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
 09:14:59 03/05/2024 pm IST 		5-day change 1st Jan Change
5.35 EUR +0.19% Intraday chart for Rai Way S.p.A. 0.00% +4.70%
09/04 Italy finalising decree to trigger TV towers tie-up, economy minister says RE
28/03 Rai Way, profit up in 2023; backlog at EUR818 million AN

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,667 1,465 1,401 1,452 1,371 1,436 - -
Enterprise Value (EV) 1 1,677 1,512 1,489 1,557 1,371 1,573 1,614 1,704
P/E ratio 26.7 x 22.8 x 21.8 x 20 x 16 x 16.2 x 16.5 x 16.1 x
Yield 3.8% 4.37% 4.67% 5.07% - 6.1% 6.1% 6.23%
Capitalization / Revenue 7.53 x 6.53 x 6.09 x 5.92 x 5.04 x 5.21 x 5.06 x 4.89 x
EV / Revenue 7.57 x 6.73 x 6.48 x 6.34 x 5.04 x 5.71 x 5.69 x 5.8 x
EV / EBITDA 12.8 x 11.1 x 10.4 x 10.3 x 7.61 x 8.66 x 8.73 x 8.86 x
EV / FCF 22.2 x 25.3 x 45.9 x 25.4 x - 14.3 x 13.9 x 14.3 x
FCF Yield 4.51% 3.95% 2.18% 3.94% - 7.01% 7.21% 7%
Price to Book 9.05 x 8.89 x 8.44 x 8.24 x - 7.54 x 7.57 x 7.66 x
Nbr of stocks (in thousands) 2,72,000 2,68,400 2,68,375 2,68,375 2,68,375 2,68,375 - -
Reference price 2 6.130 5.460 5.220 5.410 5.110 5.350 5.350 5.350
Announcement Date 12/03/20 18/03/21 17/03/22 16/03/23 26/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 221.4 224.5 229.9 245.4 271.9 275.5 283.5 293.9
EBITDA 1 131.2 136.1 142.9 151 180.3 181.6 184.8 192.4
EBIT 1 90.2 90.4 91.5 103.8 126 130.9 130 132.2
Operating Margin 40.74% 40.27% 39.8% 42.3% 46.34% 47.51% 45.85% 45%
Earnings before Tax (EBT) 1 88.8 88.3 89.9 101.8 121.5 124.4 122.2 120.5
Net income 1 63.4 64 65.4 73.7 86.7 89.6 87.88 89.73
Net margin 28.64% 28.51% 28.45% 30.03% 31.89% 32.53% 30.99% 30.53%
EPS 2 0.2300 0.2400 0.2400 0.2700 0.3200 0.3297 0.3250 0.3320
Free Cash Flow 1 75.7 59.69 32.4 61.4 - 110.4 116.4 119.2
FCF margin 34.19% 26.59% 14.09% 25.02% - 40.06% 41.04% 40.56%
FCF Conversion (EBITDA) 57.7% 43.86% 22.68% 40.66% - 60.77% 62.96% 61.96%
FCF Conversion (Net income) 119.4% 93.27% 49.55% 83.31% - 123.16% 132.42% 132.84%
Dividend per Share 2 0.2329 0.2385 0.2436 0.2745 - 0.3265 0.3263 0.3333
Announcement Date 12/03/20 18/03/21 17/03/22 16/03/23 26/03/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2020 S1 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 2024 Q1
Net sales 1 111.1 113.3 58.4 58.2 60.1 61.1 121.2 63.2 61.1 67.8 68.1 136 68.1 67.8 68.4
EBITDA 1 67.9 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 45.5
EBIT 45.4 45.7 27.6 18.2 26.7 25.8 52.5 27.3 24 33.4 34.7 68.1 - - -
Operating Margin 40.86% 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) - 45 27.2 17.7 26.3 25.3 51.6 - 23.3 - 30.1 62.7 34.9 23.9 -
Net income 1 32.8 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 23.2
Net margin 29.52% 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% 33.92%
EPS - - - - - - - - 0.0600 - - - - - -
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 31/07/20 28/07/21 11/11/21 17/03/22 13/05/22 27/07/22 27/07/22 10/11/22 16/03/23 12/05/23 27/07/23 27/07/23 14/11/23 26/03/24 -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 9.5 46.1 87.9 105 - 137 178 268
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.0724 x 0.3385 x 0.6149 x 0.6954 x - 0.7562 x 0.9655 x 1.392 x
Free Cash Flow 1 75.7 59.7 32.4 61.4 - 110 116 119
ROE (net income / shareholders' equity) 34.7% 36.7% 39.5% 43.1% - 47.4% 46.7% 46.4%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 0.6800 0.6100 0.6200 0.6600 - 0.7100 0.7100 0.7000
Cash Flow per Share 2 0.4100 0.4300 0.4400 0.5100 - 0.4400 0.5300 -
Capex 1 35.3 60.6 85 75.6 - 66.3 83.4 67.4
Capex / Sales 15.94% 26.97% 36.95% 30.81% - 24.07% 29.43% 22.92%
Announcement Date 12/03/20 18/03/21 17/03/22 16/03/23 26/03/24 - - -
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
5.35 EUR
Average target price
6.75 EUR
Spread / Average Target
+26.17%
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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CHINA TELECOM CORPORATION LIMITED Stock China Telecom Corporation Limited
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AMÉRICA MÓVIL, S.A.B. DE C.V. Stock América Móvil, S.A.B. de C.V.
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SAUDI TELECOM COMPANY Stock Saudi Telecom Company
-7.67% 49.58B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY Stock Emirates Telecommunications Group Company
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CHARTER COMMUNICATIONS, INC. Stock Charter Communications, Inc.
-31.58% 38.3B
Other Integrated Telecommunications Services
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