Atvexa - Terminating coverage

ABGSC terminates coverage of Atvexa… …due to its acquisition by Demina Skolintressenter Our last published estimates are shown in this report

Atvexa AB: 2 directors

Two Directors at Atvexa AB sold 116,232 shares at 88.000SEK. The significance rating of the trade was 100/100. 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 clearly sho...

Northern Lights

Atvexa - Solid Q3 numbers, prolonged M&A processes

Q3 sales growth of 8.9% y-o-y (2.2% organic) Small positive revisions, ‘22/’23e sales up 1.2% Fair value range of SEK 73-120 (72-118)

Nothern Ligths

Atvexa - New CEO in place, renewed focus on Germany

Temporary cost savings behind strong profitability in Q2 Positive L-T revisions from acquisitions Unchanged political landscape

Atvexa - Another quarter of over 15% sales growth

Slightly weaker margins in Q1 due to seasonality No acquisitions announced, small est. revisions DCF valuation range of SEK 71-117 (73-121)

Atvexa - Continues to execute on strategy

Q4 sales growth of 14% y-o-y, 4% organic Two new acquisitions announced DCF valuation range of SEK 73-121 (86-159)

Atvexa - Organic growth of 6% in Q3

Stable report, lower adj. EBIT margin vs ABGSCe Small positive revisions from M&A activity DCF valuation range SEK 86-158 (87-159)

Atvexa - Three new acquisitions announced

Better utilisation drives organic growth ‘21e/22e sales up 5.4%, mainly on acquisitions DCF valuation range of SEK 83-152 (78-143)

Atvexa Organic and acquired growth

Seasonally the weakest quarter for Atvexa, Q1 saw solid underlying intake of new students/children in its schools with growth further elevated by five bolt-on acquisitions already completed in the current fiscal year. We expect Atvexa 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 7–8% and our fair value range to SEK78–104/share (70–100).

Northern Lights

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 - Another brick in the wall

Solid end to the fiscal year New acquisitions drive positive revisions DCF valuation range of SEK 78-143

Northern Lights

Atvexa Showing exceptional responsibility

The solid Q3 results were above our expectations with the company creating reserves to potentially refund the state for unutilised Covid-19 contributions. With 10 bolt-on acquisitions completed YTD, the industrial roll-out story is evolving, even in the current turbulent environment. We expect Atvexa to remain an active consolidator given its decentralised, asset-light business model with strong FCF generation, and we have raised our fair value range to SEK72–104/share.

Atvexa - The roll-up continues

Solid Q3 report, beat on adj. EBIT Positive revisions from acquisitions and margin uptick DCF valuation range of SEK 70-131

Northern Lights

Atvexa - Schools appear to be a safe haven

Solid Q2 report, beat on adj. EBIT Positive underlying revisions, offset by IFRS 16 DCF valuation range of SEK 67-126

Atvexa Solid execution and outlook

Atvexa (ATVEXAB SS) - Solid execution and outlook (21 pages)