Kreate: Not the new normal

Infrastructure builder Kreate has been one of the fastest growing and also one of the most profitable companies in its sector. The growth has been supported by the company's expertise in demanding infrastructure construction projects, the successful implementation of which has created a good market position for the company in its own specialized field. However, above-market growth has taken its toll as profitability has been eroded by rising costs (materials, labor, wages) eating into project margins. However, we believe that current profitability reflects the bottom of the cycle rather than the new normal. With a combination of normalizing earnings and a moderate valuation, we continue to see the risk/return ratio of the Kreate share as good.
Kreate Group
Kreate Group är verksamt inom infrastrukturssektorn. Bolaget erbjuder ett brett utbud av tjänster inom utveckling av krävande industriella projekt. Exempel på tjänster innefattar reparation och konstruktion av broar, spårkonstruktion för tåg och räls, samt massutgrävning och krossande av sten vid påbyggnader av nya motorvägar. Störst verksamhet återfinns inom den nordiska marknaden.
Read more on company pageKey Estimate Figures2023-11-27
2022 | 23e | 24e | |
---|---|---|---|
Omsättning | 273,9 | 326,4 | 305,5 |
tillväxt-% | 15,3 % | 19,2 % | −6,4 % |
EBIT (adj.) | 8,6 | 7,0 | 9,4 |
EBIT-% | 3,1 % | 2,1 % | 3,1 % |
EPS (adj.) | 0,64 | 0,40 | 0,63 |
Utdelning | 0,46 | 0,30 | 0,35 |
Direktavkastning | 5,7 % | 3,7 % | 4,3 % |
P/E (just.) | 12,73 | 20,48 | 13,09 |
EV/EBITDA | 7,80 | 8,28 | 6,86 |