Rai Way S.p.A. (RWAY.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

+54.1%

€6.47

vs €4.20 price

Levered DCF

€6.12

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.68

Safe zone

Rating

B+

Overall 3 / 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	16.94×	16.67×	15.97×	20.04×	21.75×	22.75×	26.65×	19.36×
P/B	7.92×	7.77×	7.27×	8.35×	8.56×	9.01×	9.05×	6.41×
P/S	5.38×	5.42×	5.04×	6×	6.17×	6.62×	7.53×	5.32×
EV / EBITDA	9×	8.96×	8.48×	10.46×	10.61×	11.37×	12.69×	9.78×
Gross margin	56.7%	49.0%	58.4%	79.4%	82.7%	81.9%	80.4%	76.4%
Operating margin	45.1%	47.8%	46.3%	42.3%	39.6%	39.8%	40.7%	38.5%
Net margin	31.3%	32.6%	31.9%	30.0%	28.4%	28.5%	28.6%	27.4%
Current ratio	0.38×	0.74×	0.81×	0.51×	0.89×	0.78×	1.1×	1.19×
Debt / equity	0.76×	0.82×	0.74×	0.8×	0.64×	0.31×	0.22×	0×
Interest coverage	22.36×	20×	23.62×	56.95×	84.2×	98.79×	91.74×	105.66×
Dividend yield	5.9%	5.8%	5.4%	4.4%	4.5%	4.3%	3.6%	4.8%
Payout ratio	101.2%	96.2%	85.1%	88.5%	97.9%	99.0%	94.3%	92.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	46.1%	46.7%	46.0%	41.8%	39.4%	38.8%	34.4%	33.0%
Return on invested capital	25.1%	25.0%	25.3%	21.6%	22.0%	26.4%	25.2%	28.4%
Return on assets	19.1%	19.5%	18.4%	16.6%	16.8%	19.6%	18.5%	20.3%
Free cash flow yield	7.0%	5.7%	6.5%	4.2%	2.4%	3.8%	4.6%	6.7%
Earnings yield	5.8%	6.0%	6.3%	5.0%	4.6%	4.3%	3.8%	5.2%
Enterprise value	€1.7B	€1.6B	€1.5B	€1.6B	€1.5B	€1.5B	€1.7B	€1.1B
Net debt / EBITDA	0.74×	0.79×	0.6×	0.7×	0.62×	0.35×	0.07×	-0.14×
Cash conversion cycle (days)	-54	-37	-106	-326	-468	-293	-311	-318