RWAY Stock Analysis: Rai Way | MI
Engineering & Construction | MI, Italy | Market Cap: 1.289m EUR | 12M Return: -18.3% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.72M
EPS Trend: 76.7%
Rev. Trend: 94.4%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Rai Way S.p.A. is a prominent Italian digital infrastructure provider specializing in broadcasting, connectivity, and tower hosting services. Headquartered in Rome and operating as a subsidiary of Rai Radiotelevisione Italiana SpA, the company manages an extensive network of transmission towers used for television, FM radio, and digital audio broadcasting (DAB+).
The business model relies heavily on long-term hosting contracts with mobile network operators, public authorities, and broadcasters, providing stable infrastructure for signal distribution. In addition to traditional broadcasting, the company offers integrated digital solutions including content delivery networks (CDN), cloud storage, and colocation services to manage live and on-demand video traffic.
The Italian tower industry is characterized by high barriers to entry due to the significant capital expenditure required for physical infrastructure and strict regulatory licensing. Investors looking for deeper fundamental analysis of the Italian infrastructure sector may find ValueRay a useful resource for further research. Rai Way continues to diversify its revenue streams by adapting its transmission sites to support 5G rollout and fixed wireless access (FWA) technology.
- Potential merger with EI Towers creates significant synergy and scale opportunities
- Long-term inflation-linked contracts with RAI provide stable and predictable cash flows
- Expansion into edge data centers and cloud services diversifies revenue streams
- High dividend payout ratio attracts yield-seeking investors in a volatile market
- Regulatory decisions on broadcasting frequency allocations impact core transmission service margins
| Net Income: 87.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.21 > 0.02 and ΔFCF/TA 3.58 > 1.0 |
| NWC/Revenue: -3.59% < 20% (prev -0.64%; Δ -2.95% < -1%) |
| CFO/TA 0.68 > 3% & CFO 327.6m > Net Income 87.7m |
| Net Debt (7.19m) to EBITDA (186.6m): 0.04 < 3 |
| Current Ratio: 0.92 > 1.5 & < 3 |
| Outstanding Shares: last quarter (268.5m) vs 12m ago 0.00% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 58.92% > 50% (prev 57.10%; Δ 1.82% > 0%) |
| Interest Coverage Ratio: 23.01 > 6 (EBIT TTM 128.9m / Interest Expense TTM 5.60m) |
| A: -0.02 (Total Current Assets 110.2m - Total Current Liabilities 120.5m) / Total Assets 481.0m |
| B: 0.23 (Retained Earnings 110.9m / Total Assets 481.0m) |
| C: 0.27 (EBIT TTM 128.9m / Avg Total Assets 483.3m) |
| D: 0.80 (Book Value of Equity 213.8m / Total Liabilities 267.1m) |
| Altman-Z'' = 3.25 = A |
| DSRI: 0.97 (Receivables 85.0m/85.5m, Revenue 284.8m/277.4m) |
| GMI: 1.00 (GM 99.53% / 99.53%) |
| AQI: 1.20 (AQ_t 0.07 / AQ_t-1 0.06) |
| SGI: 1.03 (Revenue 284.8m / 277.4m) |
| TATA: -0.50 (NI 87.7m - CFO 327.6m) / TA 481.0m) |
| Beneish M = -2.97 (Cap -4..+1) = A |
As of July 09, 2026, the stock is trading at EUR 4.60 with a total of 718,544 shares traded. Over the past week, the price has changed by -4.27%, over one month by -16.91%, over three months by -20.61% and over the past year by -18.34%.
Current recommended Stop Loss: 4.40 (which is 4.3% or 1.5 ATR below the current price).
Rai Way has no consensus analysts rating.
P/E Trailing = 14.5455
P/E Forward = 18.9394
P/S = 4.5031
P/B = 6.3533
Revenue TTM = 284.8m EUR
EBIT TTM = 128.9m EUR
EBITDA TTM = 186.6m EUR
Long Term Debt = 17.4m EUR (from longTermDebtTotal, last fiscal year)
Short Term Debt = 118.7m EUR (from shortLongTermDebt, last fiscal year)
Debt = 27.8m EUR (Leases only: 27.8m)
Net Debt = 7.19m EUR (calculated: Debt 27.8m - CCE 20.6m)
Enterprise Value = 1.30b EUR (1.29b + Debt 27.8m - CCE 20.6m)
Interest Coverage Ratio = 23.01 (Ebit TTM 128.9m / Interest Expense TTM 5.60m)
EV/FCF = 12.75x (Enterprise Value 1.30b / FCF TTM 101.6m)
FCF Yield = 7.84% (FCF TTM 101.6m / Enterprise Value 1.30b)
FCF Margin = 35.68% (FCF TTM 101.6m / Revenue TTM 284.8m)
Net Margin = 30.78% (Net Income TTM 87.7m / Revenue TTM 284.8m)
Gross Margin = unknown ((Revenue TTM 284.8m - Cost of Revenue TTM 1.34m) / Revenue TTM)
Tobins Q-Ratio = 2.69 (Enterprise Value 1.30b / Total Assets 481.0m)
Interest Expense / Debt = 20.15% (Interest Expense 5.60m / Debt 27.8m)
Taxrate = 28.68% (35.3m / 122.9m)
NOPAT = 91.9m (EBIT 128.9m * (1 - 28.68%))
Current Ratio = 0.92 (Total Current Assets 110.2m / Total Current Liabilities 120.5m)
Debt / Equity = 0.13 (Debt 27.8m / totalStockholderEquity, last quarter 213.8m)
Debt / EBITDA = 0.04 (Net Debt 7.19m / EBITDA 186.6m)
Debt / FCF = 0.07 (Net Debt 7.19m / FCF TTM 101.6m)
Total Stockholder Equity = 182.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 18.14% (Net Income 87.7m / Total Assets 481.0m)
RoE = 48.04% (Net Income TTM 87.7m / Total Stockholder Equity 182.5m)
RoCE = 64.50% (EBIT 128.9m / Capital Employed (Equity 182.5m + L.T.Debt 17.4m))
RoIC = 26.55% (NOPAT 91.9m / Invested Capital 346.3m)
WACC = 6.22% (E(1.29b)/V(1.32b) * Re(6.04%) + D(27.8m)/V(1.32b) * Rd(20.15%) * (1-Tc(0.29)))
Discount Rate = 6.04% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 0.0 | Cagr: 0.0%
[DCF] Terminal Value 77.97% ; FCFF base≈95.1m ; Y1≈109.0m ; Y5≈160.4m
[DCF] Fair Price = 8.96 (EV 2.41b - Net Debt 7.19m = Equity 2.41b / Shares 268.5m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 76.67 | EPS CAGR: 5.51% | SUE: N/A | # QB: 0
Revenue Correlation: 94.38 | Revenue CAGR: 2.53% | SUE: 0.18 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.00 | Chg30d=N/A | Revisions=N/A | Analysts=0
EPS current Year (2026-12-31): EPS=0.33 | Chg30d=+0.74% | Revisions=+25% | GrowthEPS=-2.7% | GrowthRev=+2.7%
EPS next Year (2027-12-31): EPS=0.34 | Chg30d=+1.06% | Revisions=+25% | GrowthEPS=+4.7% | GrowthRev=+4.7%
[Analyst] Revisions Ratio: +40% (up=2, down=0)