RAI WAY SPA (RWAY.MI) Fundamental Analysis & Valuation

BIT:RWAY • IT0005054967

6.05 EUR
+0.02 (+0.33%)
Last: Mar 10, 2026, 09:51 AM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This RWAY.MI fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

Overall RWAY gets a fundamental rating of 6 out of 10. We evaluated RWAY against 33 industry peers in the Diversified Telecommunication Services industry. RWAY gets an excellent profitability rating and is at the same time showing great financial health properties. RWAY is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

10

1. RWAY.MI Profitability Analysis

1.1 Basic Checks

  • RWAY had positive earnings in the past year.
  • In the past year RWAY had a positive cash flow from operations.
  • Each year in the past 5 years RWAY has been profitable.
  • In the past 5 years RWAY always reported a positive cash flow from operatings.
RWAY.MI Yearly Net Income VS EBIT VS OCF VS FCFRWAY.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 19.67%, RWAY belongs to the top of the industry, outperforming 96.97% of the companies in the same industry.
  • The Return On Equity of RWAY (59.91%) is better than 100.00% of its industry peers.
  • The Return On Invested Capital of RWAY (31.28%) is better than 100.00% of its industry peers.
  • RWAY had an Average Return On Invested Capital over the past 3 years of 29.45%. This is significantly above the industry average of 7.98%.
  • The last Return On Invested Capital (31.28%) for RWAY is above the 3 year average (29.45%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 19.67%
ROE 59.91%
ROIC 31.28%
ROA(3y)18.18%
ROA(5y)18.2%
ROE(3y)44.84%
ROE(5y)42.55%
ROIC(3y)29.45%
ROIC(5y)27.7%
RWAY.MI Yearly ROA, ROE, ROICRWAY.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40

1.3 Margins

  • RWAY's Profit Margin of 32.27% is amongst the best of the industry. RWAY outperforms 96.97% of its industry peers.
  • In the last couple of years the Profit Margin of RWAY has grown nicely.
  • With an excellent Operating Margin value of 47.69%, RWAY belongs to the best of the industry, outperforming 96.97% of the companies in the same industry.
  • In the last couple of years the Operating Margin of RWAY has grown nicely.
  • The Gross Margin of RWAY (99.52%) is better than 100.00% of its industry peers.
  • In the last couple of years the Gross Margin of RWAY has grown nicely.
Industry RankSector Rank
OM 47.69%
PM (TTM) 32.27%
GM 99.52%
OM growth 3Y6.59%
OM growth 5Y3.51%
PM growth 3Y4.63%
PM growth 5Y2.62%
GM growth 3Y0.06%
GM growth 5Y3.33%
RWAY.MI Yearly Profit, Operating, Gross MarginsRWAY.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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7

2. RWAY.MI Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), RWAY is creating value.
  • RWAY has about the same amout of shares outstanding than it did 1 year ago.
  • The number of shares outstanding for RWAY has been reduced compared to 5 years ago.
  • RWAY has a worse debt/assets ratio than last year.
RWAY.MI Yearly Shares OutstandingRWAY.MI Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M 250M
RWAY.MI Yearly Total Debt VS Total AssetsRWAY.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

  • RWAY has an Altman-Z score of 4.91. This indicates that RWAY is financially healthy and has little risk of bankruptcy at the moment.
  • The Altman-Z score of RWAY (4.91) is better than 93.94% of its industry peers.
  • RWAY has a debt to FCF ratio of 2.41. This is a good value and a sign of high solvency as RWAY would need 2.41 years to pay back of all of its debts.
  • The Debt to FCF ratio of RWAY (2.41) is better than 100.00% of its industry peers.
  • A Debt/Equity ratio of 0.84 indicates that RWAY is somewhat dependend on debt financing.
  • RWAY has a better Debt to Equity ratio (0.84) than 75.76% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF 2.41
Altman-Z 4.91
ROIC/WACC4.07
WACC7.68%
RWAY.MI Yearly LT Debt VS Equity VS FCFRWAY.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M

2.3 Liquidity

  • A Current Ratio of 0.58 indicates that RWAY may have some problems paying its short term obligations.
  • The Current ratio of RWAY (0.58) is worse than 81.82% of its industry peers.
  • A Quick Ratio of 0.58 indicates that RWAY may have some problems paying its short term obligations.
  • RWAY's Quick ratio of 0.58 is on the low side compared to the rest of the industry. RWAY is outperformed by 78.79% of its industry peers.
  • RWAY does not score too well on the current and quick ratio evaluation. However, as it has excellent solvency and profitability, these ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 0.58
Quick Ratio 0.58
RWAY.MI Yearly Current Assets VS Current LiabilitesRWAY.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M

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3

3. RWAY.MI Growth Analysis

3.1 Past

  • RWAY shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 1.03%.
  • The Earnings Per Share has been growing slightly by 7.53% on average over the past years.
  • Looking at the last year, RWAY shows a small growth in Revenue. The Revenue has grown by 1.95% in the last year.
  • The Revenue has been growing slightly by 4.52% on average over the past years.
EPS 1Y (TTM)1.03%
EPS 3Y11.19%
EPS 5Y7.53%
EPS Q2Q%5.75%
Revenue 1Y (TTM)1.95%
Revenue growth 3Y6.29%
Revenue growth 5Y4.52%
Sales Q2Q%2.38%

3.2 Future

  • The Earnings Per Share is expected to grow by 1.24% on average over the next years.
  • The Revenue is expected to grow by 0.13% on average over the next years.
EPS Next Y0.66%
EPS Next 2Y-0.45%
EPS Next 3Y1.24%
EPS Next 5YN/A
Revenue Next Year2.59%
Revenue Next 2Y3.29%
Revenue Next 3Y3.77%
Revenue Next 5Y0.13%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
RWAY.MI Yearly Revenue VS EstimatesRWAY.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 100M 200M 300M
RWAY.MI Yearly EPS VS EstimatesRWAY.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 0.1 0.2 0.3

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3

4. RWAY.MI Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 17.79, RWAY is valued on the expensive side.
  • Compared to the rest of the industry, the Price/Earnings ratio of RWAY indicates a somewhat cheap valuation: RWAY is cheaper than 63.64% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of RWAY to the average of the S&P500 Index (26.46), we can say RWAY is valued slightly cheaper.
  • Based on the Price/Forward Earnings ratio of 18.04, the valuation of RWAY can be described as rather expensive.
  • RWAY's Price/Forward Earnings is on the same level as the industry average.
  • RWAY's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 24.65.
Industry RankSector Rank
PE 17.79
Fwd PE 18.04
RWAY.MI Price Earnings VS Forward Price EarningsRWAY.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of RWAY indicates a slightly more expensive valuation: RWAY is more expensive than 69.70% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, RWAY is valued a bit more expensive than the industry average as 60.61% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 21.06
EV/EBITDA 9.76
RWAY.MI Per share dataRWAY.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0.2 0.4 0.6 0.8 1

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The excellent profitability rating of RWAY may justify a higher PE ratio.
PEG (NY)26.84
PEG (5Y)2.36
EPS Next 2Y-0.45%
EPS Next 3Y1.24%

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6

5. RWAY.MI Dividend Analysis

5.1 Amount

  • RWAY has a Yearly Dividend Yield of 5.56%, which is a nice return.
  • Compared to an average industry Dividend Yield of 2.91, RWAY pays a better dividend. On top of this RWAY pays more dividend than 81.82% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, RWAY pays a better dividend.
Industry RankSector Rank
Dividend Yield 5.56%

5.2 History

  • The dividend of RWAY is nicely growing with an annual growth rate of 7.98%!
Dividend Growth(5Y)7.98%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

  • 99.29% of the earnings are spent on dividend by RWAY. This is not a sustainable payout ratio.
  • The dividend of RWAY is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP99.29%
EPS Next 2Y-0.45%
EPS Next 3Y1.24%
RWAY.MI Yearly Income VS Free CF VS DividendRWAY.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
RWAY.MI Dividend Payout.RWAY.MI Dividend Payout, showing the Payout Ratio.RWAY.MI Dividend Payout.PayoutRetained Earnings

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RWAY.MI Fundamentals: All Metrics, Ratios and Statistics

RAI WAY SPA

BIT:RWAY (3/10/2026, 9:51:25 AM)

6.05

+0.02 (+0.33%)

Chartmill FA Rating
GICS IndustryGroupTelecommunication Services
GICS IndustryDiversified Telecommunication Services
Earnings (Last)11-13
Earnings (Next)03-23
Inst Owners18.19%
Inst Owner ChangeN/A
Ins OwnersN/A
Ins Owner ChangeN/A
Market Cap1.65B
Revenue(TTM)278.87M
Net Income(TTM)89.99M
Analysts86.15
Price Target7.07 (16.86%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.56%
Yearly Dividend0.32
Dividend Growth(5Y)7.98%
DP99.29%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)-2.58%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)1.16%
EPS NY rev (3m)2.19%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.06%
Valuation
Industry RankSector Rank
PE 17.79
Fwd PE 18.04
P/S 5.9
P/FCF 21.06
P/OCF 12.76
P/B 10.96
P/tB 13.24
EV/EBITDA 9.76
EPS(TTM)0.34
EY5.62%
EPS(NY)0.34
Fwd EY5.54%
FCF(TTM)0.29
FCFY4.75%
OCF(TTM)0.47
OCFY7.83%
SpS1.03
BVpS0.55
TBVpS0.46
PEG (NY)26.84
PEG (5Y)2.36
Graham Number2.06
Profitability
Industry RankSector Rank
ROA 19.67%
ROE 59.91%
ROCE 43.72%
ROIC 31.28%
ROICexc 32.4%
ROICexgc 35.53%
OM 47.69%
PM (TTM) 32.27%
GM 99.52%
FCFM 28.02%
ROA(3y)18.18%
ROA(5y)18.2%
ROE(3y)44.84%
ROE(5y)42.55%
ROIC(3y)29.45%
ROIC(5y)27.7%
ROICexc(3y)32.98%
ROICexc(5y)30.23%
ROICexgc(3y)36.29%
ROICexgc(5y)32.96%
ROCE(3y)41.16%
ROCE(5y)38.71%
ROICexgc growth 3Y6.89%
ROICexgc growth 5Y-0.52%
ROICexc growth 3Y6.17%
ROICexc growth 5Y-0.84%
OM growth 3Y6.59%
OM growth 5Y3.51%
PM growth 3Y4.63%
PM growth 5Y2.62%
GM growth 3Y0.06%
GM growth 5Y3.33%
F-Score4
Asset Turnover0.61
Health
Industry RankSector Rank
Debt/Equity 0.84
Debt/FCF 2.41
Debt/EBITDA 0.68
Cap/Depr 95.39%
Cap/Sales 18.21%
Interest Coverage 26.11
Cash Conversion 69.22%
Profit Quality 86.82%
Current Ratio 0.58
Quick Ratio 0.58
Altman-Z 4.91
F-Score4
WACC7.68%
ROIC/WACC4.07
Cap/Depr(3y)126.44%
Cap/Depr(5y)135.59%
Cap/Sales(3y)23.34%
Cap/Sales(5y)26.66%
Profit Quality(3y)92.68%
Profit Quality(5y)83.3%
High Growth Momentum
Growth
EPS 1Y (TTM)1.03%
EPS 3Y11.19%
EPS 5Y7.53%
EPS Q2Q%5.75%
EPS Next Y0.66%
EPS Next 2Y-0.45%
EPS Next 3Y1.24%
EPS Next 5YN/A
Revenue 1Y (TTM)1.95%
Revenue growth 3Y6.29%
Revenue growth 5Y4.52%
Sales Q2Q%2.38%
Revenue Next Year2.59%
Revenue Next 2Y3.29%
Revenue Next 3Y3.77%
Revenue Next 5Y0.13%
EBIT growth 1Y1.73%
EBIT growth 3Y13.29%
EBIT growth 5Y8.19%
EBIT Next Year42.17%
EBIT Next 3Y15.62%
EBIT Next 5Y5.49%
FCF growth 1Y12.3%
FCF growth 3Y35.02%
FCF growth 5Y1.74%
OCF growth 1Y-3.88%
OCF growth 3Y4.07%
OCF growth 5Y3.62%

RAI WAY SPA / RWAY.MI FAQ

What is the fundamental rating for RWAY stock?

ChartMill assigns a fundamental rating of 6 / 10 to RWAY.MI.


What is the valuation status for RWAY stock?

ChartMill assigns a valuation rating of 3 / 10 to RAI WAY SPA (RWAY.MI). This can be considered as Overvalued.


What is the profitability of RWAY stock?

RAI WAY SPA (RWAY.MI) has a profitability rating of 10 / 10.


What is the financial health of RAI WAY SPA (RWAY.MI) stock?

The financial health rating of RAI WAY SPA (RWAY.MI) is 7 / 10.


Can you provide the dividend sustainability for RWAY stock?

The dividend rating of RAI WAY SPA (RWAY.MI) is 6 / 10 and the dividend payout ratio is 99.29%.