AcadeMedia AB (Buy, TP: SEK63.00) - Going international
AcadeMedia reported solid Q3 results, seeing high growth, driven by price and volume, and good mitigation of the high cost inflation. We have raised our EPS forecasts by 2–3%. We see a solid demand outlook and an attractive valuation (FCF yield 2023/24e of 19% and 2024/25e of 21%) but a lack of catalysts, with the board doing little to counter ‘value trap’ concerns. We reiterate our BUY and have raised our target price to SEK63 (61), suggesting no near-term multiples expansion.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.