{"id":34864,"date":"2026-04-22T09:30:50","date_gmt":"2026-04-22T07:30:50","guid":{"rendered":"https:\/\/integrae.it\/?p=34864"},"modified":"2026-04-22T09:30:51","modified_gmt":"2026-04-22T07:30:51","slug":"update-92","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-92\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td>FY25A represents a key milestone in Redelfi\u2019s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into economic results significantly higher than the previous year. The Group closed 2025 with a value of production of \u20ac 27.07 million, up 36.6%, EBITDA of \u20ac 15.78 million (+68.0%), with an EBITDA margin of 58.3%, EBIT of \u20ac 14.02 million and Net Income of \u20ac 7.53 million, of which \u20ac 5.22 million attributable to the Group. The Company also reported the achievement of the guidance set out in the 2023\u20132026 Business Plan, with EBITDA slightly above plan expectations and pro-forma NFP broadly in line.<br><br>In light of the results published in the annual report, and ahead of the upcoming release of an updated Business Plan by the Company, we leave our estimates largely unchanged, extending the forecast horizon to 2028. In particular, we expect value of production of \u20ac 36.00 million in 2026, with EBITDA of \u20ac 24.70 million, corresponding to a margin of 68.6%. In the following years, we expect value of production to grow to \u20ac 46.50 million in FY28E (CAGR 2025\u20132028: 19.8%) and EBITDA of \u20ac 32.10 million, corresponding to a margin of 69.0%. We carried out the valuation of Redelfi\u2019s equity value based on both the DCF method and market multiples of a sample of comparable companies. The DCF (which, in the WACC calculation, prudently includes a specific risk premium of 2.5%) results in an equity value of \u20ac 183.3 million. The equity value based on market multiples is \u20ac 167.3 million. This leads to an <strong>average equity value of approximately \u20ac 175.3 million. The target price is \u20ac 14.60, rating BUY and risk MEDIUM.<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>FY25A represents a key milestone in Redelfi\u2019s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into<\/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-34864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","category-update-en","tag-redelfi-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-92\/\" \/>\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=\"FY25A represents a key milestone in Redelfi\u2019s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into\" \/>\n<meta property=\"og:url\" content=\"https:\/\/integrae.it\/en\/research\/update-92\/\" \/>\n<meta property=\"og:site_name\" content=\"integrae.it \u2013 Financial Boutique\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-22T07:30:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-22T07:30:51+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-92\/","og_locale":"en_US","og_type":"article","og_title":"UPDATE - integrae.it \u2013 Financial Boutique","og_description":"FY25A represents a key milestone in Redelfi\u2019s growth path, as it confirms both the validity of the strategic focus on Italy and the increasing ability to translate the progress of the BESS pipeline into","og_url":"https:\/\/integrae.it\/en\/research\/update-92\/","og_site_name":"integrae.it \u2013 Financial Boutique","article_published_time":"2026-04-22T07:30:50+00:00","article_modified_time":"2026-04-22T07:30:51+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 &amp; 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