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8 Mar 2023

Reway Group S.p.A. /08.03.2023

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).

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  • UPDATE – 15.04.2024
    The pro-forma figures for 2023 show the results of the new perimeter of the Reway Group, which records a value of production of €185.15 million, compared to the FY22A pro-forma figure of €163.90 million. The EBITDA for the period stands at €38.72 million, marking an increase of 13.4% compared to the pro-forma result of the previous year, which was €34.14 million. EBIT is €31.88 million, marking a +23.8% compared to the pro-forma 2022 figure of €25.75 million. Net Income is also positive and growing, with a value of €20.28 million compared to €13.57 million in FY22A. 

    In light of the results published in the annual report for FY23A, we are slightly adjusting our estimates for the current year and for the coming years. Specifically, we estimate the value of production for FY24E to be €207.80 million and an EBITDA of €42.50 million, corresponding to a margin of 20.5%. For the following years, we expect the value of production to increase up to €251.00 million (CAGR 23A*-26E: 10.7%) in FY26E, with an EBITDA of €54.00 million (corresponding to a margin of 21.5%), an increase from €38.72 million in FY23A* (corresponding to an EBITDA margin of 21.4%).

    We have conducted the assessment of the equity value of Reway Group based on the DCF methodology and the multiples of a sample of comparable companies. The DCF method (which includes a prudential specific risk of 2.5% in the WACC calculation) returns an equity value of €352.6 million. The equity value of Reway Group using market multiples is €286.3 million (including a discount of 10.0%). This results in an average equity value of approximately €319.4 million. The target price is €8.30, with a BUY rating and MEDIUM risk.
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