{"id":27109,"date":"2024-10-14T08:55:08","date_gmt":"2024-10-14T06:55:08","guid":{"rendered":"https:\/\/integrae.it\/?p=27109"},"modified":"2024-10-14T08:55:09","modified_gmt":"2024-10-14T06:55:09","slug":"update-14-10-2024-4","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/","title":{"rendered":"UPDATE &#8211; 14.10.2024"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table><tbody><tr><td>In the semester, Reway Group strengthened its position as a leader in the infrastructure maintenance and rehabilitation sector. Sales revenues reached \u20ac 93.47 million, up 46.4% compared to the same period in 2023 (\u20ac 62.85 million), with new contracts totaling over \u20ac 227.00 million and an order backlog surpassing the \u20ac 1.00 billion threshold. EBITDA for the period amounted to \u20ac 20.25 million, up 14.0% compared to the same period in 2023, which recorded \u20ac 17.74 million. EBIT reached \u20ac 15.41 million, up 27.6% from \u20ac 12.08 million in the previous semester, while Net income went up from \u20ac 6.00 million to \u20ac 8.48 million (41.3%).<br><br>In light of the results published in the half-year report and the acquisition of Vega Engineering Srl, we update our estimates for the current year and the following years. In particular, we estimate an FY24E value of production of \u20ac 209.50 million and EBITDA of \u20ac 41.50 million, corresponding to a margin of \u20ac 20,0%. In the following years, we expect the value of production to reach \u20ac 255.50 million (CAGR 23A-26E: 24,5%) in FY26E, with EBITDA equal to \u20ac 55.20 million (EBITDA margin of 21,8%), up from \u20ac 26,44 million of FY23A.<br><br>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 \u20ac 352.0 million. The equity value of Reway Group using market multiples is \u20ac 291.8 million (including a discount of 10.0%). This results in an average equity value of approximately \u20ac 321.9 million. <strong>The target price is \u20ac8.30, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the semester, Reway Group strengthened its position as a leader in the infrastructure maintenance and rehabilitation sector. Sales revenues reached \u20ac 93.47 million, up 46.4% compared to the same period in 2023 (\u20ac<\/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-27109","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 - 14.10.2024 - 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-14-10-2024-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In the semester, Reway Group strengthened its position as a leader in the infrastructure maintenance and rehabilitation sector. 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Sales revenues reached \u20ac 93.47 million, up 46.4% compared to the same period in 2023 (\u20ac","og_url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2024-10-14T06:55:08+00:00","article_modified_time":"2024-10-14T06:55:09+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/03\/Logo-sito-Reway.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"amministratore integrae","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/integrae.it\/en\/#website","url":"https:\/\/integrae.it\/en\/","name":"integrae.it \u2013 Financial Boutique","description":"CORPORATE FINANCE EQUITY RESEARCH EQUITY SALES &amp; TRADING","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/integrae.it\/en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/03\/Logo-sito-Reway.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2023\/03\/Logo-sito-Reway.jpg","width":1748,"height":1240},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/","name":"UPDATE - 14.10.2024 - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/#primaryimage"},"datePublished":"2024-10-14T06:55:08+00:00","dateModified":"2024-10-14T06:55:09+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-14-10-2024-4\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE &#8211; 14.10.2024"}]},{"@type":"Person","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e","name":"amministratore integrae","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8bfcd102ed022191bffee6f9b0482ddd?s=96&d=mm&r=g","caption":"amministratore integrae"},"sameAs":["https:\/\/www.integrae.it"],"url":"https:\/\/integrae.it\/en\/author\/amministratore_integrae\/"}]}},"_links":{"self":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/comments?post=27109"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27109\/revisions"}],"predecessor-version":[{"id":27110,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/27109\/revisions\/27110"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/15384"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=27109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=27109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=27109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}