| 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. |
