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Lumi Gruppen

Lumi Gruppen

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Lumi is a leading private education provider in Norway, with an omnichannel offering that has ~8,550 students across 10 campuses and online. The Oslo Nye Høyskole brand is a mid-sized university college (~50% of Lumi's students), offering bachelor’s degrees, master's degrees, and other higher education programmes in various subjects. Its Sonans brand is the largest provider of private candidate exam preparation (~50% of Lumi's students), helping students who wish to improve or complete their high school diploma.

Sustainability information

Lumi Gruppen’s performance is closely tied to labour market trends, with strong job availability potentially reducing demand for education, while a weaker market could drive higher enrolment. The industry’s attractive characteristics may attract new entrants, posing a competitive risk, though Lumi’s established position and experience provide a strong competitive advantage that would take time for rivals to match.

Financials

NOKm 2024 2025e 2026e
Sales 452 496 543
Sales growth (%) 6,9 9,8 9,5
EBITDA 92 118 151
EBITDA margin (%) 20,3 23,8 27,8
EBIT adj. 60 81 105
EBIT adj. margin (%) 13,3 16,3 19,2
Pretax profit 18 38 67
EPS 0,24 0,51 0,9
EPS growth (%) N/A N/A 75,3
EPS adj. 0,34 0,63 0,9
DPS 0 0 0
EV/EBITDA (x) 15,1 11,4 8,6
EV/EBIT adj. (x) 23 16,8 12,5
P/E (x) 66,9 31,6 18
P/E adj. (x) 48 25,9 18
EV/sales (x) 3,06 2,73 2,4
FCF yield (%) 5,5 5,1 9,3
Le. adj. FCF yld. (%) 3,2 2,6 6,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4,6 3,2 2,2
Le. adj. ND/EBITDA (x) 2,9 1,9 1,1
NOKm 2024 2025e 2026e
Sales 452 496 543
COGS 0 0 0
Gross profit 452 496 543
Other operating items -360 -378 -392
EBITDA 92 118 151
Depreciation and amortisation -39 -46 -46
of which leasing depreciation -34 -36 -36
EBITA 53 72 105
EO Items -7 -8 0
Impairment and PPA amortisation 0 0 0
EBIT 53 72 105
Net financial items -35 -34 -38
Pretax profit 18 38 67
Tax -4 -8 -15
Net profit 14 30 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 14 30 52
EPS 0,24 0,51 0,9
EPS adj. 0,34 0,63 0,9
Total extraordinary items after tax -5 -7 0
Leasing payments -34 -36 -36
Tax rate (%) 23,3 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 20,3 23,8 27,8
EBITA margin (%) 11,7 14,6 19,2
EBIT margin (%) 11,7 14,6 19,2
Pre-tax margin (%) 4,1 7,7 12,3
Net margin (%) 3,1 6 9,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 6,9 9,8 9,5
EBITDA growth (%) -149,1 29 27,6
EBITA growth (%) -122,5 36,3 44,6
EBIT growth (%) -122,5 36,3 44,6
Net profit growth (%) -105,1 111 75,3
EPS growth (%) N/A N/A 75,3
Profitability N/A N/A N/A
ROE (%) 3 5,9 9,5
ROE adj. (%) 4,1 7,1 9,5
ROCE (%) 5,4 7,2 10,1
ROCE adj. (%) 6,2 8 10,1
ROIC (%) 4,5 6,2 9
ROIC adj. (%) 5,2 6,9 9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 99 127 151
EBITDA adj. margin (%) 21,9 25,5 27,8
EBITDA lease adj. 65 91 115
EBITDA lease adj. margin (%) 14,3 18,3 21,1
EBITA adj. 60 81 105
EBITA adj. margin (%) 13,3 16,3 19,2
EBIT adj. 60 81 105
EBIT adj. margin (%) 13,3 16,3 19,2
Pretax profit Adj. 25 46 67
Net profit Adj. 19 36 52
Net profit to shareholders adj. 19 36 52
Net adj. margin (%) 4,3 7,3 9,6
NOKm 2024 2025e 2026e
EBITDA 92 118 151
Goodwill 735 730 730
Net financial items -35 -34 -38
Other intangible assets 0 0 0
Paid tax -4 -8 -15
Tangible fixed assets 14 15 17
Non-cash items 14 2 0
Right-of-use asset 216 198 198
Cash flow before change in WC 67 78 98
Total other fixed assets 27 33 33
Change in working capital 19 -18 1
Fixed assets 992 977 979
Operating cash flow 85 60 99
Inventories 0 0 0
Capex tangible fixed assets -34 -13 -12
Receivables 23 32 29
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 69 76 126
Free cash flow 51 48 87
Total assets 1084 1084 1133
Dividend paid 0 0 0
Shareholders equity 492 521 573
Share issues and buybacks 28 0 0
Minority 0 0 0
Leasing liability amortisation -22 -23 -24
Total equity 492 521 573
Other non-cash items -46 10 -13
Long-term debt 244 237 237
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 254 240 240
Total other long-term liabilities 0 0 0
Short-term debt 15 15 15
Accounts payable 32 31 29
Other current liabilities 47 39 38
Total liabilities and equity 1084 1084 1133
Net IB debt 417 383 333
Net IB debt excl. pension debt 417 383 333
Net IB debt excl. leasing 163 143 93
Capital employed 1005 1014 1066
Capital invested 909 905 906
Working capital -56 -39 -39
Market cap. diluted (m) 940 937 937
Net IB debt adj. 444 417 366
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1385 1354 1303
Total assets turnover (%) 43 45,8 49
Working capital/sales (%) -10,4 -9,6 -7,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 84,9 73,5 58,1
Net debt / market cap (%) 44,4 40,9 35,5
Equity ratio (%) 45,4 48,1 50,6
Net IB debt adj. / equity (%) 90,4 79,9 63,9
Current ratio 0,97 1,26 1,87
EBITDA/net interest 2,6 3,4 4
Net IB debt/EBITDA (x) 4,6 3,2 2,2
Net IB debt/EBITDA lease adj. (x) 2,9 1,9 1,1
Interest coverage 1,5 2,1 2,8
NOKm 2024 2025e 2026e
Shares outstanding adj. 58 58 58
Diluted shares adj. 58 58 58
EPS 0,24 0,51 0,9
Dividend per share 0 0 0
EPS adj. 0,34 0,63 0,9
BVPS 8,47 9,01 9,91
BVPS adj. -4,19 -3,61 -2,71
Net IB debt/share 7,66 7,2 6,33
Share price 16,2 16,2 16,2
Market cap. (m) 940 937 937
P/E (x) 66,9 31,6 18
EV/sales (x) 3,1 2,7 2,4
EV/EBITDA (x) 15,1 11,4 8,6
EV/EBITA (x) 26,1 18,7 12,5
EV/EBIT (x) 26,1 18,7 12,5
Dividend yield (%) 0 0 0
FCF yield (%) 5,5 5,1 9,3
Le. adj. FCF yld. (%) 3,2 2,6 6,7
P/BVPS (x) 1,91 1,8 1,63
P/BVPS adj. (x) -3,86 -4,49 -5,98
P/E adj. (x) 48 25,9 18
EV/EBITDA adj. (x) 14 10,7 8,6
EV/EBITA adj. (x) 23 16,8 12,5
EV/EBIT adj. (x) 23 16,8 12,5
EV/CE (x) 1,4 1,3 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 7,5 2,5 2,3
Capex/depreciation 7,5 1,3 1,2
Capex tangibles / tangible fixed assets 235 83,1 70,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 31,2 29,6 26,5

Equity research

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Media

Lumi Gruppen - Company presentation with CEO Nina Vesterby & CFO Martin Prytz

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Hanover Investors 60.1 % 60.1 % 9 Jul 2025
Pareto Asset Management 6.5 % 6.5 % 21 Oct 2025
Handelsbanken Fonder 5.2 % 5.2 % 30 Sep 2025
Holberg Fonder 4.7 % 4.7 % 21 Oct 2025
Forsvarets Personellservice 2.7 % 2.7 % 21 Oct 2025
Melesio Invest AS 2.4 % 2.4 % 21 Oct 2025
Valorem AS 2.1 % 2.1 % 21 Oct 2025
Varner Equities AS 1.7 % 1.7 % 21 Oct 2025
Wenaas Eftf AS 1.6 % 1.6 % 21 Oct 2025
Cmdc AS 1.5 % 1.5 % 21 Oct 2025
Source: Holdings by Modular Finance AB