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Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Strong prerequisites for a turnaround

SRV1VExtensive research2018-09-18 12:25
Inderes
Discuss
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We raise our recommendation to Accumulate (previous Reduce) and raise our target price to 3,0 euro (previous 2,6 euro). SRV’s result development has been weak in recent years, especially due to cost overrun in large projects and a weakening Russian ruble. We estimate that SRV’s result will turn to strong growth over the next 12 months as the flow of rental income from shopping malls strengthen, the margin structure of contracting becomes healthier, and the net sales of SRV’s developer contracted housing projects turns to growth. We see upside potential in the share compared to the result forecasts, equity book value, and sum of parts but the high risk level and emergent economic turn depress the valuation indicators.

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.

Read more on company page

Key Estimate Figures2018-09-16

201718e19e
Revenue1,114.4983.01,129.1
growth-%26.1 %-11.8 %14.9 %
EBIT (adj.)28.0-8.645.2
EBIT-% (adj.)2.5 %-0.9 %4.0 %
EPS (adj.)4.76-6.777.41
Dividend1.100.002.22
Dividend %1.7 %28.6 %
P/E (adj.)13.9neg.1.0
EV/EBITDA24.3neg.6.1

Forum discussions

Atte has put together a company report on SRV following the Q3 release SRV’s Q3 fell short of our estimates in terms of both revenue and earnings...
10/23/2026, 6:09 AM
by Sijoittaja-alokas
2
SRV’s CFO Jarkko Rantala was interviewed by Atte regarding the Q3 results.
10/22/2026, 4:08 PM
by Sijoittaja-alokas
2
Here are also Atte’s quick comments As anticipated, SRV’s business returned to clear growth in the third quarter, but our revenue and earnings...
10/22/2026, 8:21 AM
by Sijoittaja-alokas
3
SRV’s earnings are out, good growth and even a 1.5% profit all the way down to the actual bottom line. Outlook unchanged- July–September 2026...
10/22/2026, 6:25 AM
by Opa
3
SRV is looking for (as far as I understand) project engineers for data center construction nationwide across Finland. Start dates are expected...
10/21/2026, 12:19 PM
by Jopinaattori
4
Apparently, the long-planned Kivenlahti metro center in Espoo is finally making some headway. The plot was purchased in October (€2.4M); the...
10/14/2026, 3:15 PM
by Opa
2
Here is a company preview report from Atte, as SRV is set to release its Q3 report on Thursday, October 22. We forecast that earnings have turned...
10/12/2026, 5:35 AM
by Sijoittaja-alokas
3