Goldman Sachs Fund Holds Long-Term Stake in Slovak Powder Metallurgy Firm GEVORKYAN — GEVORKYAN, a.s.

Event summary

Goldman Sachs' Central Europe Equity fund has held a stake in GEVORKYAN for over three years, representing a long-term investment in the Slovak company.
Analyst Miroslav Gáfrik of Gafrik Research initiates coverage with a BUY recommendation and a target price of EUR 12.34, implying +26% upside from current market price.
GEVORKYAN is in the final phase of a EUR 60–80 million investment cycle (2023–2026), focused on automation and capacity expansion.
For 9M 2025, GEVORKYAN reported revenues of EUR 63.5 million (+8.7% y/y) and EBITDA of EUR 23.0 million (+17.2% y/y), with an industry-leading EBITDA margin of 36.2%.
Long-term contracts ensure over 90% revenue visibility, supporting earnings stability during the investment phase.

The big picture

Goldman Sachs' long-term holding in GEVORKYAN underscores the strategic importance of Central European manufacturing firms with strong operational metrics. The firm's industry-leading EBITDA margin and revenue visibility highlight its resilience amid investment cycles, positioning it favorably within the powder metallurgy sector.

What we're watching

Investment Execution: Whether GEVORKYAN can sustain its EBITDA margin leadership while completing its EUR 60–80 million investment cycle.
Revenue Stability: How the company's long-term contracts will affect revenue visibility post-investment phase.
Market Positioning: The pace at which GEVORKYAN can expand its capacity and higher-value applications to maintain its competitive edge.