Atte has published a preliminary company report on GRK, which will report its results on Tuesday, July 28th. 
Following the completion of the KSBR acquisition, the company issued new guidance for the current year that surprised us positively, especially in terms of profitability. We have revised our forecasts upward for both the current year and future years. In the short term, the company is supported by a strong order flow and inorganic growth. Furthermore, we expect the end markets to continue to develop favorably in the coming years. The significant earnings growth we project brings the multiples down to an attractive level, despite the recent rise in the share price. Following these forecast revisions, we are raising our target price for GRK to 20.0 euros (previously 16.0 euros). Our recommendation remains at ‘Accumulate’.