BREAKING NEWS – 15.02.2024

In the press release issued on February 9, 2024, Reway Group SpA – a leading Italian company for the repair of road and highway infrastructure, announced that it has been awarded a major contract through its subsidiary company Manutenzioni Generali Autostrade (MGA) Srl. The contract was obtained as part of a consortium led by Webuild Group and relates to the structural renovation of highway viaducts in central Italy: the works will be carried out for the seismic safety of four viaducts on the A25 Highway for a total amount of € 131.00 million, to be divided among the consortium members. MGA, a subsidiary of Reway Group, participates in the consortium at a 25.0 % share and will therefore be entitled to a fee of € 33.00 million, while lead partner Cossi Costruzioni (Webuild Group) and partner SPIC will have shares of 60.0 % and 15.0 %, respectively.  The intervention of the subsidiary takes the form of structural renovation of the piers, abutments and foundations of viaducts through the utilization of 80 employees and its own vehicle fleet in addition to all the technologically advanced equipment that distinguishes the Company.  The modernization works are part of the “Safe Roads” program and are funded through the resources of the PNC, a complementary investment plan to the National Recovery and Resilience Plan (PNRR). The new contract further consolidates the Group’s leardership position in Italy in the field of renovation of works of art in the highway and road sector. Considering the new contract, while waiting to evaluate the FY23E fiscal year results, we confirm our recommendation: target price is € 7.15, BUY rating and MEDIUM risk.

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