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).
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