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SENASTE
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).
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