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Rai Way

RWY.MI Small Cap

Industrials · Infrastructure Operations

Updated: May 22, 2026, 22:06 UTC

€10.00
-0.99% today
52W: €7.22 – €12.30
52W Low: €7.22 Position: 54.7% 52W High: €12.30

Key Metrics

P/E Ratio
18.52x
Price-to-Earnings
Forward P/E
11.15x
Forward Price/Earnings
P/S Ratio
1.57x
Price-to-Sales
EV/EBITDA
—
Enterprise Value/EBITDA
Div. Yield
—
Annual dividend yield
Market Cap
$388M
Market Capitalization
Revenue Growth
8.9%
YoY Revenue Growth
Profit Margin
8.43%
Net profit margin
ROE
21.51%
Return on Equity
Beta
0.35
Market sensitivity
Short Interest
—
% of float sold short
Avg. Volume
11,950
Average daily volume

Valuation Analysis

Signal
Fair
vs. S&P 500 avg P/E (24.7x)
Analyst Consensus
None
3 analysts
Avg. Price Target
€11.57
+15.67% upside
Target Range
€10.35 – €12.85

About the Company

Reway Group S.p.A., through its subsidiaries, engages in the road and motorway infrastructure rehabilitation activities in Italy. The company is involved in the rehabilitation of bridges, viaducts, and road and motorway tunnels; tunnel finishing work; installation of sound-absorbing and safety barriers in road and motorway environments; seismic retrofitting of bridges and viaducts; and restoration of bridges, viaducts, tunnels and civil engineering works. It also offers structural repairs for viaducts; viaduct lifting; acoustic and safety barriers; and civil works for tunnels used in railway operations, as well as maintains tunnels. The company was founded in 1994 and is based in Licciana Nardi, Italy.

Sector: Industrials Industry: Infrastructure Operations Country: Italy Exchange: MIL

Rai Way Stock at a Glance

Rai Way (RWY.MI) is currently trading at €10.00 with a market capitalization of $388M. The trailing P/E ratio stands at 18.52x, with a forward P/E of 11.15x. The 52-week range spans from €7.22 to €12.30; the current price is 18.7% below the yearly high. Year-over-year revenue growth stands at +8.9%. The net profit margin stands at 8.43%.

💰 Dividend

Rai Way currently does not pay a dividend. The company typically reinvests its earnings into growth initiatives and product development.

📊 Analyst Rating

3 analysts rate Rai Way (RWY.MI) on consensus: None. The average price target is €11.57, implying +15.67% from the current price. Analyst price targets range from €10.35 to €12.85.

Investment Thesis: Strengths & Weaknesses

Strengths
  • High return on equity (21.51% ROE)
Weaknesses
  • –Negative free cash flow

Technical Snapshot

50-Day MA
€10.50
-4.76% vs. price
200-Day MA
€10.34
-3.29% vs. price
Below 52W High
−18.7%
€12.30
Above 52W Low
+38.5%
€7.22

The price is in a transition zone relative to the moving averages — no clear signal.

Risk Profile

Market Risk (Beta)
0.35 · Defensive
Moves less than the overall market
Debt-to-Equity
76.39 · Moderate
Total debt / equity

The data points to relatively defensive market behavior.

Trading Data

50-Day MA: €10.50
200-Day MA: €10.34
Volume: 30,500
Avg. Volume: 11,950
Short Ratio: —
P/B Ratio: 3.84x
Debt/Equity: 76.39x
Free Cash Flow: $-839,612

Reway Group (RWY.MI) 2026: 10,80 EUR Italian Road-and-Motorway Infrastructure Rehabilitation Specialist with Italy-PNRR-Funded Backlog Tailwind

The Real Story

Reway Group S.p.A. (Milan: RWY) is an Italian-listed company engaging in road-and-motorway-infrastructure-rehabilitation. Services: rehabilitation of bridges, viaducts, road-and-motorway-pavement. Beneficiary of Italy PNRR (post-COVID recovery plan) and broader-European-infrastructure-investment program.

What Smart Money Thinks

Reway has Italian-institutional base. Founder-family-affiliated holdings approximately 50 percent. Short-interest sits at approximately 2 percent of float as of May 2026.

Explore the BMI Smart-Money Tracker →

📈 The 3 Real Bull Points

#1 Italy PNRR-funded infrastructure backlog supports multi-year revenue compounding

PNRR 200+ billion EUR Italy recovery plan plus EU Green Deal supports infrastructure-rehabilitation backlog through 2028.

#2 Specialized rehabilitation positioning provides structural moat versus general construction

Specialized bridge-viaduct-rehabilitation positioning provides structural-differentiation versus general-civil-construction.

#3 Italian-and-European bridge-collapse-risk-reduction creates continued demand

Italian Morandi-bridge-collapse (2018) plus broader-European-bridge-aging supports continued rehabilitation demand.

📉 The 3 Real Bear Points

#1 Italian-government PNRR execution risk plus political uncertainty

Italian PNRR funding-execution risk compresses backlog conversion.

#2 Project execution risk and labor-cost-inflation compress margins

Italian construction-cycle margin pressure.

#3 Forward-P/E 12x is fair-value with limited multiple expansion

Multi-year project visibility justifies but limits.

Valuation in Context

Reway Group at 10,80 EUR per share with approximately 38,8 million shares outstanding has a market capitalization of approximately 419 million EUR. Forward-P/E 12,1x.

Re-rating to 13-17x on fiscal-2027 EPS approximately 1,10 EUR supports 14-19 EUR — 30-76 percent upside. Bear-case 7-8 EUR. Bull-case 22-27 EUR.

🗓️ Next 3 Catalyst Dates

  1. 2026 Q3:

    H1 2026 earnings. Watch-items: PNRR backlog conversion.

  2. 2027 Q1:

    Fiscal-2026 full-year results.

  3. 2027 H2:

    Continued PNRR project milestones.

💬 Daniel's Take

Reway Group is a specialized Italian road-and-motorway rehabilitation specialist with PNRR-funded backlog tailwind. Position-sizing: 0,3–0,8 percent.

Sources (3)

Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.

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