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Reway Group (RWY) Fair Value & Analysis

Industrials · IT · Market cap €388M

RG Reway Group RWY · MI
Price€10.20
Fair Value€10.56
Upside+3.5%
Quality50/100
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Mixed Growth
Thin margins · 8.5% net margin
Moderate debt · generates free cash flow
Trails peers (4/13)
Moderate moat 59/100
Evidence: Medium Range €7.26 – €14.23 Share as image

Fair value as of: Jul 7, 2026

From 21 valuation models · updated 34 days ago

Fair value updated Jul 7, 2026, revised from €13.09 to €10.56 (−19.3%) since Jun 24, 2026. Share price +2.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€7.26 to €14.23) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

€12.00 €3.22 Fair Value €10.56 Mar 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 7, 2026.

How to read this chart

41‑month range €3.22 – €12.00 · fair‑value band €7.26 – €14.23 · the €10.20 price screens below the €10.56 fair value. Dashed = 300-day average. As of Jul 7, 2026.

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Analysis

Reway Group (RWY) currently trades at €10.20, while our model-based Fair Value estimate is €10.56, implying the stock looks roughly 3.5% fairly valued today. The Quality Score stands at 50/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Reway Group generated revenue of €247M at a net margin of 8.5%. Revenue grew 8.9% year over year. It earns a return on equity of 21.5%. Net debt stands at €63.6M. Fundamentals as of Jul 7, 2026

Our scenario range runs from €7.26 (bear case) to €14.23 (bull case); at €10.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 17% below its 52-week high and 28% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 25% fair-value upside, at 4%, RWY screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
ROIC Compounder €5.85 €9.04 €10.79 72
Growth-Adj P/E €14.77 €21.11 €27.44 68
P/E Multiple €7.26 €9.68 €12.10 63
All 21 models by family
DCF Models
Owner Earnings €7.00 €15.53 €31.34 31
5Y Revenue Exit €4.22 €9.49 €20.64 39
5Y EBITDA Exit €6.36 €13.80 €28.46 41
5Y P/E Exit €4.07 €11.93 €22.91 38
10Y Revenue Exit €2.24 €9.21 €14.61 36
10Y EBITDA Exit €3.93 €13.39 €30.99 37
10Y P/E Exit €2.40 €8.91 €20.19 35
Earnings-Based
Graham-Dodd €3.13 €21.86 €30.68 54
Lynch FV €11.30 €16.14 €20.98 50
PEG = 1.0 €11.30 €16.14 €20.98 46
EPV €4.36 €5.09 €5.69 59
Multiples
P/E Multiple €7.26 €9.68 €12.10 63
P/S Multiple €5.88 €7.84 €9.80 58
P/B Multiple €5.88 €7.84 €9.80 55
EV/EBIT €9.77 €13.34 €16.91 53
EV/EBITDA €9.62 €13.15 €16.67 54
EV/Revenue €6.04 €9.03 €12.03 43
Asset-Based
NCAV (Graham) €1.15 €1.54 €2.29 50
Economic Profit
Residual Income €2.63 €3.50 €11.71 61
ROIC Compounder €5.85 €9.04 €10.79 72
Growth Earnings
Growth-Adj P/E €14.77 €21.11 €27.44 68

Widest divergence: Growth Earnings (€21.11) versus Asset-Based (€1.54). Highest evidence: ROIC Compounder (72).

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Key figures & financial health

Revenue (TTM) €247M
Revenue growth (YoY) +8.9%
Net margin 8.5%
Return on equity 21.5%
Free cash flow €29.2K FY2024
P/E ratio 18.5
More key figures
Operating margin 12.9%
EPS (TTM) €0.5400
EPS growth (YoY) -3.8%
Net debt €63.6M FY2024

Figures from reported company fundamentals · as of Jul 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 48 · Market factors (momentum, volatility) 57

Profitability 53
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 58
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 74
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Reway Group S.p.A., through its subsidiaries, engages in the road and motorway infrastructure rehabilitation activities in Italy.

Full company description

Reway Group S.p.A., through its subsidiaries, engages in the road and motorway infrastructure rehabilitation activities in Italy. The company is involved in the rehabilitation of bridges, viaducts, and road and motorway tunnels; tunnel finishing work; installation of sound-absorbing and safety barriers in road and motorway environments; seismic retrofitting of bridges and viaducts; and restoration of bridges, viaducts, tunnels and civil engineering works. It also offers structural repairs for viaducts; viaduct lifting; acoustic and safety barriers; and civil works for tunnels used in railway operations, as well as maintains tunnels. The company was founded in 1994 and is based in Licciana Nardi, Italy.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2024 · reported fiscal years

Reway Group reported revenue of €215M in FY2024 versus €90.8M in FY2021, a compound +33.3%/yr. Reported net income was €17.9M in FY2024, compounding +27.6%/yr from FY2021.

Growth Quality 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2024)
€215M
Latest YoY
+72.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+33.3%
Revenue +33.3%/yr
FY21 €90.8M
FY22 €110M
FY23 €125M
FY24 €215M
Net income +27.6%/yr
FY21 €8.6M
FY22 €7.6M
FY23 €13.9M
FY24 €17.9M

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Cite: Fair Value Calculator (2026). "Reway Group Fair Value". https://www.fairvalue-calculator.com/stock/RWY

Peer Group

Infrastructure Operations · 64 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Below median
Fair Value upside +4% · Below median
Return on equity (TTM) 22% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 8% · Below median
Operating margin (TTM) 13% · Below median
Revenue growth 9% · Above median
Debt / equity 0.64× · Higher than median

Valuation Multiples vs Infrastructure Operations median · lower = cheaper

P/E (TTM) 18.5× · Pricier than median
P/B 5.04× · Pricier than 75% of peers
P/S (TTM) 1.82× · Cheaper than median
P/FCF 15,376.3× · Pricier than 75% of peers
EV/EBITDA 10.0× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 38 · sector 53
FUTURE 45 · sector 13
PAST 86 · sector 25
HEALTH 68 · sector 71
DIVIDEND 0 · sector 77

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Reway Group (RWY) overvalued or undervalued?
As of Jul 7, 2026, our model estimates a fair value of €10.56 versus a price of €10.20, about +4% (fairly valued).
What is the fair value of RWY?
Our model-based fair value for Reway Group is €10.56 (as of Jul 7, 2026), built from audited fundamentals. The current price is €10.20.
What is the quality score of RWY?
Reway Group has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Reway Group (RWY)?
Reway Group reported trailing-twelve-month revenue of about €247M (latest available figure, as of Jul 7, 2026).
What is the net profit margin of RWY?
The net profit margin of Reway Group is about 8.5%, meaning it keeps roughly 8.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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