INKAT.AT(INKAT.AT)

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INKAT.AT(INKAT.AT)

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$5.03—

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INKAT.AT(INKAT.AT)

INKAT.AT

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7/15/26

INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS (INKAT.AT)

Wednesday

5:57 AM

Thesis: Intracom Constructions Societe Anonyme Technical and Steel Constructions: the story is balanced — New contract awards and backlog growth, particularly large infrastructure or energy projects exceeding €50M

Revenue Outlook

Metric	FY2022	FY2023
Revenue	$225M	$412M
Rev. Growth	+4.9%	+82.8%
EPS	$-0.32	$-0.02
EPS Growth	+28.9%	+93.0%
P/E	—	—

What Moves the Stock

1New contract awards and backlog growth, particularly large infrastructure or energy projects exceeding €50M
2Steel input costs (hot-rolled coil, structural steel prices) relative to contract escalation clauses and hedging effectiveness
3Greek and EU infrastructure spending commitments, including Recovery and Resilience Facility disbursements for Southeastern Europe
4Project execution milestones, margin realization on major contracts, and working capital efficiency (DSO, project cash conversion)
5Regional construction activity indicators in Greece, Balkans, and Cyprus markets
6Steel structure fabrication and erection for industrial facilities (estimated 40-50% of revenue)
7Infrastructure construction projects including bridges, ports, and public works (estimated 30-40%)
8Energy sector construction including power plants and renewable energy installations (estimated 15-25%)

FY2023 Snapshot

Revenue: $412M
Rev. Growth: +82.8%
Gross Margin: 9.8%
Op. Margin: 7.8%
Net Margin: -0.8%
Net Income: $-3M
NI Growth: +85.2%
EPS: $-0.02
1Y Return: +4.6%

INKAT.AT Chart

My Notes

value - The stock trades at distressed multiples (10.8x P/B, 56.9x EV/EBITDA despite negative margins) suggesting deep value investors…
Rising rates increase project financing costs for clients (delaying investment decisions)…
Watch on earnings: Hot-rolled coil steel prices in Europe (benchmark for raw material input costs), Greek government infrastructure budget execution and EU Recovery Fund disbursement rates, Order backlog value and average contract duration (visibility into future revenue).

One Sentence Summary:

Intracom Constructions Societe Anonyme Technical and Steel Constructions: the story is balanced — new contract awards and backlog growth, particularly large infrastructure or energy projects exceeding €50m.

Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.

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Metric

FY2022

FY2023

P/E

—

What Moves the Stock

1New contract awards and backlog growth, particularly large infrastructure or energy projects exceeding €50M

2Steel input costs (hot-rolled coil, structural steel prices) relative to contract escalation clauses and hedging effectiveness

3Greek and EU infrastructure spending commitments, including Recovery and Resilience Facility disbursements for Southeastern Europe

4Project execution milestones, margin realization on major contracts, and working capital efficiency (DSO, project cash conversion)

5Regional construction activity indicators in Greece, Balkans, and Cyprus markets

6Steel structure fabrication and erection for industrial facilities (estimated 40-50% of revenue)

7Infrastructure construction projects including bridges, ports, and public works (estimated 30-40%)

8Energy sector construction including power plants and renewable energy installations (estimated 15-25%)

My Notes

value - The stock trades at distressed multiples (10.8x P/B, 56.9x EV/EBITDA despite negative margins) suggesting deep value investors…

Rising rates increase project financing costs for clients (delaying investment decisions)…

Watch on earnings: Hot-rolled coil steel prices in Europe (benchmark for raw material input costs), Greek government infrastructure budget execution and EU Recovery Fund disbursement rates, Order backlog value and average contract duration (visibility into future revenue).