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
      researchContentUrl
    }
    ... 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
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      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.

Here’s a fresh company report from Ate  SRV announced that it has won a contract to build a data center in Lahti. According to the company, the project will increase the order book by 35% compared to the end of last year. Thus, the value of the contract is approximately EUR 270 million. The total data center investment is, in our understanding, approximately EUR 1.2 billion. The project is therefore very significant in scale and many times larger than the company’s previous LUMI AI Factory data center project to be built in Kajaani (where the target budget for SRV was EUR 54 million). The contract will be entered into the order book when construction begins, and it will be recognized as revenue according to the percentage of completion during 2026 and 2027. In our view, the project schedule is very tight, and data center projects typically involve significant contract-based delay penalties. On the other hand, we estimate that the project’s margin potential is correspondingly higher than the company’s current project portfolio on average, which relies mainly on public commercial building construction. The number of building permits for data centers has continued to grow, and we see further opportunities for SRV in this segment. However, the massive scale of the projects places limitations on the company’s capacity, despite the project management model.                   Inderes              SRV: Datakeskusrakentaminen konkretisoituu tilauksiksi - Inderes    SRV:n liiketoiminta-alueiden ristiveto jatkuu ennusteissamme lähivuosina.

Quite a large depot for SRV to build in Vantaa.                   Kaupunkiliikenne Oy – 2 Apr 26              Vaaralan varikon toteuttajaksi valittu SRV Rakennus – toteutus...    Vantaan ratikkaa palvelevan Vaaralan varikon projektijohtourakan toteuttajaksi on valittu SRV Rakennus Oy. Asiasta päätti Pääkaupunkiseudun Kaupunkiliikenne Oy:n hallitus 17.3.2026. Varikon rakentaminen ajoittuu vuosille 2026–2029.                             According to this article, it’s a project of about 70 million euros, although 110 million was granted by the Vantaa City Council for the matter: Vantaan ratikkaa rakennetaan kovalla tahdilla, mutta vaunut ja varikko puuttuvat vielä | Uusimaa | Yle

Here are Ate’s comments on SRV’s large data center order  SRV announced on Thursday that it had signed a significant agreement with Singaporean data center company DayOne for the construction of a data center in Lahti. The project is extremely significant for SRV in terms of size, as it increases the company’s order book by approximately 35% compared to the reported level at the end of Q4/2025. The scale of the project and the tight schedule significantly strengthen the company’s volume outlook for 2026–2027, which is particularly positive in light of the still weak housing construction market. We will update our forecasts and views on the company in the coming days.                   Inderes              SRV:lle merkittävä datakeskustilaus - Inderes    Hankkeen kokoluokka sekä tiivis aikataulu vahvistavat merkittävästi yhtiön volyyminäkymää vuosille 2026–2027.

A contract of the order of (€772 x 0.35) €270 million, meaning approximately €135 million in revenue for this year and next.

Inderes              SRV Yhtiöt Oyj: SISÄPIIRITIETO: SRV ja singaporelainen DayOne sopineet...    SRV YHTIÖT OYJ SISÄPIIRITIETO 26.3.2026 KLO 16.15SISÄPIIRITIETO: SRV ja singaporelainen DayOne sopineet datakeskuksen rakentamisesta Lahteen SRV Yhtiöt Oyj on tänään allekirjoittanut sopimuksen...                             Data Center to Lahti. “The project increases SRV’s order book by approximately 35 percent compared to the order book reported in Q4/2025, and the project will be recognized as revenue according to the percentage of completion during 2026 and 2027.”

The good news is that no one sees any issues with the company’s internal operations. They are keeping their head above water, sitting on a pile of cash almost like a bandit chief, and the cash position is only set to improve this year, when a significant one-off payment from the Oulu Torihotelli project is also expected. Everyone is waiting (apparently for nothing else) for clear signs of a pickup in housing demand to emerge. When these miraculous signs appear on the horizon like coltsfoot on a spring roadside, the perception of the company’s value will apparently change as if by magic. This happens when the observation period is short and the engine’s momentum is influenced by external factors (not least human psychology), which can change in a very short time. At the same time, everyone knows it is only a matter of time before demand starts to rise, and current construction volumes are completely inadequate to satisfy even normal demand.

Evli is also sticking to the “show me the money” line in case those home sales don’t materialize. No wonder, since we’ve already been waiting for X years for new apartments to start selling in the second half of the year, let alone for construction to even begin.  REDUCE with a target price of EUR 4.8  We retain our REDUCE-rating and target price of EUR 4.8. Although multiples start to appear more attractive on 2027 estimates, should the housing construction market gain traction, the visibility is still to limited to emphasize said multiples.                    Evli              SRV - All eyes on demand development

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 %			9.7 %
P/E (adj.)	neg.	5.5	3.2
EV/EBITDA	67.2	7.6	5.4

SRV Group: Gap year before growth

Key Estimate Figures03.02.2022

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