BREAKING NEWS 09.09.2024

In a press release dated September 6th, 2024, Reway Group SpA – a leading Italian company in the rehabilitation of road and highway infrastructure – announced that its subsidiary Gema, a leading operator in the maintenance of railway infrastructure and civil works, has been awarded new works for a total value of approximately € 42.00 mln. The contract, awarded by RFI – Rete Ferroviaria Italiana to a Temporary Grouping of Companies (Raggruppamento Temporaneo di Imprese  – RTI) of which Gema is a member with a 32.0% share, concerns the construction of the new interchange stop in the Pigneto district of Rome. The project has a total value of € 131.00 mln. The work will be carried out in two phases: the first, to be completed by 2026, includes the stop on the FL1/FL3 and the partial covering of the vallo. The second phase, due to be completed by 2029, will include the completion of the covering of the rampart, the opening of a new pedestrian plaza, and the construction of an underpass connecting with the Metro C.  This project consolidates Gema’s presence in the railway sector, bringing its backlog to €955.30 mln, gross of the share produced so far in the third quarter of 2024. Taking into account the release, while waiting to meet with management and evaluate the half-year results, we confirm our estimates: target price € 8.30 BUY rating and risk Medium.

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