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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 grades 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 2025 2026e 2027e
Sales 507,8 565,8 587,28
Sales growth (%) 12,3 11,4 3,8
EBITDA 119 164 188
EBITDA margin (%) 23,5 29 31,9
EBIT adj. 89 107 124
EBIT adj. margin (%) 17,5 19 21,2
Pretax profit 37 54 75
EPS 0,5 0,76 1,01
EPS growth (%) N/A 52,4 33,7
EPS adj. 0,73 1 1,14
Dividend per share 0 0 0
EV/EBITDA (x) 12,5 9,4 7,7
EV/EBIT adj. (x) 16,7 14,3 11,7
P/E (x) 37,53 24,63 18,42
P/E adj. (x) 25,3 18,6 16,3
EV/sales (x) 2,93 2,72 2,47
FCF yield (%) 3,8 2,1 11,1
Le. adj. FCF yld. (%) 1,8 0,2 9,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,2 2,7 1,9
Le. adj. ND/EBITDA (x) 1,8 1,7 0,9
NOKm 2025 2026e 2027e
Sales 507,8 565,8 587,28
COGS 0 0 0
Gross profit 508 566 587
Other operating items -389 -402 -400
EBITDA 119 164 188
Depreciation and amortisation -44 -43 -43
Depreciation on leased assets -34 -33 -33
EBITA 71,3 95,8 114,43
Operating EO items -18 -12 -10
Impairment and amortisation charges 0 0 0
EBIT 71,3 95,8 114,43
Net financial items -34 -42 -40
Pretax profit 37 54 75
Tax -9 -10 -16
Net profit 29 44 58
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 44 58
EPS 0,5 0,76 1,01
EPS adj. 0,73 1 1,14
Total extraordinary items after tax -14 -9 -8
Leasing payments -34 -33 -33
Tax rate (%) 23,2 19,2 22
Gross margin (%) 100 100 100
EBITDA margin (%) 23,5 29 31,9
EBITA margin (%) 14 16,9 19,5
EBIT margin (%) 14 16,9 19,5
Pre-tax margin (%) 7,3 9,6 12,7
Net margin (%) 5,6 7,7 9,9
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 12,3 11,4 3,8
EBITDA growth (%) 18,9 37,7 14,4
EBITA growth (%) 34,4 34,4 19,5
EBIT growth (%) 34,4 34,4 19,5
Net profit growth (%) 104,1 52,4 33,7
EPS growth (%) N/A 52,4 33,7
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 5,7 8 9,7
ROE adj. (%) 8,4 9,7 11
ROCE (%) 7,2 9,1 9,9
ROCE adj. (%) 9 10,2 10,7
ROIC (%) 6 7,9 8,5
ROIC adj. (%) 7,5 8,8 9,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 137 176 198
EBITDA adj. margin (%) 26,9 31 33,7
EBITDA lease adj. 99 143 165
EBITDA lease adj. margin (%) 19,5 25,3 28
EBITA adj. 89 107 124
EBITA adj. margin (%) 17,5 19 21,2
EBIT adj. 89 107 124
EBIT adj. margin (%) 17,5 19 21,2
Pretax profit Adj. 55 66 85
Net profit Adj. 42 53 66
Net profit to shareholders adj. 42 53 66
Net adj. margin (%) 8,3 9,4 11,3
NOKm 2025 2026e 2027e
EBITDA 119 164 188
Goodwill 736 875 875
Net financial items -34 -42 -40
Other intangible assets 0 0 0
Paid tax -9 -10 -16
Tangible fixed assets 17 60 31
Non-cash items 6 -18 10
Right-of-use asset 189 180 180
Cash flow before change in WC 83 94 142
Other Fixed Assets All 30 22 22
Change in working capital -21 4 -10
Fixed assets 972 1138 1109
Operating cash flow 62 98 132
Inventories 0 0 0
Capex tangible fixed assets -21 -75 -12
Receivables 36 41 52
Capex intangible fixed assets 0 0 0
Other current assets 2 2 2
Acquisitions and Disposals 0 0 0
Cash and liquid assets 39 94 181
Free cash flow 41 22 120
Total assets 1048 1274 1344
Dividend paid 0 0 0
Shareholders equity 520 575 633
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -21 -20 -20
Total equity 520 575 633
Other changes in net debt 16 -72 -12
Long-term debt 0 294 294
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 232 222 222
Total other long-term liabilities 0 10 10
Short-term debt 219 41 41
Accounts payable 25 27 28
Other current liabilities 52 58 58
Total liabilities and equity 1048 1228 1287
Net IB debt 382 442 355
Net IB debt excl. pension debt 382 442 355
Net IB debt excl. leasing 150 220 133
Capital employed 971 1132 1191
Capital invested 902 1063 1045
Working capital -39 -43 -33
Market cap. diluted (m) 1076 1076 1076
Net IB debt adj. 412 464 377
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 1488 1540 1453
Total assets turnover (%) 47,6 48,7 44,9
Working capital/sales (%) -9,4 -7,3 -6,4
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 73,4 76,9 56
Net debt / market cap (%) 35,5 41,1 33
Equity ratio (%) 49,6 45,1 47,1
Net IB debt adj. / equity (%) 79,1 80,7 59,5
Current ratio 0,26 1,07 1,84
EBITDA/net interest 3,5 3,9 4,7
Net IB debt/EBITDA (x) 3,2 2,7 1,9
Net IB debt/EBITDA lease adj. (x) 1,8 1,7 0,9
Interest coverage 2,1 2,3 2,9
NOKm 2025 2026e 2027e
Shares outstanding adj. 58 58 58
Diluted shares adj. 58 58 58
EPS 0,5 0,76 1,01
Dividend per share 0 0 0
EPS adj. 0,73 1 1,14
BVPS 9 9,94 10,95
BVPS adj. -3,72 -5,2 -4,19
Net IB debt/share 7,12 8,02 6,51
Share price 18,6 18,6 18,6
Market cap. (m) 1076 1076 1076
P/E (x) 37,53 24,63 18,42
EV/sales (x) 2,93 2,72 2,47
EV/EBITDA (x) 12,5 9,4 7,7
EV/EBITA (x) 20,9 16,1 12,7
EV/EBIT (x) 20,9 16,1 12,7
Dividend yield (%) 0 0 0
FCF yield (%) 3,8 2,1 11,1
Le. adj. FCF yld. (%) 1,8 0,2 9,3
P/BVPS (x) 2,07 1,87 1,7
P/BVPS adj. (x) -5 -3,58 -4,44
P/E adj. (x) 25,3 18,6 16,3
EV/EBITDA adj. (x) 10,9 8,8 7,4
EV/EBITA adj. (x) 16,7 14,3 11,7
EV/EBIT adj. (x) 16,7 14,3 11,7
EV/CE (x) 1,5 1,4 1,2
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -4,2 -13,3 -2
Capex/depreciation 2,1 7,5 1,2
Capex tangibles / tangible fixed assets 126,2 126 37,9
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 26,83 7,7 15,1

Equity research

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Media

Lumi Gruppen - Company presentation with CFO Martin Prytz & Managing Director Rune Mofoss (EnkelEksamen)
Lumi Gruppen - Company presentation with CEO Nina Vesterby and CFO Martin Prytz

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Hanover Investors 60.1 % 60.1 % 31 Jul 2026
Pareto Asset Management 6.7 % 6.7 % 24 Aug 2026
Handelsbanken Fonder 5.2 % 5.2 % 31 Jul 2026
Holberg Fonder 4.7 % 4.7 % 24 Aug 2026
Forsvarets Personellservice 2.7 % 2.7 % 24 Aug 2026
Melesio Invest AS 2.4 % 2.4 % 24 Aug 2026
Valorem AS 2.1 % 2.1 % 24 Aug 2026
Varner Equities AS 1.7 % 1.7 % 24 Aug 2026
Wenaas Eftf AS 1.6 % 1.6 % 24 Aug 2026
Cmdc AS 1.4 % 1.4 % 24 Aug 2026
Source: Holdings by Modular Finance AB