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Investing.com - Deutsche Bank upgraded Eurowag (LSE:EWG) to Hold from Buy on Wednesday, while raising its price target to GBP1.10 from GBP0.90.
The upgrade follows Eurowag’s H1 2025 results, which demonstrated resilient performance despite flat economic growth across Europe during the same period. The company reported 15% growth in net sales for the first half of the year.
The growth was primarily driven by strong performance in toll net revenues, which benefited from CO2 charges implemented in Germany and Austria, as well as geographical expansion of Eurowag’s EETS solution.
Adjusted EBITDA increased by 8% in the first half, while adjusted Cash EBITDA, which accounts for capitalized development and share-based payments, rose by 14%. The company maintained a stable adjusted Cash EBITDA margin of 30.4%, comparable to the previous year’s level.
Eurowag also improved its cash generation, reducing net debt to €244 million and lowering its net debt to EBITDA ratio to 2.0x, down from 2.6x in H1 2024 and 2.3x at the end of fiscal year 2024.
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