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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.

Extensive research

Strong prerequisites for a turnaround

By Inderes
SRV Group
Download report (PDF)

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.

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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 Figures16.09.2018

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 %42.1 %
P/E (adj.)13.9neg.0.7
EV/EBITDA24.4neg.6.0

Forum discussions

The press release used the phrase “the total value of the transaction is approximately 40 million euros.” It wasn’t quite clear to me whether...
5/19/2026, 4:31 AM
by Jopinaattori
0
According to SRV’s annual report, the company owns 5% of the Tampere Arena and 8.33% of the other parts of the Tampere Central Deck and Arena...
5/18/2026, 7:21 PM
by Atte Jortikka
6
Exit news regarding the Tampere Arena hotel. I suppose some cash will hit SRV’s account from this as well, although the exact amount is quite...
5/18/2026, 6:36 PM
by Jopinaattori
2
Garden Helsinki is progressing. Do people think (referring to today’s share prices) that the project is still with YIT, even though it is currently...
5/18/2026, 12:49 PM
by Koala
2
Today, a €7 million renovation project in Lempäälä was announced. It seems the large organization can also scale down for smaller renovation...
5/15/2026, 6:45 AM
by Jopinaattori
2
From this week, a slightly larger preliminary agreement and a slightly smaller final agreement. https://news.cision.com/fi/srv-yhtiot-oyj/r/...
5/13/2026, 5:24 AM
by Jopinaattori
1
Evli also considers the Q1 2026 report soft, and sets a target price of €5.3 & Reduce Evli | SRV - Growth potential amid uncertainty Evli | ...
5/8/2026, 6:54 AM
by Opa
1