{"id":20135,"date":"2023-10-09T09:29:00","date_gmt":"2023-10-09T07:29:00","guid":{"rendered":"https:\/\/integrae.it\/?p=20135"},"modified":"2023-10-12T09:30:31","modified_gmt":"2023-10-12T07:30:31","slug":"update-09-10-2023-5","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-09-10-2023-5\/","title":{"rendered":"UPDATE &#8211; 09.10.2023"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>The company reported a pro-forma value of production of \u20ac 54.72 million for 1H23A (compared to \u20ac 56.18 million for the 1H22A results). EBITDA for the period came in at \u20ac 10.63 million, in line with the data of 1H22A, with a margin of 19.4%. EBIT was \u20ac 8.85 million in 1H23A, thus recording a substantial breakeven compared to the first semester of the previous year, with an EBIT margin of 16.2%. Net Income was also positive and equal to \u20ac 5.82 million, -8.1% compared to June 30th, 2022 (\u20ac 5,90 million).<br><br>In light of the results published in the financial report for 1H23A, we have almost completly confirmed our estimates for both the current year and the coming years. In particular, we estimate a 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 2.5% in the calculation of the WACC) returned an equity value of \u20ac 271.5 million. Using market multiples, the equity value of Reway Group was calculated as \u20ac 190.5 million (including a 25.0% discount). The results give an average equity value of approximately \u20ac 231.0 million.\u00a0<strong>The target price is \u20ac 6.00, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The company reported a pro-forma value of production of \u20ac 54.72 million for 1H23A (compared to \u20ac 56.18 million for the 1H22A results). EBITDA for the period came in at \u20ac 10.63 million, in<\/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-20135","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 - 09.10.2023 - 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-09-10-2023-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 09.10.2023 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"The company reported a pro-forma value of production of \u20ac 54.72 million for 1H23A (compared to \u20ac 56.18 million for the 1H22A results). EBITDA for the period came in at \u20ac 10.63 million, in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-09-10-2023-5\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-09T07:29:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-12T07:30:31+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 - 09.10.2023 - 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-09-10-2023-5\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - 09.10.2023 - integrae.it \u2013 Financial Boutique","og_description":"The company reported a pro-forma value of production of \u20ac 54.72 million for 1H23A (compared to \u20ac 56.18 million for the 1H22A results). 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