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Extensive research

Strong prerequisites for a turnaround

By Inderes
SRV Group
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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.

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

A small update on SRV’s housing sales. Of the 82 apartments in Karhunsammal, located in Munkkivuori, 49 are currently available. If even the...
54 minutes ago
by Jopinaattori
2
Are we perhaps on the verge of a turnaround? If residential construction starts to recover in 2027, the stock market is already champing at ...
1/22/2026, 12:59 PM
by Siirala
0
Couldn’t the title be concisely “SRV”, even though the title doesn’t define the company’s actions?
1/20/2026, 9:04 AM
by Jopinaattori
0
Is it time to change the thread title? The next recession will certainly come around again, but the question in the title was answered with ...
1/20/2026, 8:36 AM
by MoneyWalker
3
Here is a pre-earnings report from Atte as SRV releases its results on Wednesday, February 11. SRV will report its 2025 financial statement ...
1/20/2026, 7:21 AM
by Sijoittaja-alokas
2
We will know more on February 11, 2026, but revenue growth and operating profit growth go hand in hand since the business is profitable. So,...
1/19/2026, 2:33 PM
by Jopinaattori
3
Figures for the rest of the year estimated, 1-9/2025 totals were: -revenue EUR 490 million, -operative operating profit EUR 2.8 million And ...
1/19/2026, 1:47 PM
by Opa
5
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