Announcement • May 20
Renaissance AIFM S.à r.l entered into binding agreements to acquire 83.38% stake in Reway Group S.p.A. (BIT:RWY) from Luccini S.R.L., Livio Radini, Raffaella Casillo, Patrizia Casillo and Immobiliare Radini S.R.L. for approximately €260 million. Renaissance AIFM S.à r.l entered into binding agreements to acquire 83.38% stake in Reway Group S.p.A. (BIT:RWY) from Luccini S.R.L., Livio Radini, Raffaella Casillo, Patrizia Casillo and Immobiliare Radini S.R.L. for approximately €260 million on May 18, 2026. A cash consideration of €256.24 million valued at €10.31 per share will be paid by Renaissance AIFM S.à r.l. As part of consideration, €256.24 million is paid towards common equity of Reway Group S.p.A.
The transaction is subject to antitrust and golden power authorizations approval. The transaction is expected to close on September 30, 2026.
Nicola Cavallo, Andrea Maestripieri, Luca Incipini, Francesco Serricchio, Raffaele Puglisi, Roberto De Bernardinis, Lorenzo Albanese, Irene Baraldi of EY Parthenon acted as due diligence provider for Renaissance AIFM S.à r.l. Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 1 independent director (6 non-independent directors). Acting Auditor of the Board of Statutory Auditors Stefano Montanari was the last director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €11.60, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 14x in the Construction industry in Europe. Total returns to shareholders of 93% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €17.20 per share. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Acting Auditor of the Board of Statutory Auditors Stefano Montanari was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 15
Reway Group S.p.A., Annual General Meeting, Apr 30, 2025 Reway Group S.p.A., Annual General Meeting, Apr 30, 2025, at 10:00 W. Europe Standard Time. Announcement • Feb 02
Reway Group S.p.A. to Report Fiscal Year 2024 Results on Mar 28, 2025 Reway Group S.p.A. announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Feb 01
Reway Group S.p.A. to Report First Half, 2025 Results on Sep 30, 2025 Reway Group S.p.A. announced that they will report first half, 2025 results on Sep 30, 2025 Reported Earnings • Oct 04
First half 2024 earnings released First half 2024 results: Revenue: €93.5m (up 72% from 1H 2023). Net income: €8.48m (up 46% from 1H 2023). Profit margin: 9.1% (down from 11% in 1H 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Construction industry in Europe. New Risk • Oct 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 13% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Minor Risk Less than 3 years of financial data is available. Buy Or Sell Opportunity • Sep 24
Now 21% undervalued Over the last 90 days, the stock has risen 18% to €5.62. The fair value is estimated to be €7.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Announcement • Sep 12
Reway Group S.p.A. (BIT:RWY) has signed an agreement to acquire 60% stake in Vega Engineering S.R.L. for €3.6 million. Reway Group S.p.A. (BIT:RWY) has signed an agreement to acquire 60% stake in Vega Engineering S.R.L. for €3.6 million on September 10, 2024. The acquisition will increase the executive efficiency of works, improving the Group's ability to initiate backlog orders, amounting to €955 million as of September 6, 2024. Post completion of the acquisition, it is planned put-and-call option on the remaining 40%, exercisable upon approval of the target's financial statements as of December 31, 2026. Vega Engineering S.r.l. has about 25 resources including employees and collaborators and reports revenues as of December 31, 2023 of €2.7 million, EBITDA of €1.3 million (EBITDA Margin 48%) and Net Financial Debt of €1 million (cash positive). Under the terms, the Investment Agreement signed by Reway Group and the shareholders of Vega Engineering includes Reway Group's commitment to purchase 100 percent of the target in two tranches: the first, for the acquisition of 60% of the share capital of Vega Engineering (the “Sellers”), by the deadline of November 30th, 2024, for a countervalue of 3.6 million euros. Half of the 60% acquisition transaction will be carried out through the use of 1.8 million euros of equity capital (without recourse to bank loans) and, for the remaining portion, through a capital increase reserved for the Sellers, which will be specially resolved by the Company, for a countervalue of 1.8 million euros; on the newly issued shares, resulting from this capital increase, a 24-month lock-up is envisaged for the Sellers from the date of execution. The capital increase will be approved by Reway Group's shareholders' meeting by the execution deadline of November 30th, 2024, and will provide for the exclusion of pre-emptive rights. And the second tranche, relating to the acquisition of the remaining 40% of the share capital of Vega Engineering, will take place through the exercise, as of the approval of the target company's 2026 financial statements and until September 30th, 2027, of a put & call option, for a countervalue that will be determined with respect to the average EBITDA of the target company's 2024, 2025 and 2026 fiscal years.
Reway Group was assisted by: Grimaldi Alliance, legal advisor, with the team consisting of partners Gianluigi Serafini and Silvia Frattesi; RSM Società di Revisione ed Organizzazione Contabile, financial advisor consisting of the team of partner Nicola Tufo and senior manager Fabiano Guarino; And Baker Tilly Italia Tax, tax and labor law advisor, consisting of the team of partner Riccardo Bolla. Buy Or Sell Opportunity • Aug 02
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at €5.08. The fair value is estimated to be €6.36, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 77% in 2 years. Earnings are forecast to grow by 23% in the next 2 years. New Risk • Feb 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (34% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (7.2% average weekly change). Board Change • Nov 07
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. was the last director to join the board, commencing their role in . The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 18
Reway Group S.p.A. (BIT:RWY) signed an agreement to acquire 70% stake in Se.Gi. - Societa Per Azioni for €64 million. Reway Group S.p.A. (BIT:RWY) signed an agreement to acquire 70% stake in Se.Gi. - Societa Per Azioni for €64 million on October 16, 2023. Reway will obtain €47 million from a pool of banks while disbursing €64 million for 70 percent of Se.Gi.'s capital. For oepration purposes, there will also be an addition to the final price at closing by way of price adjustment, which corresponds to an amount equal to 100 percent of the actual net working capital as of the date of execution, estimated to be approximately €47 million. With regard to the actual CCN, the payment of what is actually due to the sellers is contingent on the collection arising from specific receivables claimed by Se.Gi. and identified by mutual agreement between the parties. The total value of the transaction, taking into account the estimated final price at closing and the price adjustment, is therefore approximately EUR111 million which will be paid, with regard to the final price at closing, for €47 million through recourse to bank financing and for €17 million through own resources, using in part the proceeds from the listing that took place in March. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €4.16, the stock trades at a trailing P/E ratio of 22.2x. Average forward P/E is 11x in the Construction industry in Europe. Buying Opportunity • Aug 17
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be €4.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 
