This was a relatively big positive surprise to an already strong guidance. I gathered from the release that the consolidation of KFS would impact revenue by €30 million and EBITA by perhaps around €1.1 million (the consolidation is not expected to affect relative profitability). Thus, without the consolidation, the new guidance could add €50 million in revenue and €2.4 million in EBITA to the old one (calculated from the midpoints), which is an 11% increase in revenue guidance and a 14.5% increase in EBITA guidance. This leverage then flows to the bottom line, where KFS’s result was, of course, already included. Perhaps about €0.2 more EPS, which, according to my calculations, would lead to an earnings per share of around €1.4 this year at the midpoint of the current guidance. Inderes’ previous forecast was €1.17/share.
Things are going strong, and Kreate has indeed been one of the best IPOs in recent years.