Sentia’s Q1 report was again stronger than expected with revenues coming in ~3% above consensus and 5% above our EBIT estimate at NOK 144m, corresponding to a margin of 4.5%. HENT was the key driver with an EBIT-% of 5.1%, 10bps above our estimate. Market activity appears to be stable with several notable projects awarded in the quarter from both public and private counterparts. Short term, we see potential for a strong order intake of NOK >4bn in Q2 should the NRK HQ project be awarded. We rais ....
