STOCKHOLM, Oct 1 (Reuters) - Swedish private equity firm EQT is planning a Stockholm stock market listing of bath and toilet maker Sanitec next year, three people familiar with the matter said.
Two of the people said UBS and Nordea are advising EQT on the listing, which would take place as the European construction market is seen turning the corner after a string of rough years due to the euro zone debt crisis.
EQT, Sanitec, UBS and Nordea all declined to comment.
Building components firm Lindab, kitchen firm Nobia and heating specialist Nibe, which are listed in Stockholm and, like Sanitec, dependent on the fortunes of the European construction market, trade at around 8.5 to 9 times forward earnings (EBITDA) according to Starmine.
Assuming Sanitec’s EBITDA remains stable at the roughly 100 million euros of the last two years and applying a multiple of 8.5 to 9 times would yield an enterprise value for Sanitec of around 850-900 million euros. (Reporting by Sven Nordenstam)