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SENASTE
Atvexa reported a solid Q2, exceeding our expectations despite benefiting from a timing effect. With seven bolt-on acquisitions completed so far in 2021/22, the educational roll-up case is evolving. We expect Atvexa to remain an active consolidator, given its decentralised, asset-light business model with strong FCF generation. We have raised our 2021/22–2023/24 EPS and FCF forecasts by 4–6% and adjusted our fair value to SEK60–105/share (62–110) on peer valuation moves.
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