SRV Group: Gap year before growth
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.
SRV Group
SRV Group operates in the construction industry. The main specialist competence is 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 infrastructural projects. The largest operations are found around major growth locations in Europe. The company was established in 1987 and is headquartered in Espoo.
Read more on company pageKey Estimate Figures03.02.2022
2021 | 22e | 23e | |
---|---|---|---|
Omsætning | 932,6 | 880,4 | 963,3 |
vækst-% | -4,40 % | -5,59 % | 9,42 % |
EBIT (adj.) | 5,3 | 27,7 | 36,0 |
EBIT-% (adj.) | 0,56 % | 3,14 % | 3,73 % |
EPS (adj.) | -0,06 | 0,04 | 0,06 |
Udbytte | 0,00 | 0,00 | 0,02 |
Udbytte % | 0,41 % | ||
P/E (adj.) | - | 130,74 | 75,83 |
EV/EBITDA | 790,36 | 43,46 | 34,02 |