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Italian broadcast-infrastructure company operating transmission towers and networks for RAI and other TV/radio/telecom operators.
Italian broadcast-infrastructure company operating transmission towers and networks for RAI and other TV/radio/telecom operators.
Earns most of its income from long-term service contracts with RAI, which pays for transmission and hosting of its TV and radio signals, so renewal terms with RAI matter more than market share. Tower space rented to mobile operators and other broadcasters adds a smaller, growing line. RAI is the controlling shareholder.
In one line: An Italian American Tower for broadcast/telecom towers.
Moat: narrow (installed base, regulatory licence, scale). Long-term contract with RAI and a national tower network create stable, infrastructure-like cash flows, but customer concentration in RAI.
Headquarters: Rome, Italy · Founded: 1999 · Employees: 602
Size Rai Way (RWAY.MI) is an Italy Communication Services company (Broadcasting) with a market value of $1.27B, the 75th largest of 123 Italy companies the cockpit tracks. Shares closed at €4.21 on 6 Nov 2026.
Performance Over six months the shares fell 27.9%, against -5.1% for the median peer and +3.1% for the Italy market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 2.7% over the last twelve months (peer median -1.5%); the operating margin is 43.9% (peer median 7.3%).
Valuation It trades at 12.9× forward earnings against a peer median of 14.2× (7th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 22.6 points above its cost of capital (6.1% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €286M | €281M | €274M | €270M | €244M |
| Revenue growth | — | +2% | +2% | +11% | — |
| Gross profit | €129M | €160M | €165M | €157M | €141M |
| EBITDA | €186M | €184M | €180M | €171M | €148M |
| Net income | €85.5M | €88.6M | €89.9M | €86.7M | €73.7M |
| Free cash flow | €123M | €106M | €85.7M | €97.0M | €67.0M |
| Capital expenditure | €48.0M | €51.4M | €50.1M | €57.4M | €75.6M |
| Total debt | €183M | €146M | €141M | €139M | €142M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Rai Way RWAY.MI | $1.27B | -28% | +3% | 44% | 12.9× | -10.3% |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
| Cellnex Telecom CLNX.MC | $19.6B | -7% | 0% | 13% | n/a | 29.7% |
| Infrastrutture Wireless Italiane INW.MI | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RWAY.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.4% | +4.3% | 7th lowest of 21 |
| 6-month return | -27.9% | -5.1% | 3rd lowest of 21 |
| Distance from 52-week high | -32.7% | -33.0% | 11th highest of 21 |
| Revenue growth (TTM) | +2.7% | -1.5% | 8th highest of 21 |
| Operating margin | 43.9% | 7.3% | highest of 21 |
| Forward P/E | 12.9× | 14.2× | 7th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -10.3% | 4.2% | 2nd least demanding of 17 |
| Growth delivered (Del g) | +4.8% | +2.1% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | -15.1 pp | +2.0 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | +22.6 pp | -1.4 pp | 2nd highest of 20 |
| EV / EBITDA | 7.0× | 8.1× | 7th cheapest of 16 |
| Net debt / EBITDA | 0.9× | 0.3× | 9th most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rai Way RWAY.MI | Italy | $1.27B | -28% | +3% | 44% | 12.9× | -10.3% | +4.8% |
| Atresmedia Corporacion de Medios de Comunicacion A3M.MC | Spain | $1.52B | +16% | +1% | 8% | 14.1× | 6.9% | +2.3% |
| Television Francaise 1 TFI.PA | France | $1.53B | -6% | -3% | 8% | 14.7× | -7.5% | +2.0% |
| Hebei Broadcasting Wireless Media 301551.SZ | China | $1.58B | -4% | -1% | 35% | n/a | 20.7% | -0.8% |
| Metropole Television MMT.PA | France | $1.60B | -4% | -2% | 11% | 12.5× | -0.9% | -0.3% |
| Sinclair SBGI | United States | $989M | -4% | -6% | 6% | 230.3× | 10.9% | -11.8% |
| Newsmax NMAX | United States | $948M | +16% | +11% | -7% | n/a | n/a | n/a |
| Nine Entertainment NEC.AX | Australia | $895M | -15% | -18% | 9% | 8.2× | 7.4% | -1.3% |
| MFE-MediaForEurope MFEA.MI | Italy | $1.83B | -26% | +90% | 3% | 5.0× | 0.6% | +8.9% |
| Entravision Communications EVC | United States | $830M | +26% | +71% | 8% | n/a | 13.5% | +5.4% |
| TV Asahi 9409.T | Japan | $2.15B | +3% | +4% | 7% | 14.5× | -0.9% | +5.1% |
| CJ ENM 035760.KS | South Korea | $706M | -15% | -3% | 2% | 30.0× | -5.1% | +8.7% |
| Zee Entertainment Enterprises ZEEL.NS | India | $651M | -32% | +6% | -1% | 14.3× | 1.8% | +0.9% |
| Sun TV Network SUNTV.NS | India | $2.48B | +4% | -5% | 38% | 14.2× | 9.5% | +6.4% |
| TV Tokyo 9413.T | Japan | $582M | -15% | +2% | 6% | 12.7× | -18.7% | +3.5% |
| Gray Media GTN | United States | $520M | +11% | -11% | 14% | 2.7× | 2.2% | +5.4% |
| SKY Perfect JSAT 9412.T | Japan | $3.13B | -50% | +8% | 30% | 17.2× | 6.2% | -1.8% |
| NRJ NRG.PA | France | $509M | -18% | -12% | 8% | 16.0× | n/a | n/a |
| Fuji Media 4676.T | Japan | $3.62B | +2% | +9% | 3% | 12.1× | n/a | n/a |
| Network18 Media & Invest NETWORK18.NS | India | $438M | -23% | -23% | -3% | n/a | n/a | n/a |
| Shaanxi Broadcast & TV Network Intermediary (Group) 600831.SS | China | $351M | -15% | -26% | -141% | n/a | 12.3% | -16.8% |