Financial ValuationAt its current share price, the stock is trading on a 2025E EV/EBITDA multiple of c. 4.7x, showing a significant discount versus European peers (6.5–7.0x).
International ExpansionThe group is strengthening its international presence with the creation of a holding in Bahrain and the opening of structures in the United Arab Emirates and Saudi Arabia, markets with high potential and limited competition.
Mergers And AcquisitionsProceeds from the sustainability-linked bond will support the external growth strategy, with an active M&A pipeline.