{"id":30034,"date":"2025-04-10T09:03:40","date_gmt":"2025-04-10T07:03:40","guid":{"rendered":"https:\/\/integrae.it\/?p=30034"},"modified":"2025-04-10T09:03:41","modified_gmt":"2025-04-10T07:03:41","slug":"update-7","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-7\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><br>In 2024, Reway Group recorded strong growth results, with a value of production of \u20ac 232.32 million, up 75.6% compared to the previous year, driven by the acceleration in new contracts and the contribution of railway restoration activities. EBITDA amounted to \u20ac 42.63 million (+61.3%), with a margin of 18.8%. EBIT reached \u20ac 32.61 million (+46.9%), while net income rose to \u20ac 17.89 million (+22.6%). Net financial position shifted from a debt of \u20ac 34.61 million to a debt of \u20ac 66.97 million due to the acquisitions of Gema and Vega. The order backlog exceeded \u20ac 1,044.00 million, supported by significant contracts in the railway and road sectors worth over \u20ac 450.00 million, consolidating Reway\u2019s position as a national leader in infrastructure restoration.<br><br>In light of the results published in the FY24A annual report, we are revising our estimates for the current year as well as for the coming years. Specifically, we now estimate a FY25E value of production of \u20ac 255.50 million and an EBITDA of \u20ac 49.60 million, corresponding to a margin of 19.4%. For the following years, we expect the value of production to increase to \u20ac 287.50 million by FY27E (CAGR 24A\u201327E: 7.4%), with an EBITDA of \u20ac 62.20 million, corresponding to a margin of 21.8%, up from \u20ac 42.63 million in FY24A (EBITDA margin: 18.8%). On the balance sheet side, we estimate a net financial position of \u20ac 10.87 million for FY27E, showing a strong improvement compared to the \u20ac 66.97 million recorded in FY24A, thanks to the progressive generation of operating cash flow. We conducted Reway Group\u2019s equity valuation using both the DCF method and a market multiples approach based on a peer group. The DCF method (which, for prudential purposes, includes a 1.0% specific risk in the WACC calculation) yields an equity value of \u20ac 351.5 million. The equity value based on market multiples stands at \u20ac 331.8 million. The resulting average equity value is approximately \u20ac 341.7 million. <strong>The target price is \u20ac 8.80, with a BUY rating and a MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In 2024, Reway Group recorded strong growth results, with a value of production of \u20ac 232.32 million, up 75.6% compared to the previous year, driven by the acceleration in new contracts and the contribution<\/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-30034","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 - 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-7\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPDATE - integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"og:description\" content=\"In 2024, Reway Group recorded strong growth results, with a value of production of \u20ac 232.32 million, up 75.6% compared to the previous year, driven by the acceleration in new contracts and the contribution\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-7\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-10T07:03:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-10T07:03:41+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 - 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-7\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In 2024, Reway Group recorded strong growth results, with a value of production of \u20ac 232.32 million, up 75.6% compared to the previous year, driven by the acceleration in new contracts and the contribution","og_url":"https:\/\/integrae.it\/en\/research\/update-7\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-04-10T07:03:40+00:00","article_modified_time":"2025-04-10T07:03:41+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; 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