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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Kreate was grilled in Karo Hämäläinen’s Grilliraati (new entertaining program format).               Also available on Spotify:  https://open.spotify.com/episode/6Va0MLafNxc1grBwhnfQun?si=xPM59WsPQvGYKbLzj3MiYw

Kreate’s CEO Timo Vikström talked about his company at the Investor 2025 day.                    Inderes              Kreate sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 28.11.2025 klo 14.22 Kreaten toimitusjohtaja Timo Vikström kertoo yhtiön liiketoiminnasta Sijoittaja 2025 -tapahtumassa.

At the investment fair, I listened to Kreate’s updates from Vikström. He mentioned that the order book is expected to swell significantly in the coming quarters. We already saw the first realization of this yesterday in the form of the Vantaa light rail project. Overall, the outlook for the future seemed positive. I personally believe that Kreate will break the €400 million revenue mark next year. Inderes’ forecast is €392 million. Kreate’s target for operating profit margin is >5%. The company has improved its profitability recently, and I believe that next year will also be the best year in terms of profitability in a while. My own guess for EBIT% is 4.5%. From this, we would get an EBIT of €18 million. We could further estimate the enterprise value with different multiples. Let’s choose a conservative multiple of 8. This gives us an enterprise value of €144 million. The company has net debt of approximately €20 million, so the value of the share capital remains at €124 million. With 9 million shares, the value per share is €13.8. Everyone can consider what the share price would be with an EV/EBIT multiple of 10, or if the EBIT% is 5… A lot of “what ifs,” but in my opinion, it illustrates that despite Kreate’s pleasant upward trend, there is still potential for a significant increase in the share price.

A consortium formed by Kreate and GRK Suomi signed an agreement with the City of Vantaa on November 26, 2025, for the first implementation phase of the eastern section of the Vantaa Light Rail (Vantaan ratikka). The revised total cost estimate for the Vantaa Light Rail is approximately 750 million euros. The estimated construction cost for the eastern section alliance is 280 million euros, which will be divided equally between the parties of the consortium. Kreate will record just over 45 million euros from the first phase in its order book. Construction of the eastern section of the Vantaa Light Rail will begin in December. The first-phase implementation agreement now concluded is a continuation of the project’s development phase, which began last autumn. Kreate, GRK, and other eastern section alliance partners will also continue the implementation using the alliance model, which enables seamless cooperation and cost-effective solutions as the project progresses. The transition to the implementation of the second phase of the eastern section is estimated to occur in spring 2026 with a separate agreement. The contract sum for the second order phase is estimated to be significantly larger than the first agreement.                   Kreate – 27 Nov 25              Kreate ja GRK allekirjoittivat sopimuksen Vantaan ratikan itäosan ensimmäisen...    Kreaten ja GRK Suomen muodostama ryhmittymä on allekirjoittanut 26.11.2025 Vantaan kaupungin kanssa sopimuksen Vantaan ratikan itäosan ensimmäisestä toteutusvaiheesta. Vantaan ratikan tarkistettu kokonaiskustannusarvio on noin 750 miljoonaa euroa....

The Investment Group has made a 2.5-minute video about Kreate. https://x.com/STNXfi/status/19912029311194439

This was a significant addition to Kreate’s order book, as Atte notes in his comment. Another big piece of news for Kreate was the realization of the Vantaa light rail. Kreate and GRK are partners in this, and both their shares are slightly over €100 million. Antti V gave his comments on this in GRK’s thread. GRK - Monipuolinen infrarakentaja - #103 käyttäjältä Antti_Viljakainen. Next year looks really interesting for Kreate. Let’s also remember that the SRV Infra acquisition adds about €50 million to revenue. The Competition Authority’s decision should still come this year.                   Inderes              Kreatelle tärkeää täytettä tilauskantaan - Inderes    Hanke sopii yhtiön profiiliin hyvin ja nopean aikataulun myötä tulouttaa liikevaihtoa vauhdilla.

Kreate Group

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.

<p>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. </p> 

	2022	23e	24e
Revenue	273.9	326.4	305.5
growth-%	15.3 %	19.2 %	-6.4 %
EBIT (adj.)	8.6	7.0	9.4
EBIT-% (adj.)	3.1 %	2.1 %	3.1 %
EPS (adj.)	0.64	0.40	0.63
Dividend	0.46	0.30	0.35
Dividend %	5.7 %	2.5 %	2.9 %
P/E (adj.)	12.7	30.2	19.3
EV/EBITDA	7.8	11.0	9.1

Kreate: Not the new normal

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Key Estimate Figures27.11.2023

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