Componenta’s future (2025–2027) is supported by the gradual recovery of the market, a large order from the Finnish Defense Forces, and the Fortaco acquisition. 
The company’s business areas, such as foundry products and machining services, are growing in Europe slightly faster than GDP. The projected revenue growth for 2024–2027 is 10% per year, with the Defense Forces order and the Fortaco acquisition accounting for a significant portion of this growth.
Profitability is boosted by improved capacity utilization and reduced costs. The stock valuation is attractive, but realizing its potential will take time and evidence.
We maintain our Accumulate recommendation and our target price of EUR 3.60 on Componenta. Some of the company’s target markets are uncertain at the end of 2024, but the gradual recovery of the market, a large order from the Finnish Defense Forces and the acquisition of Fortaco will secure rapid growth in 2025-2027. At the same time, operating leverage is significantly increasing profitability. On forward-looking metrics, the stock is cheap.
