Score falls into.


IFSUF
80GF Score
Infrastrutture Wireless Italiane SpA IFSUF
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Infrastrutture Wireless Italiane SpA Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Infrastrutture Wireless Italiane SpA for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1404+0.528 * 0.9927+0.404 * 0.9474+0.892 * 1.1071+0.115 * 1.0121
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8829+4.679 * -0.043762-0.327 * 1.1658
=-2.52

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was $267 Mil.
Revenue was 305.336 + 317.068 + 318.215 + 310.288 = $1,251 Mil.
Gross Profit was 296.867 + 320.938 + 300.829 + 302.209 = $1,221 Mil.
Total Current Assets was $728 Mil.
Total Assets was $11,314 Mil.
Property, Plant and Equipment(Net PPE) was $3,064 Mil.
Depreciation, Depletion and Amortization(DDA) was $460 Mil.
Selling, General, & Admin. Expense(SGA) was $8 Mil.
Total Current Liabilities was $830 Mil.
Long-Term Debt & Capital Lease Obligation was $5,828 Mil.
Net Income was 93.898 + 99.302 + 108.13 + 108.277 = $410 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 199.172 + 228.479 + 273.155 + 203.908 = $905 Mil.
 Total Receivables was $211 Mil.
Revenue was 287.836 + 276.38 + 288.951 + 276.759 = $1,130 Mil.
Gross Profit was 281.402 + 270.539 + 272.178 + 270.546 = $1,095 Mil.
Total Current Assets was $291 Mil.
Total Assets was $10,204 Mil.
Property, Plant and Equipment(Net PPE) was $2,752 Mil.
Depreciation, Depletion and Amortization(DDA) was $419 Mil.
Selling, General, & Admin. Expense(SGA) was $9 Mil.
Total Current Liabilities was $784 Mil.
Long-Term Debt & Capital Lease Obligation was $4,366 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(266.607 / 1250.907) / (211.172 / 1129.926)
=0.213131 / 0.18689
=1.1404

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(1094.665 / 1129.926) / (1220.843 / 1250.907)
=0.968794 / 0.975966
=0.9927

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (728.237 + 3063.622) / 11313.684) / (1 - (290.929 + 2752.211) / 10203.996)
=0.664843 / 0.70177
=0.9474

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1250.907 / 1129.926
=1.1071

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(419.352 / (419.352 + 2752.211)) / (460.407 / (460.407 + 3063.622))
=0.132223 / 0.130648
=1.0121

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(8.46 / 1250.907) / (8.655 / 1129.926)
=0.006763 / 0.00766
=0.8829

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((5827.906 + 829.525) / 11313.684) / ((4366.451 + 784.145) / 10203.996)
=0.588441 / 0.504763
=1.1658

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(409.607 - 0 - 904.714) / 11313.684
=-0.043762

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Infrastrutture Wireless Italiane SpA has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.58 mean?
Infrastrutture Wireless Italiane SpA (IFSUF) has a Beneish M-Score of -2.58 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Infrastrutture Wireless Italiane SpA and its competitors. According to the industry distribution chart, Infrastrutture Wireless Italiane SpA ranks #601 out of 1681 companies in the Real Estate industry, placing it in the top 35.8%.
Is Infrastrutture Wireless Italiane SpA's Beneish M-Score too high?
Infrastrutture Wireless Italiane SpA's current Beneish M-Score is -2.58. Based on the distribution chart, Infrastrutture Wireless Italiane SpA ranks #601 out of 1681 companies in the Real Estate industry, which is above the industry midpoint. Overall, Infrastrutture Wireless Italiane SpA has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Infrastrutture Wireless Italiane SpA's Beneish M-Score compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Infrastrutture Wireless Italiane SpA ranks #601 out of 1681 companies for Beneish M-Score. This puts Infrastrutture Wireless Italiane SpA in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Real Estate company?
A good Beneish M-Score depends on the Real Estate industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Infrastrutture Wireless Italiane SpA and its competitors. Infrastrutture Wireless Italiane SpA's current Beneish M-Score is -2.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Infrastrutture Wireless Italiane SpA stock overvalued right now?
Based on GuruFocus' analysis, Infrastrutture Wireless Italiane SpA (IFSUF) is currently considered Possible Value Trap. The stock's GF Value™ is $12.71, compared to a current price of $7.36 — trading 42.1% below its estimated fair value. The current Beneish M-Score is -2.58. Infrastrutture Wireless Italiane SpA's overall GF Score™ is 80/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Infrastrutture Wireless Italiane SpA (IFSUF), the current Beneish M-Score is -2.58 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Infrastrutture Wireless Italiane SpA (IFSUF) Overvalued in 2026?

Based on GuruFocus' analysis, Infrastrutture Wireless Italiane SpA stock appears to be undervalued. The current stock price of $7.36 is trading 42.1% below its estimated GF Value™ of $12.71. GuruFocus considers Infrastrutture Wireless Italiane SpA to be Possible Value Trap.

Key valuation signals for IFSUF:

  • Beneish M-Score: -2.58
  • GF Value™: $12.71 vs. price of $7.36 (42.1% below fair value)
  • GF Score™: 80/100 with 6 warning signs

No single metric tells the full story. See the IFSUF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Infrastrutture Wireless Italiane SpA Business Description

Address Piazza Trento, 10, Rome, ITA, 00198
Inwit is an Italian wireless tower company born from the spinoff of Telecom Italia's tower assets in 2015. In 2020, Inwit merged its tower assets with those of Vodafone Italia, creating a tower leader in the Italian market with a high-quality portfolio derived from the networks created by Telecom Italia and Vodafone over the past two decades. Inwit owns 25,000 towers, having the highest tenancy ratio and EBITDA margin among the European tower firms. Cellnex is Inwit's main competitor in Italy, owning a similar number of towers.
80GF Score

Get the complete analysis for IFSUF

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$7.36
Price
$12.71
GF Value