Rai Way

Rai Way looks interesting because the market seems unimpressed. At around €4.43, the shares are roughly 23% below the €5.74 level seen in March, yet the business continues generating cash. 2025 numbers were solid: core revenue reached €282.8 million, adjusted EBITDA €191.8 million, and recurring free cash flow about €118 million. In the first half of 2026, revenue rose 2.5% to €143.9 million and adjusted EBITDA reached €96.8 million. Net income fell 6.7%, mainly because higher investment increased depreciation. Valuation becomes more interesting when the dividend is considered. Rai Way paid €0.33 per share for 2025, implying a yield of about 7.4% at €4.43. Dividends have remained resilient over years, despite earnings fluctuations. So why is the stock weak? Investors may be discounting slower profit growth, higher net debt after the dividend payment, rising depreciation, energy-cost uncertainty, and disappointment around broadcasting-sector consolidation. The company is also investing in diversification, including data centers, which could create growth but requires patience and capital. A recovery is plausible if cash generation remains strong and new projects deliver. The counterargument is that the market may demand earnings growth before rerating the shares. This review is for informational and educational purposes only, not financial advice.