Sentia-Bolt-on adds ~2% to 2027e EBIT on accretive terms-06/15/2026

Research evidence excerpt

Sentia-Bolt-on adds ~2% to 2027e EBIT on accretive terms-06/15/2026

Sentia

NEWSFLASH | 15 JUN 2026

Bolt-on adds ~2% to 2027e EBIT on accretive terms

SNTIA just announced an LOI to acquire 70% of the Stockholm-based renovation and maintenance (R&M) company Thule

Fastighetsutveckling. This follows a Q1 presentation where SNTIA spent a good chunk of time making the case for a more

robust growth outlook in the R&M segment as activity shifts away from newbuild. Thule's 5.5% EBIT margin is a solid

testament to how attractive the profitability of such projects can be and is accretive to Sentia's Sweden segment (which

posted a 4% EBIT margin in 2025). The deal itself is small at SEK 65m, but it still adds ~2% to our 2026-27e EBIT at an accretive

4x EV/EBIT, versus SNTIA at 6x 2026e (~35% discount to peers). We would expect a multiple expansion up toward peers at

~9x to materialize before SNTIA really starts leaning on the M&A button, with building a track record likely the key priority

first. Still, the bolt-on angle is intriguing, and we would dare to speculate that the elevated net cash position is at least partly

explained by ambitions to follow exactly that track. Buy, TP NOK 95.

Comments

• Thule Fastighetsutveckling is a Stockholm-based R&M (repair & maintenance) contractor. Runs jobs as partnering projects on a cost-

plus, open-book basis – same delivery model as SSEA, Vestia and the rest of Sentia Sweden.

• 2025 financials: Turnover SEK 287.5m, operating profit SEK 15.9m, margin 5.5% (above Sentia's Swedish segment).

• SNTIA has an LOI to buy 70%. EV of SEK 65m (100% basis), implying SEK ~45.5m for the 70% stake before EV-to-equity adjustments.

Remaining 30% held by management/key staff to keep them invested.