olivLaw · European equity research
RCS MediaGroup S.p.A. RCS.MI
Italy · Euronext Milan · ISIN IT0004931496 · Vertical: Listed companies from Italy
RCS MediaGroup publishes Corriere della Sera and La Gazzetta dello Sport, plus activities in Spain through Unidad Editorial. In 2024 the group faced a shrinking print market but grew digital revenues and subscriptions, with net revenues of 458.2 million euro at parent-company level.
At the close of 05 Nov 2026, RCS MediaGroup S.p.A. (RCS.MI) stock was 0.84 EUR (+0.72% on the day), with beta 0.36, 52-week range 0.80–1.05 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.1
- neutral
- Bollinger (20, 2)
- 0.79 – 0.84
- in the upper half of the band · %B 0.92 · band width 6.2%
- SMA 50 / 200
- 0.87 / 0.93
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.3% | −0.6% | −0.6 pp | — |
| 3 months | −9.8% | −4.2% | −5.6 pp | — |
| 6 months | −13.5% | +4.3% | −17.8 pp | — |
| Year to date | −14.8% | +7.5% | −22.3 pp | — |
| 1 year | −19.6% | +9.9% | −29.6 pp | −6.1% |
| 3 years | +19.3% | +49.8% | −30.5 pp | +7.7% |
| 5 years | +14.8% | +42.8% | −28.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 845.0 m | 828.0 m | 819.2 m |
| Revenue YoY | unavailable | −2.0% | −1.1% |
| Net income | 50.1 m | 57.0 m | 62.0 m |
| Net income YoY | unavailable | +13.8% | +8.8% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 5.9% | 6.9% | 7.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 58.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 443.8 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.4%
- ROA
- 6.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 845.0 m | 828.0 m | 819.2 m | esef· 23 Apr 2025verified |
| Operating income | 66.6 m | 81.2 m | 92.6 m | esef· 23 Apr 2025verified |
| Interest expense | 10.7 m | 13.7 m | 11.6 m | esef· 23 Apr 2025verified |
| Pre-tax income | 55.1 m | 70.6 m | 83.2 m | esef· 23 Apr 2025verified |
| Income tax | 4.9 m | 13.6 m | 21.1 m | esef· 23 Apr 2025verified |
| Net income | 50.1 m | 57.0 m | 62.0 m | esef· 23 Apr 2025verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 23.5 m | 18.2 m | 58.1 m | esef· 23 Apr 2025verified |
| Inventories | 31.9 m | 19.0 m | 17.4 m | esef· 23 Apr 2025verified |
| Property, plant & equipment, net | 103.5 m | 98.3 m | 92.6 m | esef· 23 Apr 2025verified |
| Total assets | 1.0 bn | 1.0 bn | 1.1 bn | esef· 23 Apr 2025verified |
| Equity | 392.4 m | 417.3 m | 443.8 m | esef· 23 Apr 2025verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 12.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
13% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 7.6% | 56 (vs peers) | 50% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 8.0x | 100 (on a fixed band) | 50% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial56/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RIZZOLI CORRIERE DELLA SERA MEDIAGROUP SPA O IN FORMA ABBREVIATA RCS MEDIAGROUP SPA O RCS S.P.A. (RCS.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 819.2 m EUR in 2024; YoY growth -1.1%; net margin 7.6%; ROE 14.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 8.0x
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
| BC.MIBrunello Cucinelli S.p.a. | 6.2 m | 0.0 | 26.5% | 75,526.1% | 0.0% | −5% / +15% |
1- and 3-year price returns: for RCS.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
RCS MediaGroup publishes Corriere della Sera and La Gazzetta dello Sport, plus activities in Spain through Unidad Editorial. In 2024 the group faced a shrinking print market but grew digital revenues and subscriptions, with net revenues of 458.2 million euro at parent-company level 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Decline of print presshigh
Falling print sales could significantly reduce diffusion revenues 1.
- Advertising cyclehigh
Advertising, an important revenue source, is sensitive to the economic cycle 1.
- Paper cost and supplymedium
The concentrated paper market could bring price increases or supply difficulties 1.
- Impairment of intangible assetsmedium
Indefinite-life intangible assets are tested periodically; negative changes could lead to impairment 1.
- Defamation litigationlow
Publishers face civil and criminal defamation suits, though amounts are usually small 1.
Investment thesis
What would need to be true (bull case)
What to watch
- Development of digital subscriptions at Corriere della Sera and Gazzetta2027
- Trend of advertising revenues in Italy and Spain2027
- Evolution of print newspaper circulationnext 10-K
- Results of RCS Innovation and new digital products2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
RCS MediaGroup S.p.A. publishes Corriere della Sera and La Gazzetta dello Sport, leading Italian titles, along with weekly and monthly magazines such as Amica, Oggi and Abitare, plus supplements such as La Lettura. In radio and TV it operates the satellite channels Caccia and Pesca in Italy; it also has a book publisher and RCS Academy Business School 1. The parent company provides centralised IT, finance, procurement and legal services to the group's divisions 1.
Spanish activities are run by Unidad Editorial, which publishes El Mundo, Marca and Expansión and is active in digital, radio and events. The group also includes m-dis Distribuzione Media, Italy's main national press distributor, with the PrimaEdicola network 1. For 2024, Unidad Editorial's consolidated revenues were 217.7 million euro 1.
The group set up RCS Innovation S.r.l. in 2023 as a digital competence centre for research and development of new products 1. Strategy relies on a digital-first shift, with digital subscriptions growing at Corriere della Sera and La Gazzetta dello Sport 1.
Segments
Italian dailies
Covers Corriere della Sera and La Gazzetta dello Sport, plus Caccia and Pesca, Solferino and RCS Academy. The Corriere system includes local titles and corriere.it, while Gazzetta includes GazzaNet and Sportweek 1. Digital subscriptions grew, with 685 thousand subscriptions for Corriere della Sera 1.
Unidad Editorial (Spain)
Covers El Mundo, Marca and Expansión, with digital and radio presence (Radio Marca). Revenues for 2024 fell to 217.7 million euro, while digital subscriptions grew strongly 1.
Corporate and other activities
Includes press distribution through m-dis Distribuzione Media, whose revenues declined, and central group functions. Revenues fell to 80.9 million euro and EBITDA was negative but improving 1.
Market context
In Italy, total advertising market grew 3.9% in 2024, yet newspaper and magazine advertising contracted while online advertising grew 1. Advertising accounts for about 42% of group revenues, so it is exposed to the macroeconomic cycle 1.
In Spain, the advertising market grew 4.5%, but newspaper sales fell and general-interest circulation declined 8.4% in 2024 1. Print remains under pressure, and digital partly offsets the decline 1.
Trends
- Shift to digital and subscriptionstailwind
Digital subscriptions grow at Corriere della Sera and La Gazzetta dello Sport, which could offset falling print sales if the trend continues 1.
- Print declineheadwind
Print circulation and diffusion revenues decline because of the negative trend in the market, which could keep weighing on revenues 1.
- Paper costsmixed
Paper prices fell in 2024, reducing operating costs, but the paper market is highly concentrated and could generate price tensions 1.
- Audience fragmentation and AImixed
Consumers demand personalised content, and artificial intelligence creates both risks of content use by third parties and opportunities 1.
Competitive position
The group competes with traditional local and national publishers and with new global digital players, known as OTTs, that attract online advertising 1. Competition is felt most in digital and advertising 1.
In Spain and Italy the group seeks to keep its leading positions through editorial and marketing investment, but competition from digital platforms could shift audience preferences 1.
- Local and national Italian publishers
Traditional competitors in press and advertising, referred to in the context of editorial competition 1.
- Global digital platforms (OTTs)
Digital players competing for online advertising and audience attention, cited in the report 1.
- Other Spanish publishing groups
Competition in the Spanish press and digital advertising market, mentioned in the annual report 1.
- Paper suppliers
Highly concentrated market with risk of price tensions, relevant to cost competitiveness 1.
News & filings
In the press
- Corriere della Sera: Suspiciuni privind „umbre rusești” în spatele confruntărilor de pe străzile din Milano / Ministrul Apărării: „Este un război hibrid”G4Media · 22 Oct 2026 · RO
- Piero Cipollone: Interview with Corriere della SeraECB — Press Releases · 08 Oct 2026 · EN
- Corriere della Sera: Războiul de uzură îl împinge pe Putin spre o alegere riscantă: Mobilizare în masă în Rusia sau o nouă escaladare la Kaliningrad?G4Media · 26 Aug 2026 · RO
- Marile publicații europene, deschidere cu drona explodată în Galați / Incidentul grav din România e subiectul principal vineri dimineață în BBC, The Guardian, Le Figaro, Le Monde, Repubblica, La Stampa, Rai News, Corriere della Sera, ANSAG4Media · 29 May 2026 · RO
Annual reports (ESEF)
- Annual report 202423 Apr 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / RCS MediaGroup S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.