Company Valuation: Rai Way S.p.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,401 1,452 1,371 1,476 1,501 1,254 - -
Change - 3.64% -5.55% 7.63% 1.69% -16.46% - -
Enterprise Value (EV) 1 1,489 1,557 1,476 1,604 1,637 1,424 1,471 1,487
Change - 4.58% -5.18% 8.63% 2.11% -13.02% 3.31% 1.03%
P/E 21.8x 20x 16x 16.7x 16.9x 14.5x 13.6x 13.1x
PBR 8.44x 8.24x 7.46x 7.67x 7.82x 6.58x 6.42x 6.32x
PEG - 1.6x 0.9x 5.34x - -6.11x 2.04x 3.48x
Capitalization / Revenue 6.09x 5.92x 5.04x 5.35x 5.31x 4.32x 4.13x 3.99x
EV / Revenue 6.48x 6.34x 5.43x 5.81x 5.79x 4.91x 4.84x 4.73x
EV / EBITDA 10.4x 10.3x 8.19x 8.64x 8.54x 7.43x 7.29x 7.09x
EV / EBIT 16.3x 15x 11.7x 12.2x 12.6x 10.9x 10.7x 10.2x
EV / FCF 45.9x 25.4x 14.8x 17.7x 14.8x 14.9x 14.1x 13.5x
FCF Yield 2.18% 3.94% 6.74% 5.63% 6.75% 6.73% 7.07% 7.42%
Dividend per Share 2 0.2436 0.2745 0.3222 0.334 0.33 0.3288 0.3408 0.3529
Rate of return 4.67% 5.07% 6.31% 6.07% 5.9% 7.04% 7.3% 7.56%
EPS 2 0.24 0.27 0.32 0.33 0.33 0.3222 0.3436 0.3566
Distribution rate 102% 102% 101% 101% 100% 102% 99.2% 99%
Net sales 1 229.9 245.4 271.9 276.1 282.8 290.1 303.8 314.2
EBITDA 1 142.9 151 180.3 185.6 191.8 191.7 201.8 209.8
EBIT 1 91.5 103.8 126 131.9 130.2 130.3 138.1 145.2
Net income 1 65.4 73.7 86.7 89.9 88.6 88.06 92.98 95.01
Net Debt 1 87.87 105 104.9 127.6 136.5 170.3 217.5 232.8
Reference price 2 5.220 5.410 5.110 5.500 5.590 4.670 4.670 4.670
Nbr of stocks (in thousands) 2,68,375 2,68,375 2,68,375 2,68,375 2,68,504 2,68,504 - -
Announcement Date 17/03/22 16/03/23 26/03/24 19/03/25 23/03/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.4x4.88x7.39x7.09% 142.43Cr
11.22x1.3x4.02x7.14% 22TCr
8.75x2.32x6.22x6.7% 18TCr
12.99x2.1x5.52x4.32% 14TCr
12.86x2.02x5.09x2.42% 7.81TCr
11.75x1.73x7.42x3.66% 7.44TCr
11.88x0.77x2.87x6.79% 7.26TCr
15.5x2.7x8.45x5.07% 5.77TCr
23.68x5.34x19.5x4.52% 5.57TCr
15.08x2.73x6.25x4.51% 4.9TCr
Average 13.81x 2.59x 7.27x 5.22% 9.29TCr
Weighted average by Cap. 12.48x 2.08x 6.27x 5.49%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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  4. Valuation Rai Way S.p.A.