contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Olli Koponen

Kreate Group operates in the infrastructure sector. The company offers a wide range of services in the development of demanding industrial projects. Examples of services include bridge repair and construction, track construction for trains and rails, and mass excavation and crushing of rock for new motorway extensions. The largest operations are conducted around the Nordic market.

Sijoituskästi has made a nearly 2.5-minute video about Kreate’s acquisition, which took Kreate even deeper underground.  https://x.com/STNXfi/status/2027066034813841472     Here is a link for those without X:  https://twitter-thread.com/t/2027066034813841472

An extremely strong order book continues to be further strengthened:                   Inderes              Kreate voitti 8,5 miljoonan euron urakan Äänekoskelta – uusi vesistösilta ja...    Kreate allekirjoitti kehitysvaiheen sopimuksen Väyläviraston kanssa Mt 642 Äänekosken sillan STk-urakasta, jossa rakennetaan uusi lähes 150 metriä pitkä vesistösilta vanhan sillan viereen sek...

Here is a new company report from Atte on Kreate after Q4  Kreate’s Q4 result was very strong overall as profitable growth continued. The growth spurt we expected is materializing stronger than anticipated this year, which has led to positive forecast changes. In our forecasts, the large multi-year projects moving from the development phase to the order backlog over the next six months also provide visibility further into the future. Additionally, the infrastructure construction market outlook is positive in both Finland and Sweden, and in our view, the company’s competitiveness is good. Therefore, we are now leaning slightly more on longer-term prospects in our valuation. Thanks to the forecasted earnings growth, valuation multiples will drop to attractive levels as early as next year. We are raising our target price to EUR 15.0 (previously EUR 12.5) and our recommendation to Accumulate (previously Reduce). Quoted from the report: Kreate Rock highly profitable in financial year 2025 Kreate published figures for SRV Infra (now Kreate Rock), which it acquired at the end of last year. At year-end, the company’s order backlog was at a strong level of nearly EUR 80 million. In 2025, the company achieved revenue of EUR 88.5 million and an EBITA (FAS) level of EUR 7.8 million. SRV Infra’s revenue in 2024 was around EUR 52 million, thus growth amounted to approximately 70%. Additionally, the company’s EBITA margin, around 8.8%, is at a very high level for the industry. Reflecting the transaction’s enterprise value (EV) against the 2025 result, the EV/EBITA multiple sits at around 4x. However, 2025 was an exceptionally strong year for the company, and a recurrence of a similar relative profitability level is unlikely. Following the transaction, Kreate’s pro forma leverage ratio (net debt/EBITDA) is 1.3.                   Inderes              Kreate Q4'25: Kasvulatu auki - Inderes    Kreaten Q4-tulos oli kokonaisuudessaan erittäin vahva minkä lisäksi ohjeistus viitoittaa kannattavan kasvun jatkuvan vuonna 2026.

Atte interviewed Kreate’s CEO Timo Vikström in high spirits                    Inderes              Kreate Q4'25: Korkea tilauskanta tukena vahvalle kasvulle - Inderes    Aika: 06.02.2026 klo 12.54 Kreaten Q4-raportti oli kaikin puolin vahva ja ohjeistus ylitti odotukset ennätyssuuren tilauskannan ansiosta. Toimitusjohtaja Timo Vikström kommentoi onnistunutta vuotta ja tulevaisuuden näkymiä analyytikko Atte Jortikan...                             Topics: 00:00 Introduction  00:10 Summary of 2025  00:50 Guidance and projects  01:24 Personnel investments  03:11 Financial targets  05:06 SRV Infra integration  05:51 Business in Sweden  07:43 Clean transition investments in Finland  09:04 Public project list  09:55 Working capital

The revenue estimate surprised even me. I previously estimated that the €400M milestone would be crossed in 2026, but the fact that the beat is so substantial came as a positive surprise. The spring dividend (60 cents) provides a solid 4% yield at a €14 share price. It’s nice to see what kind of analyses analysts will provide for the company.

Here are Atte’s quick comments on the Q4 results.  Kreate published its 2025 financial statements release on Friday, which was very strong overall. The company’s revenue slightly exceeded expectations, and the order backlog rose to a historically high level due to an acquisition and strong order flow. The guidance provided for 2026 is even stronger than our expectations regarding revenue, while our profitability forecast is at the lower end of the range.                   Inderes              Kreate Q4’25 -pikakommentti: Kaikin puolin vahva raportti - Inderes    Korkea tilauskanta ja odotuksiamme vahvempi ohjeistus tulevat johtamaan positiivisiin ennustemuutoksiin kuluvan sekä tulevien vuosien osalta.

The upper end of the guidance already exceeds even the revenue forecasts for 2028. “Kreate estimates that its revenue in 2026 will grow and be 430–470 million euros (2025: 315 million euros) and its EBITA will grow and be 15–18 million euros”

Kreate Group

The first months of the year for Kreate went almost as expected in a seasonally weaker Q1. The profitability trend is moving in the right direction, as the results improved for the second quarter in a row. The market is now also showing clear signs of recovery, which bodes well for the delivery of profitable projects in line with Kreate's specialized expertise.

<p>The first months of the year for Kreate went almost as expected in a seasonally weaker Q1. The profitability trend is moving in the right direction, as the results improved for the second quarter in a row. The market is now also showing clear signs of recovery, which bodes well for the delivery of profitable projects in line with Kreate's specialized expertise. The valuation is moderate relative to the earnings improvement in the coming years, and the expected return is further supported by the 6% dividend, made possible by the strong cash flow.</p>

	2023	24e	25e
Revenue	320.0	279.5	297.4
growth-%	16.8 %	-12.7 %	6.4 %
EBIT (adj.)	7.6	9.0	10.8
EBIT-% (adj.)	2.4 %	3.2 %	3.6 %
EPS (adj.)	0.44	0.56	0.73
Dividend	0.48	0.49	0.50
Dividend %	6.7 %	3.6 %	3.7 %
P/E (adj.)	16.5	24.5	18.8
EV/EBITDA	5.8	9.7	8.8

Kreate: Market traction improving

Key Estimate Figures28.04.2024

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