Stock RWAY RAI WAY S.P.A.
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Financials Rai Way S.p.A.

Equities

RWAY

IT0005054967

Integrated Telecommunications Services

Market Closed - Borsa Italiana
Other stock markets
 11:44:59 2024-04-29 am EDT 		5-day change 1st Jan Change
5.38 EUR 0.00% Intraday chart for Rai Way S.p.A. +2.09% +5.28%
Apr. 09 Italy finalising decree to trigger TV towers tie-up, economy minister says RE
Mar. 28 Rai Way, profit up in 2023; backlog at EUR818 million AN

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,179 1,667 1,465 1,401 1,452 1,444 1,444 -
Enterprise Value (EV) 1 1,163 1,677 1,512 1,489 1,557 1,371 1,590 1,622
P/E ratio 19.7 x 26.7 x 22.8 x 21.8 x 20 x 15.9 x 16.6 x 16.6 x
Yield 5.07% 3.8% 4.37% 4.67% 5.07% 6.15% 6.07% 6.07%
Capitalization / Revenue 5.42 x 7.53 x 6.53 x 6.09 x 5.92 x 5.04 x 5.23 x 5.09 x
EV / Revenue 5.34 x 7.57 x 6.73 x 6.48 x 6.34 x 5.04 x 5.76 x 5.72 x
EV / EBITDA 9.83 x 12.8 x 11.1 x 10.4 x 10.3 x 7.61 x 8.75 x 8.78 x
EV / FCF 14.9 x 22.2 x 25.3 x 45.9 x 25.4 x 18.6 x 14.4 x 13.9 x
FCF Yield 6.71% 4.51% 3.95% 2.18% 3.94% 5.39% 6.94% 7.17%
Price to Book 6.52 x 9.05 x 8.89 x 8.44 x 8.24 x 7.67 x 7.69 x 7.61 x
Nbr of stocks (in thousands) 272,000 272,000 268,400 268,375 268,375 268,375 268,375 -
Reference price 2 4.335 6.130 5.460 5.220 5.410 5.380 5.380 5.380
Announcement Date 3/14/19 3/12/20 3/18/21 3/17/22 3/16/23 3/26/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net sales 1 217.7 221.4 224.5 229.9 245.4 271.9 276 283.5
EBITDA 1 118.3 131.2 136.1 142.9 151 180.3 181.6 184.8
EBIT 1 85 90.2 90.4 91.5 103.8 126 129.9 130
Operating Margin 39.04% 40.74% 40.27% 39.8% 42.3% 46.34% 47.07% 45.85%
Earnings before Tax (EBT) 1 82.5 88.8 88.3 89.9 101.8 121.5 123 122.2
Net income 1 59.7 63.4 64 65.4 73.7 86.7 88.25 87.88
Net margin 27.42% 28.64% 28.51% 28.45% 30.03% 31.89% 31.97% 30.99%
EPS 2 0.2200 0.2300 0.2400 0.2400 0.2700 0.3393 0.3245 0.3250
Free Cash Flow 1 78 75.7 59.69 32.4 61.4 84.5 110.4 116.4
FCF margin 35.83% 34.19% 26.59% 14.09% 25.02% 31.23% 39.98% 41.04%
FCF Conversion (EBITDA) 65.93% 57.7% 43.86% 22.68% 40.66% 48% 60.77% 62.96%
FCF Conversion (Net income) 130.65% 119.4% 93.27% 49.55% 83.31% 93.7% 125.04% 132.42%
Dividend per Share 2 0.2196 0.2329 0.2385 0.2436 0.2745 0.3308 0.3265 0.3263
Announcement Date 3/14/19 3/12/20 3/18/21 3/17/22 3/16/23 3/26/24 - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S1 2020 S1 2021 Q2 2021 S1 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4
Net sales 1 110.4 111.1 56.8 113.3 58.4 58.2 60.1 61.1 121.2 63.2 61.1 67.8 68.1 136 68.1 67.8
EBITDA 1 65.6 67.9 35.6 69.8 40.1 33 39.5 38.7 78.2 37.5 35.4 44.4 46.3 90.8 47.6 41.9
EBIT 46.2 45.4 23.4 45.7 27.6 18.2 26.7 25.8 52.5 27.3 24 33.4 34.7 68.1 - -
Operating Margin 41.85% 40.86% 41.2% 40.34% 47.26% 31.27% 44.43% 42.23% 43.32% 43.2% 39.28% 49.26% 50.95% 50.07% - -
Earnings before Tax (EBT) 1 - - 23 45 27.2 17.7 26.3 25.3 51.6 - 23.3 - 30.1 62.7 34.9 23.9
Net income 1 32.6 32.8 16.3 33.2 19.6 12.6 18.8 18.2 37 19.3 17.4 23.5 21.4 44.9 24.9 16.9
Net margin 29.53% 29.52% 28.7% 29.3% 33.56% 21.65% 31.28% 29.79% 30.53% 30.54% 28.48% 34.66% 31.42% 33.01% 36.56% 24.93%
EPS - - - - - - - - - - 0.0600 - - - - -
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 7/29/19 7/31/20 7/28/21 7/28/21 11/11/21 3/17/22 5/13/22 7/27/22 7/27/22 11/10/22 3/16/23 5/12/23 7/27/23 7/27/23 11/14/23 3/26/24
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - 9.5 46.1 87.9 105 125 146 178
Net Cash position 1 16.6 - - - - - - -
Leverage (Debt/EBITDA) - 0.0724 x 0.3385 x 0.6149 x 0.6954 x 0.7088 x 0.8029 x 0.9655 x
Free Cash Flow 1 78 75.7 59.7 32.4 61.4 84.5 110 116
ROE (net income / shareholders' equity) 33.4% 34.7% 36.7% 39.5% 43.1% 48.7% 46.7% 46.7%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 0.6600 0.6800 0.6100 0.6200 0.6600 0.7000 0.7000 0.7100
Cash Flow per Share 2 0.3900 0.4100 0.4300 0.4400 0.5100 0.4600 0.4400 0.5300
Capex 1 27 35.3 60.6 85 75.6 65.2 66.3 83.4
Capex / Sales 12.4% 15.94% 26.97% 36.95% 30.81% 24.11% 24.02% 29.43%
Announcement Date 3/14/19 3/12/20 3/18/21 3/17/22 3/16/23 3/26/24 - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Rai Way S.p.A.

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
4
Last Close Price
5.38 EUR
Average target price
6.75 EUR
Spread / Average Target
+25.46%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

1st Jan change Capi.
RAI WAY S.P.A. Stock Rai Way S.p.A.
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SAUDI TELECOM COMPANY Stock Saudi Telecom Company
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Other Integrated Telecommunications Services
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