SRV - Results neither good nor bad

SRV's net sales in Q3 amounted to EUR 209.9m, below our and consensus estimates (EUR 223.6m/234.0m Evli/cons.). EBIT amounted to EUR 1.7m, below our and consensus estimates (EUR 2.9m/3.0m Evli/cons.).
  • Revenue in Q3 was EUR 209.9m (EUR 227.1m in Q3/19), below our estimates and consensus estimates (EUR 223.6m/234.0m Evli/Cons.). Growth in Q3 amounted to -7.6% y/y.
  • Operating profit in Q3 amounted to EUR 1.7m (EUR -7.0m in Q3/19), below our estimates and consensus estimates (EUR 2.9m/3.0m Evli/cons.), at a margin of 0.8%. The operative operating profit clearly beat our estimates at EUR 7.1m (Evli EUR 2.9m). The operating profit was positively affected by the cancellation of a EUR 3.1m provision for expenses that were recognized due to a ruling by a Russian court as well as lower rents from shopping centres due to the pandemic.
  • EPS in Q3 amounted to EUR -0.01, in line with our estimates and consensus estimates (EUR -0.01 Evli/cons.).
  • Construction: Revenue in Q3 was EUR 209.1m vs. EUR 222.9m Evli. Operating profit in Q3 amounted to EUR 5.2m vs. EUR 5.4m Evli.
  • Investments: Revenue in Q3 was EUR 1.1m vs. EUR 1.2m Evli. Operating profit in Q3 amounted to EUR -3.8m vs. EUR -1.5m Evli.
  • Other operations and elim.: Revenue in Q3 was EUR -0.3m vs. EUR -0.5m Evli. Operating profit in Q3 amounted to EUR 0.3m vs. EUR -1.0m Evli.
  • The order backlog amounted to EUR 1,280m, down 19.6% y/y. Order intake in Q3 was EUR 154.4m, 25% more than in the comparison period.
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