BREAKING NEWS 16.09.2024

In a press release dated September 12th, 2024, Reway Group SpA – Italy’s leading road, highway, and rail infrastructure rehabilitation company – announced that it has exceeded € 1,00 bln in its order backlog, including the portion generated through the third quarter of 2024. This result was achieved thanks to the award by the subsidiary MGA (Manutenzioni Generali Autostrade) of a tender called by ANAS, part of the FS Italiane Group, for a three-year Framework Agreement concerning the rehabilitation of tunnels in road sections in central and southern Italy. The contract, valued at approximately €54.00 million for MGA, was awarded to a temporary consortium (Associazione Temporanea di Imprese – ATI), led by Reway Group’s subsidiary, which holds a 72.0% share. Currently, Reway Group’s order book is divided into various sectors:  33.0% involves work in highway tunnels; 21.0% railways;  14.0% on highway viaducts; 13.0% on highway safety and noise barriers; 17.0% on other highway maintenance; 2.0% on civil engineering. Work on the contract awarded to MGA is planned to begin in the second quarter of 2025, with a total duration of four years. Specifically, MGA will be responsible for the structural rehabilitation of the tunnels, employing about 80 resources, including 74 skilled workers and 6 technicians, who will use the company’s fleet of state-of-the-art vehicles and equipment. This order further consolidates Reway Group’s leadership in the road and highway infrastructure rehabilitation sector in Italy, strengthening its position in Central Italy, where the Group is already present with two other wholly owned subsidiaries: TLS (Tecnologia Lavori Stradali), which specializes in the seismic upgrading of viaducts, bridges and tunnels, and Gema, one of the main operators active in the maintenance of infrastructure and civil works in the railway sector. This new success further strengthens Reway Group’s growth strategy, consolidating its role as a leader in the modernization of road and highway infrastructure in Italy and ensuring further positive development of the business plan thanks to the expansion in Central Italy and the important order obtained by MGA.  Taking the statement into consideration, 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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