Rankings Construction & materials Kreate
Kreate
74
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−7
- Margin−6
- Project and timing risk−4
Strengths
- Raised guidance+4
- Order book+2
How the score is built
From 100 to 74, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 27.90 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +148%
- P/E (trailing)
- 14.9
- Forward P/E
- 10.1
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−12 of −30
- −6MarginLow-margin contractor: operating margin 4.1% and net margin 2.4% (TTM); even the three-times-raised guidance (EBITA EUR 32-36m on revenue of 670-710m) gives only about a 5% EBITA margin. The operating margin was 2.7-4.5% in 2021-2025.
- −3Quality of growthA large part of the growth is acquired and consolidated: SRV Infra was bought at the end of 2025 (debt-financed), and KFS Finland has been consolidated as a subsidiary from 1/4/2026 after a changed shareholder agreement with Keller. The rest comes from a few large data-centre and infrastructure projects, whose timing the company itself calls uncertain.
- −3MoatTender-based civil engineering (bridges, foundations, railways, tunnels) in competition with YIT, GRK, Destia, NCC and others; no pricing power beyond specialist expertise in foundations and bridge building. ROIC is solid, however (15.8% TTM, 10.6-15.6% in 2021-2025).
Price
Today's multiples against the company's own history and its peers. · 3 findings−12 of −35
- −7Multiples vs own historyP/E 31.5 (TTM) versus 12.5-17.5 in 2021-2025; EV/EBITDA 13.7 versus 6.2-9.3; P/B 6.7 versus 1.4-2.5; P/S 0.76 versus 0.20-0.43. Even on the new guidance, EV/EBITA is about 12 and P/E 2026e about 15 (own estimate) versus a historical forward P/E of 10-13.
- −3Share price versus analysts and peersThe share price has risen from EUR 12.16 to 41 in a year (+310%) and is well above Inderes' latest known price target of EUR 30 (July 2026), when Inderes warned that the multiples no longer provide a margin of safety. Nordic contractor peers typically trade at EV/EBIT of 10-14.
- −2FCF yieldFCF yield 4.2% (TTM) and 3.3% after leasing; FCF fluctuates sharply with working capital (−EUR 6.2m in 2024, 36.4m in 2025, 15.0m TTM).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−11 of −35
- −4Project and timing riskThe order book is concentrated in a few large projects (including data centers and the Lundby Tunnel in Gothenburg); the company itself writes that revenue can shift between years, and fixed-price projects can swing the margin quickly.
- −3Debt and liquidityInterest-bearing net debt rose to EUR 52.9m (Q2 2026) from EUR 19.0m a year earlier; current ratio 0.90, negative working capital and Altman Z of 2.59.
- −2Management changeCEO Timo Vikström will step down no later than end-2027, and the board has simultaneously amended his share-based incentive programmes (announced 22/9-2026). This creates uncertainty in the middle of the strongest growth phase.
- −2Construction cycleThe Finnish construction industry's business barometer shows a split market (Inderes 8/10/2026): data centres compensate for weak other new construction, so growth rests on one segment.
Plus
Only documented strengths. · 2 findings+6 of +15
- +4Raised guidance2026 guidance raised three times: from revenue 430-470 / EBITA 15-18m EUR (February) to 670-710 / 32-36m EUR (22/9-2026).
- +2Order bookRecord order book of EUR 885.8m at 30/6-2026 (+215%), about 1.3 times the guided 2026 revenue.
Caveats
What the score does not capture, or where the data is weak.
No analyst coverage on stockanalysis (forecast returns 404); Inderes covers with 'Accumulate' (updated 23 Sep 2026), but the new price target after 22 Sep was not found (last known: 30 EUR in July). The share count is unclear: stockanalysis shows 8.72m, net debt per share in the quarterly figures corresponds to approx. 8.9m, and Nordnet's market cap (2,793m DKK) corresponds to approx. 9.1m. 8.9m is used here (market cap approx. 365m EUR). P/E 2026e (approx. 15) is an own estimate based on EBITA guidance of 32–36m EUR minus approx. 3.5m interest and 20% tax; the minority interest in KFS Finland (co-owner Keller) is not deducted because the share was not found. Stockanalysis' forward P/E of 14.6 is probably based on outdated estimates. Not a classic penny stock: the price is 41 EUR and the company is profitable.
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