AtvexaEducation roll-up
We consider Atvexa, a large provider of Swedish pre-and compulsory schools, a roll-up case positioned to remain an active consolidator, underpinned by its decentralised, asset-light business model that delivers strong FCF. With its non-cyclical structural growth profile, we believe the underlying market supports our modest revenue growth forecasts, which do not include further acquisitions. We initiate coverage with a fair value of SEK50.6–63.8/share.Atvexa AB is a Sweden-based property company for pre-school and school operations. The Company operates more than 10 subsidiaries, which own over 70 preschools, around 15 schools and a special school, located throughout Sweden. Preschools operate under such names as TP Forskolor, Waga & Wilja, Framtidsfolket, Unike, Skrattegi, M3P Forskolor, Mabra, Byangsskolan, Sodervikskolan, Akers Friskola, Ralsen, Montessori i Norrtalje, Engelska Skolan Norr, MA Vatterosen and Angdala Skolor. The Company's main shareholders comprise Svenska Rehabiliterings Sjukhus AB and Alteria Holding AB.
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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