"Using our DCF model and a calculated WACC of 6,9 %, we determine a fair value of CZK 300 and a 12-month price target of CZK 321," notes Dr. Kalliwoda Research GmbH in analytical report GEVORKYAN, a.s. Initiation of Coverage H1 2025, dated November 10, 2025.

GEVORKYAN, a.s. announces an update of the independent analyst coverage of its shares.

Dr. Kalliwoda Research has published its analysis based on strong results for the first half of 2025, which were announced on September 17, 2025:
https://kalliwoda.com/pdf/Gevorkyan25.pdf.

According to the analytical report, GEVORKYAN, a.s. achieved revenues of EUR 42.2 million (+11% year-on-year) and EBITDA of EUR 13.8 million (+15%) in the first half of 2025. The target share price has a growth potential of approximately 40% by November 2026 compared to the market price of CZK 230 (as of October 31, 2025). GEVORKYAN, a.s. received an investment recommendation of “BUY”, which, according to the analysis, reflects a combination of strong profitability (EBITDA margin of 32.7%), double-digit revenue growth, and a unique technological position in Europe.

Source: Dr. Kalliwoda Research GmbH – GEVORKYAN, a.s. Initiation of Coverage H1 2025

About GEVORKYAN

GEVORKYAN, a.s. is a leading European company in the field of powder metallurgy, a global supplier to large multinational companies, and one of the most innovative companies in this industry worldwide. For more information, visit https://www.gevorkyan.sk/en.

About Dr. Kalliwoda Research GmbH

Dr. Kalliwoda Research GmbH is an independent research company focusing on financial and investment analysis. Established in 2003, it has been providing analytical services to help investors in making informed decisions. For more information, visit https://www.kalliwoda.com/.

Contact Information:

Financial Matters: Andrej Bátovský, andrej.batovsky@gevorkyan.sk 

Media: Alexandra Hazuchová, marketing@gevorkyan.sk 

Disclaimer

The recommendations and price estimates express the independent opinion of the analyst and do not constitute an investment recommendation of GEVORKYAN, a.s. The company assumes no responsibility for the content or conclusions of the referenced analytical report.

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• Dr. Kalliwoda Research GmbH GEVORKYAN