Q2 execution hits the mark

International expansion shows its strengths

Proposal on school transparency, as expected

Profit inquiry does not change the case

Orica Limited: 1 director

A director at Orica Limited maiden bought 4,366 shares at 23.387AUD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...

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