Why is there so little discussion about GRK here? ![]()
Here is a new company report on the company from Atte following Q1. ![]()
GRK’s seasonally slow first quarter turned out to be clearly stronger than we anticipated in terms of profitability. Due to the high order backlog, Stegra’s successful financing round, and a healthy project portfolio, we believe the outlook for the rest of the year is strong. Additionally, we identify several growing segments in private demand, such as green transition projects and data centers, which are likely to bring additional orders to the company in the coming quarters. We are raising the target price to EUR 15.0 (previously EUR 14.5) and our recommendation to Buy (previously Accumulate).
Quoted from the report:
Quarterly fluctuation in cash flow
GRK’s operative free cash flow for the quarter was EUR -12.5 million (Q1/25 EUR 46.0 million). The cash flow, which was clearly weaker than the comparison period, was affected by the lower volume of the quarter and, consequently, reduced payments received from customers. Due to the nature of GRK’s project business, significant seasonal variation in cash flow is typical, and the development of profit and cash flow can be significantly divergent on a quarterly level.