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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, 12.25
Inderes
Discuss
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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 %22.7 %
P/E (adj.)13.9neg.1.3
EV/EBITDA24.4neg.6.3

Forum discussions

Tässä Aten kommentit siitä, miten SRV on allekirjoittanut toteutussopimuksen Tampereen yliopistollisen sairaalan uudistamisohjelman loppuvaiheen...
9/28/2026, 7:59 AM
by Sijoittaja-alokas
3
SRV and the Wellbeing Services County of Pirkanmaa have signed an implementation agreement for the new building complex at Tampere University...
9/25/2026, 6:47 AM
by Jopinaattori
6
YIT held a Capital Markets Day (CMD), with SRV also making a name for itself as a builder of Finnish data centers, which was a theme of the ...
9/24/2026, 9:41 AM
by Opa
3
Just chatting… There is an interview with Inderes’s Atte Jortikka in Kauppalehti today regarding SRV (paywall): SRV:n osake on ampaissut hurjaan...
8/26/2026, 2:10 PM
by Koala
1
I wrote an article about construction companies for Salkunrakentaja. YIT’s and SRV’s earnings development has been extremely weak for a long...
8/26/2026, 6:18 AM
by Tomi Lindell
5
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