Want to see IT:RWAY full AI Analyst Report?
Top Page
Rai Way S.p.A.
(RWAY)
Select Model
Select Model
Rating:73Outperform
Price Target:
€5.00
▼(-15.40% Downside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by strong financial performance (high profitability, strong TTM growth, and healthy free cash flow), partially offset by only neutral-to-weak technical signals (negative MACD and price below key short-term averages). Valuation is supportive due to the high dividend yield, with a moderate P/E keeping the overall rating in the low-to-mid 70s.
Positive Factors
High Profitability
Sustained high EBIT and net margins reflect durable operating leverage from infrastructure scale and low incremental costs. For an asset-heavy broadcaster network, these margins support ongoing investment, dividend capacity and resilience to moderate demand swings over months.
Negative Factors
Customer Concentration
Heavy reliance on a single major customer concentrates revenue and bargaining risk: if contract terms change, budget pressures arise, or strategic priorities shift at Rai, a material portion of revenue and site utilization could be impacted despite long-term contracts.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high EBIT and net margins reflect durable operating leverage from infrastructure scale and low incremental costs. For an asset-heavy broadcaster network, these margins support ongoing investment, dividend capacity and resilience to moderate demand swings over months.
Read all positive factors
Rai Way S.p.A. (RWAY) vs. iShares MSCI Italy ETF (EWI)
Market Cap
€1.25B
Dividend Yield6.03%
Average Volume (3M)247.20K
Price to Earnings (P/E)14.4
Beta (1Y)0.24
Revenue Growth2.69%
EPS Growth-1.15%
CountryIT
Employees602
SectorIndustrials
Sector Strength72
IndustryBroadcasting
Share Statistics
EPS (TTM)0.32
Shares Outstanding272,000,000
10 Day Avg. Volume198,539
30 Day Avg. Volume247,199
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)7.92
Price to Sales (P/S)5.38
P/FCF Ratio14.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€6.70Price Target Upside13.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.33
Revenue Forecast (FY)€290.49M
Rai Way S.p.A. Business Overview & Revenue Model
Company Description
Rai Way S.p.A. is an Italian enterprise dedicated to the ownership and administration of television and radio transmission and broadcasting infrastructure nationwide. It facilitates the delivery of TV and radio signals utilizing its extensive netw...
How the Company Makes Money
Rai Way makes money primarily by providing access to, and operating, its transmission and infrastructure assets for the distribution of TV and radio signals. Its core revenue stream is fees charged for broadcasting and transmission services delive...
Rai Way S.p.A. Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
76
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 286.54M | 282.80M | 276.10M | 271.94M | 245.45M | 229.94M |
| Gross Profit | 201.49M | 160.35M | 135.20M | 158.90M | 194.98M | 190.22M |
| EBITDA | 186.72M | 183.56M | 183.10M | 173.77M | 150.65M | 142.18M |
| Net Income | 87.68M | 88.60M | 89.90M | 86.72M | 73.69M | 65.38M |
Balance Sheet | ||||||
| Total Assets | 481.00M | 464.80M | 462.00M | 470.28M | 442.60M | 388.05M |
| Cash, Cash Equivalents and Short-Term Investments | 20.70M | 9.30M | 13.50M | 34.12M | 35.18M | 17.24M |
| Total Debt | 134.20M | 145.80M | 157.25M | 139.23M | 141.51M | 105.63M |
| Total Liabilities | 267.20M | 272.80M | 269.60M | 281.58M | 266.44M | 222.13M |
| Stockholders Equity | 213.80M | 192.00M | 192.50M | 188.69M | 176.16M | 165.92M |
Cash Flow | ||||||
| Free Cash Flow | 112.70M | 106.60M | 85.70M | 89.55M | 61.40M | 33.40M |
| Operating Cash Flow | 150.73M | 141.80M | 132.28M | 146.95M | 136.99M | 117.36M |
| Investing Cash Flow | -49.82M | -50.00M | -50.10M | -57.36M | -75.38M | -84.26M |
| Financing Cash Flow | -107.70M | -96.10M | -102.80M | -90.66M | -43.67M | -19.90M |
Rai Way S.p.A. Technical Analysis
Negative
5.91
Price Trends
5.37
Negative
5.53
Negative
5.46
Negative
Market Momentum
-0.23
Positive
22.29
Positive
9.31
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IT:RWAY, the sentiment is Negative. The current price of 5.91 is above the 20-day moving average (MA) of 5.05, above the 50-day MA of 5.37, and above the 200-day MA of 5.46, indicating a bearish trend. The MACD of -0.23 indicates Positive momentum. The RSI at 22.29 is Positive, neither overbought nor oversold. The STOCH value of 9.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IT:RWAY.
Rai Way S.p.A. Peers Comparison
UnderperformOutperform
Sector (63)
IT:RWAY
Rai Way S.p.A.
4.67
-1.01
-17.83%
IT:INW
Inwit
6.60
-2.65
-28.63%
IT:TIT
Telecom Italia SPA
8.02
3.99
98.86%
Rai Way S.p.A. Corporate Events
Rai Way Drops EI Towers Tie-Up and Doubles Down on 2024–2027 Plan
Jul 2, 2026
Rai Way’s board has acknowledged RAI’s announcement that the memorandum of understanding with F2i and MFE on a potential aggregation between Rai Way and EI Towers has expired without a shared basis for further negotiations. As a result...
Rai Way Publishes Minutes of 28 April 2026 Shareholders’ Meeting
May 27, 2026
Rai Way S.p.A. has announced that the minutes of its Ordinary Shareholders’ Meeting held on 28 April 2026 are now publicly available at its registered office in Rome and on its corporate website, as well as through the authorized storage mec...
Rai Way Starts 2026 with Revenue Growth, Lower Debt and Steady Guidance
May 13, 2026
Rai Way posted a solid start to 2026, with core revenues rising 2.6% to €71.9 million and adjusted EBITDA up 1.0% to €47.3 million, driven by growth in media distribution and digital infrastructure services. Net profit slipped 4.3% to ...
Rai Way Confirms CEO Cecatto and Renews Key Governance Roles
Apr 29, 2026
Rai Way’s board of directors has confirmed General Manager Roberto Cecatto as Chief Executive Officer, consolidating leadership at the Italian digital infrastructure operator that manages RAI’s broadcasting network. The board also veri...
Rai Way Approves 2025 Accounts and Sets €0.33 Dividend for May 2026
Apr 28, 2026
Rai Way S.p.A. said its shareholders approved the 2025 financial statements and authorized a gross dividend of €0.33 per outstanding ordinary share, which will be paid from 20 May 2026, with a record date set for 19 May and coupon detachment...
Rai Way Approves 2025 Results, Dividend and New Board Led by Enrico Mordillo
Apr 28, 2026
Rai Way’s shareholders approved the 2025 separate financial statements, reporting a net profit of about €88.6 million, and resolved to distribute a gross dividend of €0.33 per share, with the remainder allocated to retained earni...
Rai Way Publishes Majority Shareholder Proposals Ahead of 2026 Shareholders’ Meeting
Apr 15, 2026
Rai Way S.p.A., the Italian broadcast and digital infrastructure operator that manages RAI’s radio and television transmission networks, has disclosed that its majority shareholder RAI – Radiotelevisione Italiana S.p.A. has filed propo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.