(Adnkronos) – After the rating upgrade by Fitch, after the great success of the placement of the bond maturing in 2031, analysts have raised estimates on all the main balance sheet parameters, confirming the issuer’s financial solidity and strengthening investor confidence in the medium-long term. The results of the first half of 2025 confirmed the validity of Webuild’s strategic vision and industrial model, which, after reaching a global operating scale, is now engaged in strengthening profitability and cash generation. Growth prospects remain supported by structural trends – such as the increase in NATO spending on infrastructure, the reconstruction of Ukraine and the German infrastructure plan – which see the Group in a leading position in key markets and in sectors with high investment potential. In light of the better-than-expected results, analysts have revised upwards their valuations on the stock, with updated target prices between 4.40 and 4.50 euros per share and a prevalence of positive ratings between “Outperform” and “Buy”.
Mediobanca underlines how the half-year results beat estimates, thanks to stronger-than-expected revenue growth and more robust margins. The net cash position reflects intense investment activity and the gradual timing of contract advances. In the face of an already very dynamic first half of the year, the bank recognizes Webuild’s greater visibility on achieving its 2025 targets, both in terms of income statement and net liquidity. According to analysts, the group has reached an optimal size for risk management and for further improvement in margins and cash generation as pillars of the new business plan. The rating was confirmed at “Outperform”, with a target price updated to 4.50 euros, up from the previous 4.20 euros.
Intermonte also highlights above-expectation results, with a construction order backlog, which reaches 53 billion euros, ensuring coverage equal to about four years of revenues. According to analysts, management is confident of exceeding the already ambitious targets set for 2025, including that of a positive NFP of over 700 million at the end of the year. The agency also appreciates the results achieved with regard to the derisking strategy and operations in low-risk regions. The stock is defined as “Outperform”, with a target price revised upwards from 4.00 to 4.50 euros.
Equita also highlights how the first half recorded an EBITDA 17% higher than in 2024, confirming the strong momentum linked to infrastructure investments in the main markets in which Webuild operates. Analysts note that, while confirming the guidance for 2025, the Group still has room for improvement, especially on the cash generation front. Particular attention is paid to the expected start of the Messina Bridge project, which, although not yet included in the guidance, is considered a potential catalyst of considerable importance in the coming months. The rating is “Buy”, with a target price updated to 4.50 euros, also considering the strong momentum deriving from the expected investments in military spending under the NATO program (dual use), for the reconstruction of Ukraine and from the investment plan in Germany.
Kepler Cheuvreux underlines how the dynamics of the net financial position are consistent with the high investments made in the half year and with the seasonality of advances, with an expected recovery of both liquidity and margins. Also in this case, the strong progress of the first half of the year leads analysts to believe that the guidance can be exceeded. The target price has been raised to 4.40 euros, with a “Buy” rating.
For Banca Akros, the revenues and EBITDA achieved in the first half already represent more than half of the annual guidance, with a more favorable seasonality expected in the second half of the year. Management appears confident of being able to outperform the set targets, while maintaining prudent communication. The stock is rated “Accumulate”, with a target price confirmed at 4.10 euros. Oddo Bhf highlights how half-year revenues recorded a 22% growth year-on-year, driven by strong activity in Italy – also supported by NRRP projects – and important developments in Australia and Saudi Arabia. The adjusted EBITDA margin stood at 8.4%, an improvement of almost one percentage point compared to the first half of 2024. The analysis, signaling an expected positive reaction from the market, also thanks to the confirmation of the 2025 targets, maintains the “Neutral” rating and updates the target price to 4.10 euros.
