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. Reported Earnings • Apr 05
Full year 2025 earnings released Full year 2025 results: Revenue: €247.7m (up 13% from FY 2024). Net income: €20.9m (up 17% from FY 2024). Profit margin: 8.4% (up from 8.1% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Construction industry in Italy. New Risk • Dec 12
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 Italian stocks, typically moving 5.5% 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 Debt is not well covered by operating cash flow (6.4% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €11.55, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 13x in the Construction industry in Italy. Total returns to shareholders of 80% over the past year. Price Target Changed • Aug 17
Price target increased by 7.5% to €8.85 Up from €8.23, the current price target is an average from 2 analysts. New target price is 6.3% below last closing price of €9.44. Stock is up 75% over the past year. The company is forecast to post earnings per share of €0.60 for next year compared to €0.46 last year. New Risk • Jul 29
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 Italian stocks, typically moving 5.5% 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 Debt is not well covered by operating cash flow (3.8% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (5.5% average weekly change). Valuation Update With 7 Day Price Move • Jun 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €9.06, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 11x in the Construction industry in Italy. Total returns to shareholders of 82% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €4.09 per share. 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. Reported Earnings • Mar 31
Full year 2024 earnings released Full year 2024 results: Revenue: €220.6m (up 70% from FY 2023). Net income: €17.9m (up 28% from FY 2023). Profit margin: 8.1% (down from 11% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Construction industry in Italy. 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 Buy Or Sell Opportunity • Oct 30
Now 21% undervalued Over the last 90 days, the stock has risen 25% to €6.68. The fair value is estimated to be €8.41, 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 12% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. 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 12% growth forecast for the Construction industry in Italy. 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. 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. Price Target Changed • Apr 16
Price target increased by 8.5% to €7.32 Up from €6.74, the current price target is an average from 2 analysts. New target price is 39% above last closing price of €5.28. Stock is up 59% over the past year. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.13, the stock trades at a trailing P/E ratio of 17.1x. Average forward P/E is 9x in the Construction industry in Italy. Simply Wall St's valuation model estimates the intrinsic value at €4.81 per share. Buying Opportunity • Nov 17
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.7%. The fair value is estimated to be €4.76, 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 97% in 2 years. Earnings is forecast to grow by 64% in the next 2 years. 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. Buying Opportunity • Sep 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.8%. The fair value is estimated to be €5.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. 
