Operational improvement in sight

We think AcadeMedia will start to turn a corner in terms of profitability in Q3, after one and a half years of inflationary pressure that has been hurting profitability.

Enters Finland via acquisition

Mixed news in eventful Q2

Upper Secondary profitability main issue, offset by higher vouchers and Adult Education. Reiterate BUY with unchanged TP of SEK 85.

Q2 done and dusted — case intact

Soft Q2 expected as inflation bites

We expect adj. EBIT to be slightly down y-o-y. Update on school vouchers for 2024 in focus. Reiterate BUY with unchanged TP of SEK 85.

Slight miss in Q1 no major issue

Early news on school vouchers on a solid level. '23/'24e adj. EBIT down 1%, EPS down 10%. Reiterate BUY with new TP of SEK 85 (90)

Muted Q1 as profitability disappoints

Strong growth for Preschools expected

Adj. EBIT growth to improve throughout the year. Minor revisions, Q1 report due 25 October. Reiterate BUY, unchanged TP of SEK 90.

On the right track again

Surprisingly strong from school segments. Small positive est. revisions, '24e EPS up 3%. Reiterate BUY with unchanged TP of SEK 90.

Solid preliminary figures for Q4

Stage is set for a solid year-end

Easier comps should lead to better EBIT growth y-o-y. '23e adj. EBIT raised 0.4%. Reiterate BUY, unchanged TP of SEK 90.

Finally some positive news

Solid vouchers and easier comps in Q3e

Uncertainty regarding Germany the main issue. '23e adj. EBIT revisions of -2%. Reiterate BUY, unchanged TP of SEK 90.