Analyst Comment
GRK made a small acquisition in Estonia
Translation: Original published in Finnish on 7/8/2025 at 8:15 am EEST.
GRK announced yesterday that it had acquired A-Kaabel OÜ, an Estonian company that specializes in infrastructure electrical services. The acquisition aims to strengthen GRK's position in the field of infrastructure electrical works in Estonia, which is set to grow in the coming years due to the green transition. The target company had revenue of 4 MEUR and a net profit of 0.25 MEUR, corresponding to approximately half of one percent of GRK's size. Therefore, the acquisition is very small in relation to GRK's size. The companies did not disclose the purchase price, leaving the valuation of the deal undetermined for the time being. Due to the small size of the acquisition, there is little pressure to change our estimates, but we will include the deal in our next update.
GRK Infra operates in the infrastructure sector. The company's core competence includes the implementation of various infrastructure projects, project management of large and small projects and extensive railway expertise. Customers include the state, municipalities and cities as well as the private sector. In addition to the parent company GRK Infra Oyj, the GRK Group includes companies in each country of operation: GRK Suomi Oy in Finland, GRK Eesti AS in Estonia and GRK Sverige AB in Sweden.
Read more on company pageKey Estimate Figures28.05.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 728.4 | 778.3 | 735.5 |
| growth-% | 33.4 % | 6.8 % | -5.5 % |
| EBIT (adj.) | 45.6 | 50.5 | 44.1 |
| EBIT-% (adj.) | 6.3 % | 6.5 % | 6.0 % |
| EPS (adj.) | 0.93 | 0.97 | 0.86 |
| Dividend | 0.20 | 0.50 | 0.55 |
| Dividend % | 2.0 % | 2.9 % | 3.2 % |
| P/E (adj.) | 10.9 | 17.6 | 19.9 |
| EV/EBITDA | 5.2 | 8.9 | 9.6 |
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