Atvexa Education roll-up case evolving
Atvexa continued its non-cyclical education sector roll-up story in 2019/20, with a strong Q4 report. Its high pre-school exposure led to a seasonally strong profit contribution (Q4 EBIT +18% YOY), in line with our forecast. We expect the company to remain an active consolidator, given its decentralised, asset-light business model with strong FCF generation. We have raised our 2020/21–2022/23e adjusted EPS by 5–9% and trimmed our fair value range to SEK70–100/share (72–104).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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