contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Olli Koponen

SRV Group operates in the construction industry. The greatest specialist expertise is found in project management of construction projects for the commercial sector. The projects are mainly focused on the development of business premises, residential buildings, and other infrastructure projects. The largest operations are found around major growth locations in Europe. The company was founded in 1987 and has its headquarters in Espoo.

The good news is that no one sees any issues with the company’s internal operations. They are keeping their head above water, sitting on a pile of cash almost like a bandit chief, and the cash position is only set to improve this year, when a significant one-off payment from the Oulu Torihotelli project is also expected. Everyone is waiting (apparently for nothing else) for clear signs of a pickup in housing demand to emerge. When these miraculous signs appear on the horizon like coltsfoot on a spring roadside, the perception of the company’s value will apparently change as if by magic. This happens when the observation period is short and the engine’s momentum is influenced by external factors (not least human psychology), which can change in a very short time. At the same time, everyone knows it is only a matter of time before demand starts to rise, and current construction volumes are completely inadequate to satisfy even normal demand.

Evli is also sticking to the “show me the money” line in case those home sales don’t materialize. No wonder, since we’ve already been waiting for X years for new apartments to start selling in the second half of the year, let alone for construction to even begin.  REDUCE with a target price of EUR 4.8  We retain our REDUCE-rating and target price of EUR 4.8. Although multiples start to appear more attractive on 2027 estimates, should the housing construction market gain traction, the visibility is still to limited to emphasize said multiples.                    Evli              SRV - All eyes on demand development

And then here’s a company report on SRV from Atte following the Q4 results.  SRV published its Q4 report, which contained no surprises following the company’s positive profit warning in January. Guidance for the current year was also in line with our previous forecast, and we have made only modest changes to our estimates. In our view, gradually starting residential construction projects will already begin to support volumes and earnings this year, compensating for the gap left by the sale of SRV Infra. The company still has a good starting point to shift its earnings onto a more significant growth path from 2027 onwards, as the strong project pipeline in commercial construction (incl. the large-scale Tays project) and growing volumes in residential construction begin to materialize more clearly in the results. However, the valuation still relies heavily on the future, and the stock’s risk/reward ratio is not attractive when considering the uncertainties related to the timing and realization of the earnings turnaround. We maintain our target price at EUR 5.0 and our recommendation at Reduce.                   Inderes              SRV Q4'25: Portfoliomuutos alkaa konkretisoitumaan hiljalleen - Inderes    Näkemyksemme mukaan asuntorakentamisen asteittain käynnistyvät hankkeet alkavat tukea jo kuluvana vuonna volyymia ja tulosta, mikä kompensoi SRV Infran myynnin jättämää aukkoa.

Atte interviewed SRV’s CFO Jarkko Rantala after Q4.                    Inderes              SRV Q4'25: Hyvistä lähtökohdista vuoteen 2026 - Inderes    Aika: 11.02.2026 klo 13.56 SRV:n neljäs kvartaali sujui odotusten mukaisesti toimitilarakentamisen volyymikasvun tukemana. Uuteen vuoteen SRV lähtee hyvistä lähtökohdista putkessa olevien voitettujen hankkeiden myötä. SRV:n talousjohtaja Jarkko...                             Topics: 00:00 Introduction  00:10 Q4 highlights  01:23 Guidance  03:33 Self-developed projects  04:32 Tays large-scale project  05:18 Sale of SRV Infra  07:19 Profitability of business premises construction  08:20 Data center construction  09:25 Arena projects  10:36 Market outlook

SRV - quick comments on the earnings report.  So, the result and guidance were in line with Inderes’ expectations. Outside of the adjusted operating profit this time was the EUR 21.7 million capital gain from SRV Infra.  The 2026 outlook in more detail can be found in SRV’s report.                     Inderes              SRV Q4’25 -pikakommentti: Tulos sekä ohjeistus linjassa odotuksiin - Inderes    SRV julkisti aamulla tammikuussa päivitetyn ohjeistuksensa mukaisen Q4-tuloksen. Tuloksen lisäksi myös ohjeistus vuodelle 2026 vastasi odotuksiamme.                                        srv.fi              SRV:n tilinpäätöstiedote tammi-joulukuu 2025: Operatiivinen liikevoitto...      Loka-joulukuu 2025 lyhyesti:    · Liikevaihto nousi 215,8 (209,1) milj. euroon (3,2 %).

So, SRV’s operating profit from continuing operations was negative in 2025.

The transaction was completed at the turn of the year, so SRV Infra’s figures were still included in SRV’s consolidated figures for 2025.

SRV Group

SRV’s Q4 report was below our expectations as a whole. Projects with weak margins pushed the company’s earnings into red in 2021. This year, performance will also remain clearly below the potential...

<p>SRV’s Q4 report was below our expectations as a whole. Projects with weak margins pushed the company’s earnings into red in 2021. This year, performance will also remain clearly below the potential, as very few developer contracted dwellings will be completed. 2022 threatens to become a gap year, overshadowed by the many uncertainties in the market, in addition to company-specific challenges. We do not believe the valuation currently offers sufficient expected returns for us to jump on board the share considering the risks.</p> 

	2021	22e	23e
Revenue	932.6	880.4	963.3
growth-%	-4.4 %	-5.6 %	9.4 %
EBIT (adj.)	5.3	27.7	36.0
EBIT-% (adj.)	0.6 %	3.1 %	3.7 %
EPS (adj.)	-1.42	0.93	1.61
Dividend	0.00	0.00	0.50
Dividend %			9.5 %
P/E (adj.)	neg.	5.6	3.3
EV/EBITDA	67.2	7.7	5.4

SRV Group: Gap year before growth

Key Estimate Figures2022-02-03

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