SRV’s Q4/24 figures largely matched our expectations, yet the 2025 outlook left much to be desired. We were hoping to see a spark of offense, but it seems 2025 is shaping up to be another year of playing full defense for the company as especially the...

SRV's net sales in Q4 amounted to EUR 209.1m, slightly above our estimate of EUR 196.0m. While volumes beat, operative EBIT matched our estimate at EUR 3.0. Although we anticipated subdued prospects for 2025, the outlook adds additional downward pressure...

SRV reports its Q4 figures on 6th of February. We expect slight improvement in adj. profitability year-on-year for Q4. The year 2025 looks rather similar to 2024 as non-residential remains on the driver’s seat. After incorporating the asset sale and ...

SRV’s 2025 will still be driven by non-residential volumes while we expect that the residential pick-up will begin to reflect more in the numbers starting from 2026. Valuation is stretched on our estimates for 2024-2025 while the long-term potential ...