{"id":30148,"date":"2025-04-22T13:19:25","date_gmt":"2025-04-22T11:19:25","guid":{"rendered":"https:\/\/integrae.it\/?p=30148"},"modified":"2025-04-22T13:19:26","modified_gmt":"2025-04-22T11:19:26","slug":"update-16","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-16\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
Redelfi accelerates on its BESS core business, closing 2024 with a value of production of \u20ac 19.82 million (+81.7%) and EBITDA of \u20ac 9.39 million (+85.8%), driven by the expansion of its pipeline in Italy and the US. The Group is currently developing over 8 GW of storage capacity (of which 6 GW in Italy), mainly distributed across the \u201cBright Storage,\u201d \u201cRedelfi 1,\u201d \u201cBESS Power,\u201d and \u201cRedelio\u201d pipelines. Redelfi kicked off 2025 strongly by completing a \u20ac 8.00 million capital increase reserved to leading institutional investors, aimed at supporting the development of its US pipeline, and reaffirmed its strategic focus on BESS through the spin-off of non-core assets (Enginius and RT&L). The new 2025\u20132028 industrial cycle begins with a more streamlined structure, enhanced governance, and a clear positioning in the energy transition market. 

Considering the results achieved in the last fiscal year and the current capital structure, while awaiting further developments on the pipeline and the Company\u2019s updated industrial plan, we confirm our economic estimates for 2025\u20132026 and extend our forecast to 2027. Specifically, we expect a value of production of \u20ac 26.75 million in 2025 with an EBITDA of \u20ac 14.55 million, corresponding to a margin of 54.7%. For the following years, we project a value of production increasing to \u20ac 42.50 million by FY27E (CAGR 2024\u20132027: 29.7%), with EBITDA reaching \u20ac 29.25 million and a margin of 69.6%. We conducted the valuation of Redelfi\u2019s equity value using both the DCF method and a market multiples approach based on a panel of comparable companies. The DCF method \u2013 which includes a 2.5% specific risk premium as a precautionary measure \u2013 yields an equity value of \u20ac 127.4 million. The market multiples approach returns an equity value of \u20ac 142.7 million. The resulting average equity value stands at approximately \u20ac 135.2 million. We confirm our target price at \u20ac 12.00, with a BUY rating and MEDIUM risk profile.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

Redelfi accelerates on its BESS core business, closing 2024 with a value of production of \u20ac 19.82 million (+81.7%) and EBITDA of \u20ac 9.39 million (+85.8%), driven by the expansion of its pipeline in<\/p>\n","protected":false},"author":5,"featured_media":12219,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-ricerche.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[240,242],"tags":[168],"class_list":["post-30148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-redelfi-en"],"acf":[],"yoast_head":"\nUPDATE - 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-16\/\" \/>\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=\"Redelfi accelerates on its BESS core business, closing 2024 with a value of production of \u20ac 19.82 million (+81.7%) and EBITDA of \u20ac 9.39 million (+85.8%), driven by the expansion of its pipeline in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-16\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-22T11:19:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-22T11:19:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/logo-sito.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-16\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"Redelfi accelerates on its BESS core business, closing 2024 with a value of production of \u20ac 19.82 million (+81.7%) and EBITDA of \u20ac 9.39 million (+85.8%), driven by the expansion of its pipeline in","og_url":"https:\/\/integrae.it\/en\/research\/update-16\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-04-22T11:19:25+00:00","article_modified_time":"2025-04-22T11:19:26+00:00","og_image":[{"width":1748,"height":1240,"url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/logo-sito.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 & 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-16\/#primaryimage","url":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/logo-sito.jpg","contentUrl":"https:\/\/integrae.it\/wp-content\/uploads\/2022\/06\/logo-sito.jpg","width":1748,"height":1240},{"@type":"WebPage","@id":"https:\/\/integrae.it\/en\/research\/update-16\/#webpage","url":"https:\/\/integrae.it\/en\/research\/update-16\/","name":"UPDATE - integrae.it \u2013 Financial Boutique","isPartOf":{"@id":"https:\/\/integrae.it\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/integrae.it\/en\/research\/update-16\/#primaryimage"},"datePublished":"2025-04-22T11:19:25+00:00","dateModified":"2025-04-22T11:19:26+00:00","author":{"@id":"https:\/\/integrae.it\/en\/#\/schema\/person\/ff4803b14289cbd9d1c029003956aa7e"},"breadcrumb":{"@id":"https:\/\/integrae.it\/en\/research\/update-16\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/integrae.it\/en\/research\/update-16\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/integrae.it\/en\/research\/update-16\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"UPDATE"}]},{"@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\/30148","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=30148"}],"version-history":[{"count":1,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/30148\/revisions"}],"predecessor-version":[{"id":30149,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/posts\/30148\/revisions\/30149"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media\/12219"}],"wp:attachment":[{"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/media?parent=30148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/categories?post=30148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/integrae.it\/en\/wp-json\/wp\/v2\/tags?post=30148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}