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Atvexa: New CEO to continue growth case - DNB

Seasonally the weakest quarter for Atvexa, Q1 saw solid underlying intake of new children/students in its schools, with growth further elevated by four bolt-on acquisitions already completed in the current FY. We expect Atvexa to remain an active consolidator under its new CEO, Johan Kyllerman, given its decentralised, asset-light business model with strong FCF generation. We have only tweaked our forecasts post-Q1, and still judge the perceived political risk to be greater than the actual risk, reiterating our fair value range of SEK62–110/share.

Seasonally the weakest quarter for Atvexa, Q1 saw solid underlying intake of new children/students in its schools, with growth further elevated by four bolt-on acquisitions already completed in the current FY. We expect Atvexa to remain an active consolidator under its new CEO, Johan Kyllerman, given its decentralised, asset-light business model with strong FCF generation. We have only tweaked our forecasts post-Q1, and still judge the perceived political risk to be greater than the actual risk, reiterating our fair value range of SEK62–110/share.
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