Q2 execution hits the mark

International expansion shows its strengths

Proposal on school transparency, as expected

Profit inquiry does not change the case

We are willing to accept noise

A solid start to the school year

Solid start, political shadows

Solid end to '24/'25, with operational optimism

Politics puts us on the sidelines

Continues its international expansion

Meets expectations in Q3

Increased political risk

AcadeMedia AB (Buy, TP: SEK92.00) - All areas contributing

Strong Q2 results were driven by solid operations, recent acquisitions, and retroactive voucher adjustments. 2025 school voucher price increases of c2.5–4.5% should offset cost inflation which, together with the solid Q2, prompts us to raise our 2024/25–2027/27e EPS by 7–3%. We see a robust demand outlook and attractive valuation, with the upcoming Q3e share redemption (c3.3% of shares) addressing its weak historical capital allocation. We see the potential for a continued re-rating and reiterat...

Any uncertainty from Q1 erased

Strong recovery in Q2

Time to show that Q1 was a blip

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.

Q1 beat driven by Adult Education

Strong Q1 but temporary drivers

Strong sales growth to continue in Q1