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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 10,3 13
Lease adj. ND/EBITDA 0,3 -0,4 -0,8
Sales 2100 2318 2423
Sales growth (%) 16,6 10,4 4,5
EBITDA 366 407 405
EBITDA margin (%) 17,4 17,6 16,7
EBIT adj 126 139 152
EBIT adj margin (%) 6 6 6,3
Pretax profit 91 112 113
EPS rep 6,1 7,19 7,38
EPS growth (%) 46,8 17,9 2,7
EPS adj 5,8 6,08 7,38
DPS 2,03 2,16 2,21
EV/EBITDA (x) 6 4,7 4,6
EV/EBIT adj (x) 17,4 13,7 12,3
P/E (x) 15,5 9,6 9,4
P/E adj (x) 16,3 11,4 9,4
EV/sales (x) 1 0,8 0,8
FCF yield (%) 21,8 38,4 38,8
Dividend yield (%) 2,1 3,1 3,2
Net IB debt/EBITDA 2,9 2,6 2,5
SEKm 2021 2022e 2023e
Leasing payments -249 -271 -254
Depreciation and amortisation -237 -257 -253
Of which leasing depreciation -225 -247 -243
EO items 3 11 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 115 125 151
EBITDA lease Adj margin (%) 5,5 5,4 6,2
Sales 2100 2318 2423
COGS 0 0 0
Gross profit 2100 2318 2423
Other operating items -1734 -1911 -2018
EBITDA 366 407 405
Depreciation on tangibles -9 -11 -12
Depreciation on intangibles 0 0 0
EBITA 129 150 152
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 129 150 152
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 91 112 113
Tax -17 -25 -23
Net profit 74 87 90
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 74 87 90
EPS 6,1 7,19 7,38
EPS Adj 5,8 6,08 7,38
Total extraordinary items after tax 3,6 13,4 0
Tax rate (%) -18,7 -22,2 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 17,4 17,6 16,7
EBITA margin (%) 6,1 6,5 6,3
EBIT margin (%) 6,1 6,5 6,3
Pretax margin (%) 4,3 4,8 4,7
Net margin (%) 3,5 3,8 3,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,6 10,4 4,5
EBITDA growth (%) 16,9 11,2 -0,4
EBIT growth (%) 21,7 16,3 1,4
Net profit growth (%) 48 17,9 2,7
EPS growth (%) 46,8 17,9 2,7
Profitability 2021 2022 2023
ROE (%) 17,7 17 14,9
ROE Adj (%) 16,8 14,4 14,9
ROCE (%) 7,8 9 8,5
ROCE Adj(%) 7,6 8,4 8,5
ROIC (%) 6,6 7,3 7,2
ROIC Adj (%) 6,5 6,8 7,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 363 396 405
EBITDA Adj margin (%) 17,3 17,1 16,7
EBITA Adj 126 139 152
EBITA Adj margin (%) 6 6 6,3
EBIT Adj 126 139 152
EBIT Adj margin (%) 6 6 6,3
Pretax profit Adj 88 101 113
Net profit Adj 70 74 90
Net profit to shareholders Adj 70 74 90
Net Adj margin (%) 3,4 3,2 3,7
SEKm 2021 2022e 2023e
Lease liability amortisation -216 -235 -217
Other intangible assets 0 0 0
Right-of-use asset 1006 1103 1142
Total other fixed assets 6 6 6
Leasing liability 1010 1117 1156
Total other long-term liabilities 44 44 46
Net IB debt excl. leasing 35 -55 -123
Net IB debt / EBITDA lease Adj (%) 30,6 -44,2 -81,4
Cash and liquid assets 98 137 161
Total assets 1917 2106 2177
Shareholders equity 457 567 639
Minority 0 0 0
Total equity 457 567 639
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 36 36
Accounts payable 68 72 66
Other current liabilities 205 223 233
Total liabilities and equity 1917 2106 2177
Net IB debt 1045 1062 1033
Net IB debt excl. pension debt 1045 1062 1033
Capital invested 1528 1657 1701
Working capital -134 -149 -145
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1147 841 841
Net IB debt Adj 1045 1062 1033
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 1903 1874
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 107,3 115,3 113,1
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 (%) 228,7 187,3 161,8
Net debt / market cap (%) 92,7 126,3 122,8
Equity ratio (%) 23,8 26,9 29,3
Net IB debt adj. / equity (%) 228,7 187,3 161,8
Current ratio (%) 42,9 49,1 53,5
EBITDA / net interest (%) 963,2 1077,1 1031
Net IB debt / EBITDA (%) 285,5 260,9 255
Interest cover (%) 339,5 382 387
EBITDA 366 407 405
Net financial items -38 -38 -39
Paid tax -17 -25 -23
Non-cash items 0 0 0
Cash flow before change in WC 311 344 343
Change in WC -18 14 -5
Operating cash flow 293 358 338
CAPEX tangible fixed assets -8 -13 -12
CAPEX intangible fixed assets -1 0 0
Acquisitions and disposals -34 -23 0
Free cash flow 250 322 326
Dividend paid -15 -25 -26
Share issues and buybacks 0 0 0
Other non cash items 127 -90 -61
Decrease in net IB debt -1072 1 89
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 613 652 652
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 55 61 63
Other fixed assets 4 4 4
Fixed assets 1680 1823 1863
Inventories 0 0 0
Receivables 10 6 7
Other current assets 129 140 147
SEKm 2021 2022e 2023e
Lease adj. FCF yield (%) 3 10,3 13
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 6,1 7,19 7,38
Dividend per share Adj 2 2,2 2,2
EPS Adj 5,8 6,08 7,38
BVPS 37,62 46,63 52,54
BVPS Adj -12,84 -7 -1,09
Net IB debt / share 86 87,4 85
Share price 92,8 69,2 69,2
Market cap. (m) 1127 841 841
Valuation 2021 2022 2023
P/E 15,5 9,6 9,4
EV/sales 1,04 0,82 0,77
EV/EBITDA 6 4,7 4,6
EV/EBITA 17 12,7 12,3
EV/EBIT 17 12,7 12,3
Dividend yield (%) 2,1 3,1 3,2
FCF yield (%) 21,8 38,4 38,8
P/BVPS 2,51 1,48 1,32
P/BVPS Adj -7,35 -9,88 -63,25
P/E Adj 16,3 11,4 9,4
EV/EBITDA Adj 6 4,8 4,6
EV/EBITA Adj 17,4 13,7 12,3
EV/EBIT Adj 17,4 13,7 12,3
EV/cap. employed 1,4 1,1 1
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,6 0,5
Capex / depreciation 75 133,1 116,8
Capex tangibles / tangible fixed assets 14,5 21,6 19,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,8 16,2 16,5

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Main shareholders - Atvexa

Main shareholders Share capital % Voting shares % Verified
Peter Weiderman 30.6 % 46.7 % 31 Mar 2022
Svenska Rehabiliterings Sjukhus AB 29.5 % 46.5 % 31 Mar 2022
Humle Fonder 4.9 % 0.9 % 30 Apr 2022
Sara Karlin 4.8 % 0.8 % 31 Mar 2022
Svenska Handelsbanken AB for PB 4.4 % 0.8 % 31 Mar 2022
Tredje AP-fonden 4.1 % 0.7 % 31 Mar 2022
Avanza Pension 3.6 % 0.6 % 31 Mar 2022
Katarina Sjögren 3.5 % 0.6 % 31 Mar 2022
Nordnet Pensionsförsäkring 2.0 % 0.3 % 31 Mar 2022
Nordic Cross Asset Management 2.0 % 0.3 % 30 Apr 2022
Source: Holdings by Modular Finance AB

Insider list - Atvexa

Name Quantity Code Date
Helena Bonnevie - 262 SELL 7 Feb 2022
Helena Bonnevie - 298 SELL 3 Feb 2022
Helena Bonnevie - 800 SELL 2 Feb 2022
Trond Ingvaldsen - 446 960 SELL 14 Dec 2020
Peter Weiderman - 222 965 SELL 7 Dec 2020
Sara Helena Karlin - 222 965 SELL 7 Dec 2020
Lars Brune - 222 965 SELL 7 Dec 2020
Sara Helena Karlin - 2 500 SELL 24 Aug 2020
Angelica Hedin + 760 BUY 28 Feb 2020
Anna-Karin Olsson + 760 BUY 28 Feb 2020

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