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Atvexa: Strong growth and margins - DNB

Atvexa reported a solid Q2, exceeding our expectations, driven by a strong intake of new students/children in its schools and good operational management. With six bolt-on acquisitions completed so far in 2020/21, the educational roll-up case is going to plan. 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 EBIT by 5–7% and our fair value range to SEK86–108/share (78–104)

Atvexa reported a solid Q2, exceeding our expectations, driven by a strong intake of new students/children in its schools and good operational management. With six bolt-on acquisitions completed so far in 2020/21, the educational roll-up case is going to plan. 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 EBIT by 5–7% and our fair value range to SEK86–108/share (78–104)
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