olivLaw · European equity research
Sentia ASA SNTIA.OL
Norway · Euronext Oslo Børs · ISIN NO0013573014 · Vertical: Listed companies from Norway
Sentia ASA is a Nordic construction and infrastructure contractor with operations in Norway and Sweden, where contracting projects make up most of revenue. For the Euronext Oslo Børs-listed company, its 2025 financial position, with equity of NOK 1,696 million and a net positive financial position of NOK 4,135 million, makes the sustainability of its dividend and its risk management in contracting relevant.
At the close of 06 Nov 2026, Sentia ASA (SNTIA.OL) stock was 85.00 NOK (+3.16% on the day), with market capitalisation 8.4 bn NOK, P/E 14.9 on diluted EPS of 5.70 NOK over the last 12 months, beta 0.21, 52-week range 58.92–87.40 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 54.8
- neutral
- Bollinger (20, 2)
- 78.56 – 86.68
- in the upper half of the band · %B 0.79 · band width 9.8%
- SMA 50 / 200
- 84.15 / 77.39
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.31 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.9% | −0.6% | +2.6 pp | — |
| 3 months | +6.0% | −4.2% | +10.2 pp | — |
| 6 months | +8.8% | +4.3% | +4.5 pp | — |
| Year to date | +34.9% | +7.5% | +27.4 pp | — |
| 1 year | +42.6% | +9.9% | +32.7 pp | −4.7% |
| 3 years | unavailable | +49.8% | unavailable | +12.7% |
| 5 years | unavailable | +42.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 11.1, median 11.1, max 11.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 10.5 bn | 11.8 bn |
| Revenue YoY | unavailable | +11.8% |
| Net income | 471.0 m | 562.0 m |
| Net income YoY | unavailable | +19.3% |
| Diluted EPS | 5.51 | 5.70 |
| Diluted EPS YoY | unavailable | +3.4% |
| net % | 4.5% | 4.8% |
| Free cash flow | 899.0 m | 987.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.3 bn NOK
- Financial debt
- unavailable NOK
- Net debt
- unavailable NOK
- Equity
- 1.7 bn NOK
- Total assets
- 6.9 bn NOK
- Debt / equity
- unavailable
- Current ratio
- 1.08x
- ROE
- 32.1%
- ROA
- 8.2%
- FCF margin
- 8.4%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 10.5 bn | 11.8 bn | esef· 21 Oct 2026verified |
| Operating income | 566.0 m | 576.0 m | esef· 21 Oct 2026verified |
| Interest expense | 81.0 m | 11.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 640.0 m | 731.0 m | esef· 21 Oct 2026verified |
| Income tax | 156.0 m | 160.0 m | esef· 21 Oct 2026verified |
| Net income | 471.0 m | 562.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 5.51 | 5.70 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 1.1 bn | 4.3 bn | esef· 21 Oct 2026verified |
| Current assets | 5.3 bn | 5.5 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 23.0 m | 24.0 m | esef· 21 Oct 2026verified |
| Total assets | 6.8 bn | 6.9 bn | esef· 21 Oct 2026verified |
| Current liabilities | 4.4 bn | 5.1 bn | esef· 21 Oct 2026verified |
| Equity | 1.8 bn | 1.7 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 85.5 m | 98.4 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 919.0 m | 1.0 bn | esef· 21 Oct 2026verified |
| Capex | 20.0 m | 28.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 899.0 m ≈ | 987.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -93.0 m | 3.1 bn | esef· 21 Oct 2026verified |
| Financing cash flow | -546.0 m | -936.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 8.4 bn NOK
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.8% | 58 (vs peers) | 15% |
| FCF conversion · Quality | 175.6% | 100 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 52.4x | 100 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 14.9x | 55 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 11.8% | 100 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet69/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality79/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation75/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SENTIA ASA (SNTIA.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 11.8 bn NOK in 2025; YoY growth 11.8%; net margin 4.8%; ROE 32.1%.
The estimated value range is 52.20–180.08 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 112.62 NOK, the price of 85.00 NOK leaves a potential of 32.5% (value / price − 1) and a margin of safety of 24.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 175.6%
- Interest coverage: 52.4x
- FCF yield: 11.8%
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| SNTIA.OLSentia Asa | 8.4 bn | 14.9 | 32.1% | 4.8% | +11.8% | +37% / unavailable |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for SNTIA.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 54.02 Total return -36% · Per year -36% | 95.18 Total return 12% · Per year 12% | 142.95 Total return 68% · Per year 68% |
| 3 years | 60.38 Total return -29% · Per year -11% | 118.94 Total return 40% · Per year 12% | 194.96 Total return 129% · Per year 32% |
| 5 years | 67.49 Total return -21% · Per year -5% | 148.62 Total return 75% · Per year 12% | 265.89 Total return 213% · Per year 26% |
- Exit P/E± 29.73
- Net margin± 20.81
- Annual revenue growth± 15.97
- Annual dilution± 1.75
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sentia ASA is a Nordic construction and infrastructure contractor with operations in Norway and Sweden, where contracting projects make up most of revenue. For the Euronext Oslo Børs-listed company, its 2025 financial position, with equity of NOK 1,696 million and a net positive financial position of NOK 4,135 million 1, makes the sustainability of its dividend and its risk management in contracting relevant.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Contracting and client dispute riskmedium
Different interpretations of contracts can lead to disputes, some ending in the courts 1. This risk could affect project timelines and results.
- Procurement and execution riskhigh
Most project cost is subcontracting and materials, and the reliability of these suppliers directly influences progress and margins 1.
- Health and safety riskhigh
The work environment involves heavy machinery and potentially hazardous substances, which could lead to accidents affecting staff and operations 1.
- Climate and regulatory riskmedium
Climate change could disrupt supply chains, and new regulation could make access to materials more costly 1.
- Currency and material price risklow
Euro exposure in procurement contracts is managed with forward contracts and material prices with indexation clauses 1; insufficient management could affect margins.
Investment thesis
What would need to be true (bull case)
- A net positive financial position and solid equity could support continued dividend distribution if profit remains stable 1.
- A client base dominated by public institutions could provide more predictable revenue than private projects 1.
- A broad supplier base and history-based selection method could limit execution risk on large projects 1.
What would break the thesis
What to watch
- Approval of the proposed dividend at the general meeting12 May 2026
- Development of margins on contracting projectsQ1 2027
- Trend in equity and net financial position2027
- New sustainability reporting requirements and their cost impactnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sentia defines its activity as contracting and related investment, aiming to become a leading player in the Nordic construction industry by combining scale with local expertise and innovation 1. Contracting projects generate 72 percent of revenue, with the rest coming from other group activities 1. The group operates through entities in Norway and Sweden, and its growth strategy includes winning contracts in core areas and acquiring attractive companies 1.
Contracting in Norway typically uses fixed-price or target-price agreements, while Sweden uses a similar cost-plus method 1. Long-term cooperation with professional developers reduces risk, as does the right choice of subcontractors 1. The company maintains a supplier database of more than 9,000 suppliers, with pricing and delivery history, which helps control cost risk 1.
Governance follows the Norwegian Code of Practice for Corporate Governance (NUES), with all 15 themes covered and two deviations on board work explained in the report 1. The dividend policy aims to distribute more than 70 percent of adjusted net profit over time 1.
Segments
Project contracting (Norway and Sweden)
Project contracting accounts for 72 percent of group revenue and is executed under fixed-price, target-price or cost-plus contracts depending on the market 1. Clients are largely public bodies, which lowers credit risk but exposes the company to public budget cycles 1.
Other group activities
The remaining revenue comes from related group activities described in the annual report as part of the investment and economic activities linked to contracting 1. The source document does not detail these activities enough for a separate analysis.
Market context
Sentia operates in the Nordic construction market, where many clients are public or professional and projects are sensitive to material and subcontracting prices, which account for about 85 percent of project cost 1. Interest rate exposure is limited by the high share of public clients and small exposure to the residential property market 1.
The company is listed on Euronext Oslo Børs and reports under Norwegian governance rules, so market information is published periodically through annual reports and announcements 1.
Trends
- Climate and regulatory risksheadwind
New regulations on emissions could limit access to environmentally friendly materials or make them more expensive, and adapting to new requirements could become harder 1. This could affect project margins if costs cannot be passed on to clients 1.
- Sustainability reporting requirementsmixed
ESRS-based sustainability reporting, included in the annual report, may raise investor expectations on emissions and resource efficiency 1. Over time this could open opportunities for projects with green requirements 1.
- Acquisitions and sector consolidationmixed
A growth strategy based on acquiring attractive, already developed companies 1 could accelerate expansion, but it requires integration and pricing discipline 1.
- Liquidity and dividend distributionmixed
A net positive financial position and a high dividend policy 1 can support shareholder returns in favourable periods, but lower profit could reduce distribution capacity 1.
Competitive position
Sentia competes in Northern Europe with other construction and infrastructure companies, on the basis of scale, local expertise and the ability to finance projects. The source document does not name competitors explicitly, so the list below reflects only the general sector context.
The stated competitive advantage rests on its supplier base, relationships with professional developers and reputation as an efficient and adaptable partner 1. Differentiation could depend on keeping these relationships in large projects.
- Nordic construction contractors (not named in source)
The source does not name competitors; local contractors in Norway and Sweden active in general contracting.
- International infrastructure contractors
Firms active in Northern Europe that compete for large infrastructure projects.
- Integrated developer-builders
Players combining property development with in-house execution, a potential source of contract competition.
- Specialist subcontractors
Firms that can take work directly from clients, which affects the position of the main contractor.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sentia ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.