RCS MediaGroup S.p.A. (RCS.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+183.9%

€2.35

vs €0.83 price

Levered DCF

€1.70

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.56

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.95×	7.4×	6.74×	6.71×	5.53×	7.58×	6.73×	6.47×
P/B	1.07×	1.04×	0.92×	0.89×	1.24×	0.95×	1.87×	2.51×
P/S	0.62×	0.56×	0.46×	0.41×	0.54×	0.39×	0.57×	0.65×
EV / EBITDA	4.19×	3.99×	3.93×	4.51×	3.99×	5.86×	5.57×	5.57×
Gross margin	46.1%	39.9%	39.1%	40.3%	43.4%	34.8%	37.1%	41.7%
Operating margin	11.2%	6.7%	5.9%	4.2%	8.1%	3.6%	9.8%	12.3%
Net margin	7.0%	7.6%	6.9%	5.9%	8.6%	4.2%	7.4%	8.7%
Current ratio	0.98×	0.95×	0.85×	0.81×	0.9×	0.78×	0.7×	0.72×
Debt / equity	0.32×	0.42×	0.41×	0.51×	0.59×	0.87×	1.19×	0.79×
Interest coverage	7.39×	5.17×	3.97×	3.53×	6.52×	2.34×	5.81×	7.37×
Dividend yield	7.4%	7.9%	8.1%	8.9%	3.4%	5.3%	5.9%	0.0%
Payout ratio	65.7%	58.4%	54.4%	61.9%	21.4%	49.0%	45.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	14.0%	13.7%	12.8%	19.7%	10.2%	24.5%	33.6%
Return on invested capital	8.9%	5.6%	5.7%	4.6%	7.6%	3.8%	10.0%	18.2%
Return on assets	5.5%	5.8%	5.7%	4.8%	6.9%	3.2%	6.6%	9.7%
Free cash flow yield	13.0%	18.6%	15.9%	1.4%	23.7%	25.4%	20.8%	16.9%
Earnings yield	11.2%	13.5%	14.9%	14.4%	15.8%	10.7%	13.1%	13.4%
Enterprise value	€592.1M	€586.7M	€535.7M	€523.3M	€602.6M	€515.3M	€842.4M	€824.3M
Net debt / EBITDA	0.72×	0.87×	1.12×	1.52×	0.96×	2.51×	2.12×	1.27×
Cash conversion cycle (days)	-53	-46	-28	-30	-43	-14	-13	-27