Reway Group S.p.A.
8/03/2023
On 6 March 2023 Reway Group S.p.A. announces that it has received 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 8 March 2023.
The total equivalent of the resources collected through the placement is equal to Euro 20 millions.
The enterprise Reway Group S.p.A. società a capo del più grande Gruppo italiano specializzato nelle opere di risanamento e manutenzione di infrastrutture stradali e autostradali, opera per numerose realtà tra cui i tre principali operatori autostradali italiani (A.N.A.S, Autostrade per l’Italia e Gruppo ASTM).
Last research Reway Group S.p.A.
UPDATE| In the first half of 2025, Reway Group reported strong growth results, with a production value of € 134.75 million, up +16.0% compared to 1H24A, driven by the progressive execution of contracts acquired in 2024. EBITDA stood at € 26.24 million (+29.5%), with a margin of 19.5%. EBIT reached € 21.01 million (+36.3%), while consolidated Net Income rose to € 12.37 million (+45.9%). The Net Financial Position amounted to € 65.82 million of debt, showing a slight improvement compared to year-end 2024 levels, thanks to solid operating cash generation that enabled the Group to internally finance the growth in working capital. The order backlog reached € 1,157.00 million, supported by new awards totaling € 245.00 million, further strengthening the Group’s position as a leader in infrastructure rehabilitation. In light of the results published in the Half-Year Report, we have revised our estimates both for the current year and for the coming periods. Specifically, we now forecast a FY25E production value of € 259.00 million and EBITDA of € 52.40 million, corresponding to a margin of 20.5%. For the following years, we expect the production value to increase to € 303.00 million in FY27E (FY24A–FY27E CAGR: 9.3%), with EBITDA of € 69.00 million and a margin of 23.0%, compared to € 42.63 million in FY24A. From a financial standpoint, we estimate a Net Financial Position of € 20.07 million in FY27E, a strong improvement compared to € 66.97 million in FY24A, reflecting progressive operating cash generation. We carried out the equity value assessment of Reway Group using both the DCF methodology and the trading multiples of a sample of comparable companies. The DCF method, which prudently includes a specific risk premium of 2.5% in the WACC calculation, yields an equity value of € 567.6 million. The equity value of Reway Group based on market multiples is € 430.0 million. The resulting average equity value is approximately € 498.8 million. The target price is therefore € 12.85, with a BUY rating and MEDIUM risk. |
