SRV - Guidance appears lackluster

SRV's net sales in Q4 amounted to EUR 336.3m, above our estimates and above consensus estimates (EUR 316.0m/316.0m Evli/cons.). EBIT amounted to EUR -11.5m, below our and consensus estimates (EUR -5.5m/-0.8m Evli/cons.). Group revenue in 2022 is expected to be EUR 800-950m and the operative operating profit is expected to improve on 2021.
  • Revenue in Q4 was EUR 336.3m (EUR 292.5m in Q4/20), above our and consensus estimates (EUR 316.0m/316.0m Evli/Cons.). Growth in Q4 amounted to 15% y/y.
  • Operating profit in Q4 amounted to EUR -11.5m (EUR -8.0m in Q4/20), below our estimates and consensus estimates (EUR -5.5m/-0.8m Evli/cons.), at a margin of -3.4%. The operative operating profit in Q4 amounted to EUR -4.6m, slightly above our estimate of EUR -5.5m.
  • The order backlog in Q4 was EUR 872.3m (EUR 1153.4m in Q4/20), down by -24.4 %.
  • Construction revenue in Q4 was EUR 335.8m vs. EUR 315.9m Evli. Operating profit in Q4 amounted to EUR -1.3m vs. EUR -3.0m Evli.
  • Investments revenue in Q4 was EUR 0.6m vs. EUR 1.1m Evli. Operating profit in Q4 amounted to EUR -8.6m vs. EUR -1.0m Evli.
  • Other operations and elim. revenue in Q4 was EUR -0.2m vs. EUR -1.0m Evli. Operating profit in Q4 amounted to EUR -1.5m vs. EUR -1.5m Evli.
  • Dividend proposal: The BoD proposes that no dividend be paid for FY 2021 (EUR 0.00/0.00 Evli/Cons.).
  • Guidance for 2022: Group revenue is expected to be EUR 800-950m and the operative operating profit is expected to improve on 2021
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