Time to make profits
​We reiterate our Accumulate recommendation and raise target price to 4,1 EUR (before 3,6). SRV’s large business premises development projects, record high order book and the metropolitan area focused housing plot inventory have now started to generate profits. Our SOTP-analysis on continuing operations and large development projects indicate good upside potential and also the valuation multiples look attractive going forward.
SRV is a Finland-based construction company that is constructs and develops commercial and business premises, residential housing as well as industrial and logistics facilities in Finland, Baltic countries and Russia. Co. operates in three business segments: Domestic Operations, International Operations and Other Operations. Co.'s operations include developing and building housing, retail premises, as well as underground construction projects and other special premises. Business premises constructions carry out projects through developer and project management contracting. Co.'s Inernational operations are focused on construction as well and divided into Baltic and Russian operations..
Inderes was founded 2009 and is a company that focuses on equity research. Our goal is to contribute to the functioning of the capital markets by acting as an information link between companies and investors. We are one of the largest equity research teams in Helsinki with the strength of 9 professionals. Inderes Equity Research is an award-winning equity research team, which is independent from banking activities. Several of our analysts are top ranked on the Bloomberg BARR-ranking and have won several Starmine rewards. Our company is majority-owned by the staff.
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