SRV Group: Market outlook remains bleak - Evli

SRV’s Q3/24 was broadly in line with our estimates. While we did not anticipate any developer-contracted completions for 2025E, we have now also revised our sales estimates for units sold to investors downwards because of the cautious market outlook. The pricing appears elevated based on our 2024-2025 estimates; however, there is still significant long-term potential, even though it’s currently constrained by market conditions.

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