{"id":16566,"date":"2023-04-18T09:16:00","date_gmt":"2023-04-18T07:16:00","guid":{"rendered":"https:\/\/integrae.it\/?p=16566"},"modified":"2023-04-26T09:18:13","modified_gmt":"2023-04-26T07:18:13","slug":"update-18-04-2023","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-18-04-2023\/","title":{"rendered":"UPDATE &#8211; 18.04.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The Company reported a value of production for 2022 of \u20ac 110.54 million (compared to\u00a0 \u00a0 \u00a0 \u20ac 91.76 million pro forma in FY21A). EBITDA for the period amounted to \u20ac 19.59 million, an increase of 15.9% compared to FY22A and with EBITDA margin at 17.7%. EBIT was\u00a0 \u00a0 \u00a0 \u00a0 \u20ac 16.21 million in FY22A, marking a growth of 22.3% compared to the previous year. The EBIT margin for FY22A was 14.8%. Net Income was also positive, amounting to \u20ac 9.97 million, marking an increase of 15.9% compared to the figure as of December 31, 2021, equal to \u20ac 8.60 million.<br><br>In light of the results published in the annual report for FY22A, we have slightly adjusted our estimates for both the current year and the coming years, also taking into account the new capital increase from the exercise of the Greenshoe option. In particular, we estimate an FY23E value of production of \u20ac 126.85 million, and an EBITDA of \u20ac 23.50 million, corresponding to a margin of 18.5%. In the following years, we expect the value of production to rise to \u20ac 163.40 million (CAGR 22Y-25E: 13.9%) in FY25E, with EBITDA equal to \u20ac 31.85 million (corresponding to a margin of 19.5%), up from \u20ac 19.59 million in FY22A (corresponding to an EBITDA margin of 17.7%).<br><br>We conducted our valuation of the equity value of Reway Group based on the DCF methodology and multiples of a sample of comparable companies. The DCF method (including, for prudential purposes, a specific risk of 1.5% in the calculation of the WACC) returned an equity value of \u20ac 290.6 million. Using market multiples, the equity value of Reway Group was calculated as \u20ac 190.4 million (including a discount of 25%). The result gives an average equity value of approximately \u20ac 240.5 million.\u00a0<strong>The target price is\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac 6.25, with a BUY rating, and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The Company reported a value of production for 2022 of \u20ac 110.54 million (compared to\u00a0 \u00a0 \u00a0 \u20ac 91.76 million pro forma in FY21A). EBITDA for the period amounted to \u20ac 19.59 million, an<\/p>\n","protected":false},"author":5,"featured_media":15384,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[280],"class_list":["post-16566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-reway-group-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UPDATE - 18.04.2023 - integrae.it \u2013 Financial Boutique<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/integrae.it\/en\/research\/update-18-04-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 18.04.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The Company reported a value of production for 2022 of \u20ac 110.54 million (compared to\u00a0 \u00a0 \u00a0 \u20ac 91.76 million pro forma in FY21A). EBITDA for the period amounted to \u20ac 19.59 million, an\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-18-04-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-18T07:16:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-26T07:18:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2023\/03\/Logo-sito-Reway.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1748\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"amministratore integrae\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UPDATE - 18.04.2023 - integrae.it \u2013 Financial Boutique","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/integrae.it\/en\/research\/update-18-04-2023\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 18.04.2023 - integrae.it \u2013 Financial Boutique","og_description":"The Company reported a value of production for 2022 of \u20ac 110.54 million (compared to\u00a0 \u00a0 \u00a0 \u20ac 91.76 million pro forma in FY21A). 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