Evlin Juho Tilliltä myös päivitetty raportti:
Tekova - High dividend yield supports while we wait for profitability to settle
Hyvin samoilla linjoilla kuin Inderes. Tosin hieman suurempi tavoitehinnan lasku ja suositus muuttui: osta → lisää. Tältä vuodelta odotetaan näyttöjä omakehitteisten hankkeiden kannavuudesta.
We lower our target price to EUR 1.45 (EUR 1.7) and change rating ACCUMULATE (BUY).
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, but we cut profitability estimates for the coming years.
Valuation is still low but wide guidance leaves question marks for 2026. With current EPS estimates P/E ratio for 2026 and 2027 is 8.4 and 7.3. We see P/E of 8 as a fair level until profitability of real estate development is proven. Current dividend yield of 6.7 % contributes meaningfully to expected return while we wait to see how profitability for 2026 unfolds.