TOL - 18th Jun, 2026
Each deal makes Tasmea harder to beat - so who's next?
The market has finally woken up to one of the few 'value' plays left in the electrification sector on the ASX.
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Tasmea (TEA: ASX) was the ‘value’ play within the electrification sector versus peers when we first met them. The market overlooked their recurring revenue; remote maintenance revenue focusing on their concentrated earnings exposure and disliked the consolidator roll up play.
The valuation gap held despite the company executing on earnings and accretive acquisitions as speculation continued over their ability to allocate capital.
Finding value in the electrification growth-exposed companies is not easy and this was one of them. The consistent question on Tasmea as a viable consolidator platform however remained.
Tasmea started as a buy-and build platform. During 2009-2016, the company built the Pilbara-remote access maintenance base. Pre IPO they made 3 acquisitions establishing services across trades. Since listing in April 2024, the company has acquired 6 companies that are bolt-ons to the existing businesses. The company currently has 27 subsidiaries and over 2000 employees.
The company still traded at a discount to peers as leverage to the Pilbara and single customer exposure remained high and conviction on management’s acquisition capability was still forming.
The WorkPac acquisition at the end of 2025 was not well received by the market as a new segment was added to the portfolio of companies, this time, in the workforce solutions space. Despite the acquisition being ~10% EPS accretive, the market was concerned about the quality of the business and synergy capability.
The company continued to trade at a discount to peers. The question still remained.
Maxim is Headquartered in Victoria; is a market-leading specialist electrical business, positioned across the state's three structural growth markets: Data Centres (“DC”), Major Government Infrastructure, and Renewable Energy including Battery Energy Storage System (“BESS”) developments.
It is a meaningful acquisition with $50mn maintainable EBIT and a $1.3bn identified pipeline.
Until now, Tasmea has been focused on maintenance, specifically in the Pilbara which meant that conviction comes from the inorganic growth capabilty - acquisition execution.
Not only was the acquisition >30% EPS accretive, it has diversified earnings away from the Pilbara and maintenance to growth capex and all of Australia.
It answered the question.
Tasmea is a validated consolidation platform.
The company has identified opportunities that are increasing the resilience of portfolio earnings and with every acquisition, increases their competitiveness in bidding for future assets.
Each successive deal is making the platform more capable, more diversified and more valuable per share. Tasmea pays vendors partly in TEA shares, which converts sellers into aligned long-term owners. As the share price moves higher, as an acquirer, Tasmea only becomes more competitive.
The industry is still highly fragmented market, the questions shifts from if and how can Tasmea continue to consolidate to, who is next?
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Claudia Kwan is Managing Partner and Co-Portfolio Manager at NorthStar Impact, with over 15 years of experience in global equities and a strong track record as a fundamental stock picker. Her investment career was shaped by early exposure to Asian and international markets, where she developed deep expertise in identifying what is driving company and markets across different economic cycles and geographies.
Claudia began her career at Morgan Stanley, gaining institutional grounding in equity research and capital markets. This experience provided a rigorous analytical foundation and a global lens that continues to inform her investment approach today. She later built on this at Morphic Asset Management, focusing on global equities and refining her ability to assess company earnings drivers, business quality, earnings sustainability, and valuation across markets.
At NorthStar, Claudia co-manages the Australian Equities strategy, concentrating on bottom-up stock selection with a focus on small- and mid-cap companies. She is known for her disciplined, research-driven process, combining detailed company analysis with a clear understanding of market dynamics to identify mispriced growth opportunities. Her approach emphasises long-term earnings potential with short-term catalysts that will drive share prices higher.
A graduate of the Australian Institute of Company Directors (AICD), Kwan brings a strong governance perspective to her investment decisions, reinforcing her focus on quality, accountability, and long-term value creation.
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Claudia Kwan is Managing Partner and Co-Portfolio Manager at NorthStar Impact, with over 15 years of experience in global equities and a strong track record as a fundamental stock picker. Her investment career was shaped by early exposure to Asian...
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Claudia Kwan is Managing Partner and Co-Portfolio Manager at NorthStar Impact, with over 15 years of experience in global equities and a strong track record as a fundamental stock picker. Her investment career was shaped by early exposure to Asian...
Expertise
No areas of expertise
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