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Atvexa

Atvexa

Early educational provider

Atvexa is an education provider active in Sweden, Norway and Germany. The company operates with a simple acquisition strategy, acquiring companies at low multiples and then running the acquired subsidiary in a decentralised structure with no major operational changes. Atvexa mainly runs preschools, which comprise ~85% of its total facilities. Its main countries are Sweden and Norway, where 98% of its total facility base is located.

The Swedish market is in structural growth and The Ministry of Finance has announced an extensive need for more capacity in both preschools and elementary schools. Furthermore, consolidation in the sector is still at an early stage. The top five acquisition players in the Swedish and Norwegian preschool market have a combined market share of ~17%, a number that will likely increase.

With an annual growth target of 15% and a core business that is growing by low single digits, Atvexa is heavily dependent on keeping up its acquisition tempo. This also means that the company is dependent on acquisition multiples staying low. If there a multiple change in acquisitions of private education providers were to occur, the company could see problems with its acquisition growth.

SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3 7,9 10,5
Lease adj. ND/EBITDA 0,3 -0,4 -0,8
Sales 2100 2337 2452
Sales growth (%) 16,6 11,3 4,9
EBITDA 366 414 403
EBITDA margin (%) 17,4 17,7 16,4
EBIT adj 126 143 153
EBIT adj margin (%) 6 6,1 6,2
Pretax profit 91 116 114
EPS rep 6,1 7,47 7,48
EPS growth (%) 46,8 22,5 0,2
EPS adj 5,8 6,36 7,48
DPS 2,03 2,24 2,24
EV/EBITDA (x) 6 5,1 5,2
EV/EBIT adj (x) 17,4 14,8 13,6
P/E (x) 15,5 11,8 11,7
P/E adj (x) 16,3 13,8 11,7
EV/sales (x) 1 0,9 0,8
FCF yield (%) 21,8 30,4 30,5
Dividend yield (%) 2,1 2,6 2,6
Net IB debt/EBITDA 2,9 2,5 2,5
SEKm 2021 2022e 2023e
Leasing payments -249 -276 -249
Depreciation and amortisation -237 -260 -250
Of which leasing depreciation -225 -250 -239
EO items 3 11 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 115 127 154
EBITDA lease Adj margin (%) 5,5 5,4 6,3
Sales 2100 2337 2452
COGS 0 0 0
Gross profit 2100 2337 2452
Other operating items -1734 -1923 -2049
EBITDA 366 414 403
Depreciation on tangibles -9 -11 -12
Depreciation on intangibles 0 0 0
EBITA 129 154 153
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 129 154 153
Other financial items 0 0 0
Net financial items -38 -38 -39
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 91 116 114
Tax -17 -25 -24
Net profit 74 91 91
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 74 91 91
EPS 6,1 7,47 7,48
EPS Adj 5,8 6,36 7,48
Total extraordinary items after tax 3,6 13,4 0
Tax rate (%) -18,7 -21,9 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 17,4 17,7 16,4
EBITA margin (%) 6,1 6,6 6,2
EBIT margin (%) 6,1 6,6 6,2
Pretax margin (%) 4,3 5 4,7
Net margin (%) 3,5 3,9 3,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,6 11,3 4,9
EBITDA growth (%) 16,9 13,1 -2,7
EBIT growth (%) 21,7 19,1 -0,4
Net profit growth (%) 48 22,5 0,2
EPS growth (%) 46,8 22,5 0,2
Profitability 2021 2022 2023
ROE (%) 17,7 17,8 15,2
ROE Adj (%) 16,8 15,2 15,2
ROCE (%) 7,8 9,3 8,7
ROCE Adj(%) 7,6 8,7 8,7
ROIC (%) 6,6 7,6 7,3
ROIC Adj (%) 6,5 7 7,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 363 403 403
EBITDA Adj margin (%) 17,3 17,2 16,4
EBITA Adj 126 143 153
EBITA Adj margin (%) 6 6,1 6,2
EBIT Adj 126 143 153
EBIT Adj margin (%) 6 6,1 6,2
Pretax profit Adj 88 105 114
Net profit Adj 70 77 91
Net profit to shareholders Adj 70 77 91
Net Adj margin (%) 3,4 3,3 3,7
SEKm 2021 2022e 2023e
Lease liability amortisation -216 -240 -212
Other intangible assets 0 0 0
Right-of-use asset 1006 1085 1122
Total other fixed assets 6 6 6
Leasing liability 1010 1098 1137
Total other long-term liabilities 44 45 46
Net IB debt excl. leasing 35 -53 -123
Net IB debt / EBITDA lease Adj (%) 30,6 -42,1 -79,8
Cash and liquid assets 98 129 155
Total assets 1917 2079 2152
Shareholders equity 457 562 634
Minority 0 0 0
Total equity 457 562 634
Long-term debt 90 46 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 20 22 24
Other long-term liabilities 21 16 16
Short-term debt 43 30 30
Accounts payable 68 73 67
Other current liabilities 205 225 236
Total liabilities and equity 1917 2079 2152
Net IB debt 1045 1045 1014
Net IB debt excl. pension debt 1045 1045 1014
Capital invested 1528 1636 1678
Working capital -134 -151 -148
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1147 1067 1067
Net IB debt Adj 1045 1045 1014
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2192 2112 2081
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 107,3 117 115,9
Capital invested turnover (%) 162,6 122 126,4
Capital employed turnover (%) 155,1 118 121,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 3,7 4,3 4,5
Payables / sales (%) 2,7 2,5 2,2
Working capital / sales (%) -7,3 -6,1 -6,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 228,7 186 160
Net debt / market cap (%) 92,7 97,9 95
Equity ratio (%) 23,8 27 29,5
Net IB debt adj. / equity (%) 228,7 186 160
Current ratio (%) 42,9 48,7 53,3
EBITDA / net interest (%) 963,2 1099,8 1041
Net IB debt / EBITDA (%) 285,5 252,4 251,9
Interest cover (%) 339,5 392,7 395,8
EBITDA 366 414 403
Net financial items -38 -38 -39
Paid tax -17 -25 -24
Non-cash items 0 0 0
Cash flow before change in WC 311 351 340
Change in WC -18 15 -4
Operating cash flow 293 366 337
CAPEX tangible fixed assets -8 -13 -12
CAPEX intangible fixed assets -1 0 0
Acquisitions and disposals -34 -29 0
Free cash flow 250 324 325
Dividend paid -15 -25 -27
Share issues and buybacks 0 0 0
Other non cash items 127 -71 -62
Decrease in net IB debt -1072 1 89
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 613 650 650
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 55 62 63
Other fixed assets 4 4 4
Fixed assets 1680 1802 1842
Inventories 0 0 0
Receivables 10 6 7
Other current assets 129 142 149
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3 7,9 10,5
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 6,1 7,47 7,48
Dividend per share Adj 2 2,2 2,2
EPS Adj 5,8 6,36 7,48
BVPS 37,62 46,22 52,14
BVPS Adj -12,84 -7,25 -1,33
Net IB debt / share 86 86 83,4
Share price 92,8 87,8 87,8
Market cap. (m) 1127 1067 1067
Valuation 2021 2022 2023
P/E 15,5 11,8 11,7
EV/sales 1,04 0,9 0,85
EV/EBITDA 6 5,1 5,2
EV/EBITA 17 13,7 13,6
EV/EBIT 17 13,7 13,6
Dividend yield (%) 2,1 2,6 2,6
FCF yield (%) 21,8 30,4 30,5
P/BVPS 2,51 1,9 1,68
P/BVPS Adj -7,35 -12,12 -66,07
P/E Adj 16,3 13,8 11,7
EV/EBITDA Adj 6 5,2 5,2
EV/EBITA Adj 17,4 14,8 13,6
EV/EBIT Adj 17,4 14,8 13,6
EV/cap. employed 1,4 1,2 1,2
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,6 0,5
Capex / depreciation 75 124,9 111,8
Capex tangibles / tangible fixed assets 14,5 21,2 19,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,8 17 17,3

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Media

Atvexa - Company presentation with CEO Johan Kyllerman

Main shareholders - Atvexa

Main shareholders Share capital % Voting shares % Verified
DeMina Skolintressenter AB 99.0 % 99.8 % 11 Aug 2022
Humle Fonder 4.9 % 0.9 % 31 Jul 2022
Svenska Handelsbanken AB for PB 4.4 % 0.8 % 28 Jun 2022
Tredje AP-fonden 4.1 % 0.7 % 28 Jun 2022
Avanza Pension 3.6 % 0.6 % 28 Jun 2022
Katarina Sjögren 3.5 % 0.6 % 28 Jun 2022
Nordnet Pensionsförsäkring 2.2 % 0.4 % 28 Jun 2022
Nordic Cross Asset Management 2.0 % 0.3 % 31 Jul 2022
Mikael Gunnarsson 0.8 % 0.1 % 28 Jun 2022
Skiren AB 0.8 % 0.1 % 28 Jun 2022
Source: Holdings by Modular Finance AB

Insider list - Atvexa

Name Quantity Code Date
Veronica Hallengren - 1 935 SELL 11 Aug 2022
Johan Kyllerman - 13 000 SELL 11 Aug 2022
Angelica Hedin - 1 080 SELL 11 Aug 2022
Sara, Peter, Lars, Karlin, Weiderman, Brune +6 482 992 BUY 11 Aug 2022
Anna-Karin Olsson - 1 680 SELL 11 Aug 2022
Sara, Peter, Lars, Karlin, Weiderman, Brune +5 538 994 BUY 11 Aug 2022
Cecilia Daun Wennborg - 114 297 SELL 11 Aug 2022
Helena Bonnevie - 262 SELL 7 Feb 2022
Helena Bonnevie - 298 SELL 3 Feb 2022
Helena Bonnevie - 800 SELL 2 Feb 2022

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