Tekova

Tekova’s Q1 results exceeded expectations, reinforcing confidence that operating profit will land in the upper half of guidance. Combined with reduced earnings risk and an undemanding valuation, this supports an upgrade to BUY.

Tekova Q1 result was strong start to the year. Revenue, EBIT and EPS all exceeded estimates.

We expect modest revenue growth in Q1, supported by project completions, but with some near-term margin pressure from recent investments.

Tekova’s Q4 was strong but EBIT guidance for 2026 was wide. Current year is likely to be a gap year after very strong 2025, but it will reveal the profitability of real estate development. A high dividend yield of almost 7% supports positive rating, ...

Profitability was mainly in line with our expectations and didn’t offer surprises. Guidance range for the revenue was as expected but EBIT guidance range is quite wide and below our estimates.

We initiate coverage of Tekova with a BUY rating and a target price (TP) of EUR 1.7. We estimate that Tekova will increase its profitability in 2026, when its announced self-developed projects are completed. The current valuation implies a significant...