SRV - Quite in line with expectations

SRV's net sales in Q4 amounted to EUR 292.5m, quite in line with our and consensus estimates (EUR 294.1m/299.6m Evli/cons.). EBIT amounted to EUR -8.0m, slightly below our and consensus estimates (EUR -6.6m/-6.9m Evli/cons.).
  • Revenue in Q4 was EUR 292.5m (EUR 403.9m in Q4/19), in line with our and consensus estimates (EUR 294.1m/299.6m Evli/Cons.). Growth in Q4 amounted to -27.5% y/y.
  • Operating profit in Q4 amounted to EUR -8.0m (EUR -86.9m in Q4/19), slightly below our and consensus estimates (EUR -6.6m/-6.9m Evli/cons.), at a margin of -2.8%. The operative operating profit was in line with our estimates at EUR -6.8m (Evli EUR -6.6m). Profitability was affected by negative changes in the value of investments totaling EUR 12.3m.
  • EPS in Q4 amounted to EUR -0.05, in line with our estimates and consensus estimates (EUR -0.04/-0.05 Evli/cons.).
  • Construction: Revenue in Q4 was EUR 292.0m vs. EUR 293.5m Evli. Operating profit in Q4 amounted to EUR 8.7m vs. EUR 8.9m Evli.
  • Investments: Revenue in Q4 was EUR 0.9m vs. EUR 1.1m Evli. Operating profit in Q4 amounted to EUR –15.4m vs. EUR -13.5m Evli.
  • Other operations and elim.: Revenue in Q4 was EUR –0.3m vs. EUR -0.5m Evli. Operating profit in Q4 amounted to EUR -1.3m vs. EUR -2.0m Evli.
  • The order backlog amounted to EUR 1,153m, down 14.2% y/y. Order intake in Q4 was EUR 140.7m, at similar levels as in the comparison period.
  • The BoD proposes that no dividend be paid for 2020.
  • Guidance 2021: Revenue is expected to be EUR 900-1,050m and operative operating profit EUR 16-26m (2020: EUR 15.8m adj.)
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