{"id":37142,"date":"2026-10-27T09:10:09","date_gmt":"2026-10-27T08:10:09","guid":{"rendered":"https:\/\/integrae.it\/?p=37142"},"modified":"2026-10-27T09:10:10","modified_gmt":"2026-10-27T08:10:10","slug":"update-131","status":"publish","type":"post","link":"https:\/\/integrae.it\/en\/research\/update-131\/","title":{"rendered":"UPDATE"},"content":{"rendered":"\n
The first half of 2026 marks the beginning of a new phase in Redelfi\u2019s growth trajectory. The granting of the first authorizations and the launch of preliminary activities for the sale process of the most advanced BESS projects signal the Group\u2019s gradual transition from the development phase to the monetization of its pipeline.\u00a0
The Group closed the first half of 2026 with a value of production of \u20ac 16.14 mln, slightly up from \u20ac 15.94 mln in 1H25A (+1.2%). The improvement in profitability was more pronounced: EBITDA reached \u20ac 11.34 mln, up 8.8% from \u20ac 10.43 mln in 1H25A, with the EBITDA margin increasing to 70.3% from 65.4%. EBIT amounted to \u20ac 10.54 mln (\u20ac 9.62 mln in 1H25A), while Net Income reached \u20ac 6.80 mln, up 14.0% from \u20ac 5.97 mln in the same period of the previous year. The financial results are in line with the guidance outlined in the 2023-2026 Business Plan. Net Financial Position (NFP), standing at \u20ac 18.71 mln (net debt), was higher than expected under the Business Plan, mainly due to the early payment of the GPA earn-out in 2025 and the postponement of cash inflows related to the Bright Storage pipeline.

In light of the results published in the half-year financial report, and ahead of the Company\u2019s upcoming release of an updated Business Plan, we leave our estimates substantially unchanged. Specifically, we expect FY26E value of production to reach \u20ac 34.50 mln, with EBITDA of \u20ac 23.70 mln, corresponding to an EBITDA margin of 68.6%. Looking ahead, we expect value of production to increase to \u20ac 46.50 mln in FY28E (2025-2028 CAGR: 19.8%), with EBITDA reaching \u20ac 32.10 mln, corresponding to an EBITDA margin of 69.0%. We valued Redelfi\u2019s equity using both the DCF methodology and the market multiples of a selected peer group. The DCF valuation, which prudently incorporates an additional company-specific risk premium of 2.5% in the WACC calculation, yields an equity value of \u20ac 170.31 mln. The market multiples approach results in an equity value of \u20ac 180.33 mln. The average equity value therefore stands at approximately \u20ac 175.30 mln. We set our target price at \u20ac 14.60 per share, with a BUY rating and MEDIUM risk assessment.<\/strong>
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The first half of 2026 marks the beginning of a new phase in Redelfi\u2019s growth trajectory. The granting of the first authorizations and the launch of preliminary activities for the sale process of the<\/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-37142","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-131\/\" \/>\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=\"The first half of 2026 marks the beginning of a new phase in Redelfi\u2019s growth trajectory. 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