Independent research platform Gafrik Research has initiated coverage of GEVORKYAN, a.s., the Slovak powder metallurgy manufacturer, with a BUY recommendation and a 12-month price target of 12.34 EUR, suggesting 26% upside potential from current levels.
The company demonstrated solid operational performance in the first nine months of 2025, generating revenues of 63.5 million EUR, representing an 8.7% year-over-year increase. More notably, EBITDA expanded by 17.2% to reach 23.0 million EUR, resulting in an EBITDA margin of 36.2%, reflecting improved operational efficiency and profitability.
GEVORKYAN is currently in the final stages of a significant 60–80 million EUR capital investment program designed to enhance automation capabilities and expand production capacity. The company's financial position is strengthened by long-term contractual commitments securing over 90% of projected revenues, providing substantial visibility into future cash flows and reducing earnings volatility.