Redelfi S.p.A.
On 6 June 2022, Redelfi S.p.A. announces that it has received today from Borsa Italiana the order for the admission of the Company’s Ordinary Shares and Warrants on “Euronext Growth Milan”, a multilateral negotiations system organized and managed by Borsa Italiana. Negotiations began on 08 June 2022.
The total equivalent of the resources collected through the placement is equal to Euro 3,450,000.
The enterprise Redelfi S.p.A. leads the Group active in the field of digital and green transition through three Business Units operating in the Green, MarTech, and GreenTech sectors. Each Business Unit adopts a highly innovative approach in the definition of products, services, and processes with a high focus on compliance with ESG principles in business management.
Ultima Ricerca Redelfi S.p.A.
UPDATE| In the first half of 2025, the consolidated value of production rose to €15.94 million (+53.8%), driven by the Green division (€15.06 million, 94.5% of the total), while the Innovation Technology division contributed €0.72 million. The growth reflects the Group’s focus on the BESS business and the spin-off of non-core activities (Enginius Srl and RT&L). The development pipeline is also expanding significantly: “Bright Storage” (3.3 GW) is in an advanced authorization stage with €21.50 million in work progress, while “Redelfi 1” (1 GW) and “Redelfi 2” (2 GW) are progressing with mature projects and new development agreements. In 1H25A, EBITDA for the period almost doubled to €10.43 million from €5.71 million, marking an 82.8% increase, while the EBITDA margin reached 66.0%. On the balance sheet side, NFP stood at €15.88 million of debt, improving from €19.46 million of debt as of December 31, 2024. In light of the results published in the 1H25A half-year report, which outperform the guidelines set out in the Company’s Business Plan presented to the financial community, we have slightly revised our estimates for the coming years, bringing forward the expected timing for the recognition of recurring revenues from the development of the BESS pipelines. Specifically, we expect a 2025 value of production of €27.00 million and EBITDA of €15.90 million, corresponding to a margin of 59.8%. For the following years, we expect the value of production to grow to €45.50 million in FY27E (CAGR 2024–2027: 31.9%) and EBITDA to reach €31.30 million, corresponding to a margin of 69.6%. We conducted the valuation of Redelfi’s equity value using both the DCF method and the multiples of a sample of comparable companies. The DCF (which, in the WACC calculation, prudently includes a specific risk of 2.5%) yields an equity value of €174.4 million. The equity value of Redelfi based on market multiples amounts to €158.0 million. This results in an average equity value of approximately €166.2 million. The target price is €13.85, with a BUY rating and MEDIUM risk. |
