AcadeMedia AB (Buy, TP: SEK92.00) - Finding bolt-on acquisitions again
Q1 was in line with our forecasts, showing growth across all segments. We see a solid demand outlook, driving growth, and an attractive valuation (2024/25–2026/27e FCF yield of 15–20%), with AcadeMedia back in acquisition mode (four bolt-ons in Q1) and the now recurring share redemption programme (SEK300m) addressing its weak track record in capital allocation. We see the potential for a continued re-rating and reiterate our BUY and SEK92 target price.AcadeMedia AB is a Sweden-based holding company, which operates through its subsidiaries, primarily via AcadeMedia Group AB. It provides educational services and specializes in preschools, compulsory schools, upper secondary schools and adult education centers, among others. AcadeMedia Group AB has facilities all over Sweden, as well as preschools in Norway and Germany. Its brands include Framtidsgymnasiet, Hermods, Pysslingen, Plushogskolan, Espira, Vittra and NTI-gymnasiet, among others. The adult education sector is engaged in provision of various trainings, such as Swedish for Immigrants (SFI), Information Technology (IT), marketing and logistics, among others. AcadeMedia AB's main shareholders comprise Mellby Gard AB, Marvin Holding Ltd and Nordea Funds Ltd.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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