Unidata: Founder-Led Italian Fiber Company at Key Inflection Point

Alejandro Estebaranz of True Value presented his investment thesis on Unidata (Italy: UD) at European Investing Summit 2025.

Thesis summary:

Unidata is a founder-led Italian digital infrastructure provider with a diversified portfolio of services including connectivity, cloud, and IoT solutions, underpinned by a proprietary network of over 7,000 km of fiber and two data centers. The company is positioned to capitalize on Italy’s structural need to expand its fiber network, which currently lags European peers, while benefiting from fiber’s technological superiority over competing 5G and satellite technologies. With a strong history of revenue growth, stable margins, and high insider ownership exceeding 55%, Unidata presents a compelling profile of a well-managed, aligned, and strategically positioned operator.

The core of the investment thesis rests on a significant inflection point expected within the next two years, driven by the completion and value crystallization of three strategic, late-stage joint ventures. These include Unifiber, a Fiber-to-the-Home (FTTH) project in the Lazio region; Unitirreno, a new low-latency submarine cable connecting Italy to Northern Europe; and Unicenter, a Tier IV data center in Rome designed for AI workloads and serving as the cable’s landing station. These de-risked projects, developed with credible partners, are all scheduled to become operational by 2025, transitioning the company from a period of heavy investment to one of significant cash flow generation and rapid deleveraging.

The company’s financial trajectory is robust, with projections indicating a revenue CAGR of 12% and an EBITDA CAGR of 15% between 2024 and 2027, while maintaining stable EBITDA margins in the 27-28% range. As capital expenditures normalize post-2025, Unidata is forecast to deleverage, with its net debt-to-EBITDA ratio expected to fall from 1.7x in 2024 to 0.4x by 2027. This financial discipline is projected to generate substantial FCF, with an implied FCF yield exceeding 20% in 2026, offering capacity for shareholder returns or further strategic investments.

Unidata’s shares recently traded at a deep discount to their intrinsic value, creating an arbitrage opportunity between public and private market valuations for digital infrastructure assets. The company’s 2025 estimated EV/EBITDA multiple of 4.5x stands in contrast to the 18-20x multiples seen in M&A for comparable FTTH assets and the 10-13x multiples for corporate peers like Retelit and EOLO. This valuation disconnect is the basis for a target price of €6.60 per share, which implies an upside of over 100% from recent levels. As the strategic joint ventures become operational and their value becomes undeniable, a re-rating of the stock is anticipated, closing the gap to its private market value.

The full session is available exclusively to members of MOI Global.

Members, log in below to access the full session.

Not a member?

Thank you for your interest.  Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:

First name:

Last name:

Email address:

City / state / country:

Company:

How did you hear about MOI Global? Select Member referral Staff This website Media / Internet Other

If referral, please provide member's name:

Which of the following applies most closely to you? Select Investment Firm - Head Investment Firm - Analyst or PM Institutional Allocator - Firm C-Level Executive Institutional Allocator - Firm Employee Family Office - Head or Co-Owner Family Office - Employee Non-Investment Firm - C-Level Executive Non-Investment Firm - Employee Other

How do you hope to add value to the community?

Leave this field empty if you're human:

About the instructor:

Alejandro Estebaranz has served as the CIO True Value fund (ISIN: ES0180792006) since its inception. True Value, based in Spain, is a long-only equity fund founded in 2014. It focuses on underfollowed small- and mid-cap public companies, seeking good businesses with good management teams. He holds a degree in mechanical engineering and a degree in industrial engineering.