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.
SRV is a leader in the development of innovative construction projects. We seek to provide the best customer experience as a builder of urban centres and to be the industry’s most inspiring workplace. Genuine cooperation and enthusiasm is visible in every encounter with us.