{"id":33147,"date":"2025-10-21T09:15:09","date_gmt":"2025-10-21T07:15:09","guid":{"rendered":"https:\/\/integrae.it\/?p=33147"},"modified":"2025-10-21T09:15:10","modified_gmt":"2025-10-21T07:15:10","slug":"update-61","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-61\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>In the first half of 2025, Reway Group reported strong growth results, with a production value of \u20ac 134.75 million, up +16.0% compared to 1H24A, driven by the progressive execution of contracts acquired in 2024. EBITDA stood at \u20ac 26.24 million (+29.5%), with a margin of 19.5%. EBIT reached \u20ac 21.01 million (+36.3%), while consolidated Net Income rose to \u20ac 12.37 million (+45.9%). The Net Financial Position amounted to \u20ac 65.82 million of debt, showing a slight improvement compared to year-end 2024 levels, thanks to solid operating cash generation that enabled the Group to internally finance the growth in working capital. The order backlog reached \u20ac 1,157.00 million, supported by new awards totaling \u20ac 245.00 million, further strengthening the Group\u2019s position as a leader in infrastructure rehabilitation.<br><br>In light of the results published in the Half-Year Report, we have revised our estimates both for the current year and for the coming periods. Specifically, we now forecast a FY25E production value of \u20ac 259.00 million and EBITDA of \u20ac 52.40 million, corresponding to a margin of 20.5%. For the following years, we expect the production value to increase to \u20ac 303.00 million in FY27E (FY24A\u2013FY27E CAGR: 9.3%), with EBITDA of \u20ac 69.00 million and a margin of 23.0%, compared to \u20ac 42.63 million in FY24A. From a financial standpoint, we estimate a Net Financial Position of \u20ac 20.07 million in FY27E, a strong improvement compared to \u20ac 66.97 million in FY24A, reflecting progressive operating cash generation. We carried out the equity value assessment of Reway Group using both the DCF methodology and the trading multiples of a sample of comparable companies. The DCF method, which prudently includes a specific risk premium of 2.5% in the WACC calculation, yields an equity value of \u20ac 567.6 million. The equity value of Reway Group based on market multiples is \u20ac 430.0 million.<strong> The resulting average equity value is approximately \u20ac 498.8 million. The target price is therefore \u20ac 12.85, with a BUY rating and MEDIUM risk.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>In the first half of 2025, Reway Group reported strong growth results, with a production value of \u20ac 134.75 million, up +16.0% compared to 1H24A, driven by the progressive execution of contracts acquired 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-33147","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-61\/\" \/>\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 the first half of 2025, Reway Group reported strong growth results, with a production value of \u20ac 134.75 million, up +16.0% compared to 1H24A, driven by the progressive execution of contracts acquired in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-61\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-21T07:15:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-10-21T07:15:10+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-61\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"In the first half of 2025, Reway Group reported strong growth results, with a production value of \u20ac 134.75 million, up +16.0% compared to 1H24A, driven by the progressive execution of contracts acquired in","og_url":"https:\/\/integrae.it\/en\/research\/update-61\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2025-10-21T07:15:09+00:00","article_modified_time":"2025-10-21T07:15:10+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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