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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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.

Another owner-occupied housing project starts this year, again in Niittykumpu, Espoo. Less than half reserved during pre-marketing. The press release also refers to the financing capacity brought by the infrastructure business and the new hybrid.  SRV is launching the sale and construction of a 40-apartment residential building, Asunto Oy Espoon Luhtavehka, in Niittykumpu, Espoo. Luhtavehka is the second owner-occupied housing project that SRV will start constructing this year.   Nearly half of Luhtavehka’s apartments have been reserved during pre-marketing. SRV’s goal is to significantly increase the volume of residential construction in the coming years.   “The hybrid bond issued last week and the sale of the infrastructure business published in October strengthened our financial position and practically ensure the necessary financing capacity to increase our own project development-based housing and commercial property production for the coming years,” Seppä continues.  SRV starts construction of an owner-occupied housing project in Niittykumpu, Espoo https://share.google/jxLjO7s3j8GCeROzX

SRV has been removed from disfiguring the Helsinki index, or at least from the OMX Helsinki Benchmark Index, which imitates the Helsinki one, with today being its last day included. This has probably contributed to SRV’s share price falling, 1 week -6% while YIT 1 week +8%, and OMXHGI +3%. SSAB will be added to the index, and along with SRV, F-Secure, Sitowise, and for some reason even 2.0bn market cap Kalmar will be removed.  Helsinki, November 21, 2025 — Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Helsinki Benchmark™ Index, (Nasdaq Helsinki: OMXHB), which will become effective at market open on Monday, December 1, 2025. The following security will be added to the Index: SSAB AB ser. B (SSABBH). The OMX Helsinki Benchmark™ Index measures the performance of a selection of the largest and most traded securities listed on Nasdaq Helsinki Ltd. The Index is reviewed semi-annually in June and December. As a result of the semi-annual review, the following securities will be removed from the Index: F-Secure Oyj (FSECURE), Kalmar Oyj B (KALMAR), Sitowise Group Plc (SITOWS), and SRV Group Plc (SRV1V). For more information, please refer to the OMX Helsinki Benchmark Index Methodology. For a list of current Index Securities please refer to Nasdaq’s Global Index Watch.  Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark™ Index Nasdaq announces semi-annual changes to the OMX Helsinki Benchmark™ Index

Exactly, but Kokkila was not the only party in this arrangement. The majority of redemptions of old hybrids and subscriptions for new ones were independent of Tuomas Kokkila. However, this tells us almost nothing about the Kokkilas’ share in the overall picture.

In other words, according to your understanding, the company redeemed (with money) part of Kokkila’s old loans, and Kokkila subscribed for new loans with only about half of the old loan amount. In this case, Kokkila would have received, for example, 500,000 euros in cash from loans with a nominal value of 1,000,000 euros, and new hybrids with a nominal value of 500,000 euros. Is that right?

Nowhere, and no one has claimed such a thing. I don’t feel like digging up the size of the tranches for those loans now, but in the old one it was something like 760€, because it was backed by very complex arrangements related to debt reduction. The tranche of the new hybrid is divisible by 100.  You are confusing things now. Kokkila sold old hybrids with a nominal value of just over one million and received 100% of their nominal value for them. After this, he subscribed for new hybrids worth 500k€ at 100% of their nominal value. If the value of the hybrids redeemed from Kokkila had been half of the nominal value, the stock exchange release would have stated 50 pct instead of 100 pct.

Where has it been stated that the nominal value of one bond in both loans would be one euro? If in both loans the nominal value of one bond were one euro, then as for Kokkila, he would have received redemption for over half the value, and less than half of the old loan’s value would have been “paid” with a new loan.

Forgot to reply to this:  100 pct in this context means that the price of the loan was 100% of its nominal value. So Kokkila sold old hybrid bonds for a little over a million and subscribed for new ones worth €0.5m. The difference went into his own pocket.  Who subscribed for €15m?

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 %			11.1 %
P/E (adj.)	neg.	4.8	2.8
EV/EBITDA	67.2	7.4	5.2

SRV Group: Gap year before growth

Key Estimate Figures03.02.2022

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