Mendole: Consolidating a fragmented market

Mendole has established a platform for continued consolidation of the fragmented Danish technical property services market, with the acquisition of Rebo representing a significant step in the Group’s development. The planned capital raise of up to DKK 59m is required to complete the acquisition and is intended to strengthen the financial capacity for future acquisitions. On a pro forma basis including Rebo, the Group is expected to reach revenue of DKK 300–350m and EBITDA of DKK 30–40m in 2026, with 2028 targets of DKK 500m and DKK 50m, respectively. With more than ten identified acquisition targets, Mendole has favourable conditions to continue its acquisition-driven growth, where increased scale can create additional value through synergies and cross-selling. The business model does, however, involve risks related to financing, integration and the ability to maintain profitability in a rapidly growing group. If Mendole succeeds in combining continued acquisition activity with organic growth and the gradual realisation of synergies, there is potential to establish a significantly larger and more profitable platform in the Danish market. If Mendole achieves its pro forma EBITDA and trades in line with peers at ~8x, would it imply an enterprise value of approximately DKK 280m.

Tyckte du analysen var intressant? Dela med andra investerare.

Analytiker