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Deep Value: cash covers more than 100% of the stock price

This company holds roughly $136M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

SRV Yhtiöt Oyj logo

SRV Yhtiöt Oyj

B7J1.DE
43
Engineering & Construction · Industrials
Price
€6.96
+0.10 (+1.46%)
Market Cap
€117.6M
Exchange
Frankfurt Stock Exchange
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Weak

Share count rising — dilution

+633.5% over 5y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.3M (2020) → 31.9M (2025)

Winston Score History

The full picture

SRV Yhtiöt Oyj is a Finnish construction company that builds large, complex projects like shopping centers, offices, hospitals, and apartment buildings. It works mainly in Finland and serves both private businesses and public organizations as its main customers. SRV acts as a project developer and general contractor, meaning it often helps plan and finance a project before building it.

The company earns money by completing construction contracts and, in some cases, by developing and selling properties it has built. It operates almost entirely in Finland, making it a small, regionally focused business with a market value of around $0.1 billion. Its thin profit margins — roughly 4% at the operating level — leave little room for error, and the main risk the company faces is rising construction costs and higher interest rates, which make property development projects harder to finance and less attractive to buyers.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
1.8%
Thin — 1.8% gross margin
Profit after running costs
Operating Margin
0.2%
Thin — 0.2% operating margin
Return on the money invested
ROCE
16.3%
Strong — 16.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
N/A
Data not available
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
416%
Turns 416% of profit into real cash
Spare cash per sale
FCF Margin
7.6%
Modest free cash flow (7.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
0.64
Moderate — manageable debt (0.64)
Covers its interest
Interest Cover
3.02x
Tight — interest eats into profit (3.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.7x
Attractive valuation — P/E 8.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-3.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
0.39%
Small dividend — 0.39% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-9.5%
Dividend cut (-9.5% YoY) — warning sign

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