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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 research18.09.2018 klo 13.25
Inderes
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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.

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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 %31.9 %
P/E (adj.)13.9neg.0.9
EV/EBITDA24.4neg.6.1

Forum discussions

Here is the company report from Ate on SRV regarding Q2 SRV’s Q2/26 result fell short of our forecast, as risk provisions for early-stage projects...
8/7/2026, 7:51 AM
by Sijoittaja-alokas
3
Atte interviewed SRV’s CFO Jarkko Rantala regarding their Q2 results Topics: 00:00 Intro 00:10 Performance in the first half of the year 01:...
8/6/2026, 12:50 PM
by Sijoittaja-alokas
1
Here are Ate’s quick comments on SRV’s results SRV’s second-quarter result clearly fell short of our expectations, even though revenue returned...
8/6/2026, 8:07 AM
by Sijoittaja-alokas
2
To complement the previous post, here is the interim report announcement. There is no shortage of work, with an order backlog of €1 billion ...
8/6/2026, 7:04 AM
by Opa
3
In my opinion, the key points from Q2 are: The company is narrowing (raising) its operating profit guidance for the full year to €10–20 million...
8/6/2026, 5:59 AM
by Jopinaattori
3
Atte; It seems the Oulu market square hotel was completed in Q2. What do you expect the completion of the market square hotel to mean in terms...
7/30/2026, 6:37 AM
by Jopinaattori
0
Here are Ate’s pre-view comments ahead of SRV reporting its Q2 results next Thursday We expect the company’s revenue and profit to return to...
7/30/2026, 5:43 AM
by Sijoittaja-alokas
1