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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 452 482 530
Sales growth (%) 6,9 6,7 9,8
EBITDA 92 130 149
EBITDA margin (%) 20,3 27 28
EBIT adj. 60 91 108
EBIT adj. margin (%) 13,3 18,8 20,5
Pretax profit 18 52 70
EPS 0,24 0,7 0,94
EPS growth (%) -104,8 N/A 33,9
EPS adj. 0,34 0,7 0,94
DPS 0 0 0
EV/EBITDA (x) 13,6 9,3 7,8
EV/EBIT adj. (x) 20,7 13,4 10,7
P/E (x) 57 19,7 14,7
P/E adj. (x) 40,9 19,7 14,7
EV/sales (x) 2,75 2,52 2,19
FCF yield (%) 6,4 8,2 11,1
Le. adj. FCF yld. (%) 3,7 5,4 8,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4,6 3 2,2
Le. adj. ND/EBITDA (x) 2,9 1,7 0,9
NOKm 2024 2025e 2026e
Sales 452 482 530
COGS 0 0 0
Gross profit 452 482 530
Other operating items -360 -352 -381
EBITDA 92 130 149
Depreciation and amortisation -39 -40 -40
of which leasing depreciation -34 -35 -36
EBITA 53 91 108
EO Items -7 0 0
Impairment and PPA amortisation 0 0 0
EBIT 53 91 108
Net financial items -35 -39 -39
Pretax profit 18 52 70
Tax -4 -11 -15
Net profit 14 41 54
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 14 41 54
EPS 0,24 0,7 0,94
EPS adj. 0,34 0,7 0,94
Total extraordinary items after tax -5 0 0
Leasing payments -34 -35 -36
Tax rate (%) 23,3 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 20,3 27 28
EBITA margin (%) 11,7 18,8 20,5
EBIT margin (%) 11,7 18,8 20,5
Pre-tax margin (%) 4,1 10,8 13,2
Net margin (%) 3,1 8,4 10,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 6,9 6,7 9,8
EBITDA growth (%) -149,1 42,3 13,9
EBITA growth (%) -122,5 71,1 19,5
EBIT growth (%) -122,5 71,1 19,5
Net profit growth (%) -105,1 189,6 33,9
EPS growth (%) -104,8 N/A 33,9
Profitability N/A N/A N/A
ROE (%) 3 7,9 9,7
ROE adj. (%) 4,1 7,9 9,7
ROCE (%) 5,4 8,9 10,1
ROCE adj. (%) 6,2 8,9 10,1
ROIC (%) 4,5 7,7 9,2
ROIC adj. (%) 5,2 7,7 9,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 99 130 149
EBITDA adj. margin (%) 21,9 27 28
EBITDA lease adj. 65 95 113
EBITDA lease adj. margin (%) 14,3 19,7 21,3
EBITA adj. 60 91 108
EBITA adj. margin (%) 13,3 18,8 20,5
EBIT adj. 60 91 108
EBIT adj. margin (%) 13,3 18,8 20,5
Pretax profit Adj. 25 52 70
Net profit Adj. 19 41 54
Net profit to shareholders adj. 19 41 54
Net adj. margin (%) 4,3 8,4 10,3
NOKm 2024 2025e 2026e
EBITDA 92 130 149
Goodwill 735 735 735
Net financial items -35 -39 -39
Other intangible assets 0 0 0
Paid tax -4 -11 -15
Tangible fixed assets 14 15 17
Non-cash items 14 5 5
Right-of-use asset 216 216 216
Cash flow before change in WC 67 86 100
Total other fixed assets 27 27 27
Change in working capital 19 -9 1
Fixed assets 992 993 995
Operating cash flow 85 77 101
Inventories 0 0 0
Capex tangible fixed assets -34 -11 -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 69 100 153
Free cash flow 51 66 89
Total assets 1084 1125 1176
Dividend paid 0 0 0
Shareholders equity 492 532 587
Share issues and buybacks 28 0 0
Minority 0 0 0
Leasing liability amortisation -22 -23 -23
Total equity 492 532 587
Other non-cash items -46 -13 -13
Long-term debt 244 244 244
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 254 254 254
Total other long-term liabilities 0 0 0
Short-term debt 15 15 15
Accounts payable 32 31 29
Other current liabilities 47 48 47
Total liabilities and equity 1084 1125 1176
Net IB debt 417 387 333
Net IB debt excl. pension debt 417 387 333
Net IB debt excl. leasing 163 132 79
Capital employed 1005 1045 1100
Capital invested 909 919 920
Working capital -56 -47 -48
EV breakdown N/A N/A N/A
Market cap. diluted (m) 801 801 801
Net IB debt adj. 444 414 360
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 1245 1214 1161
Total assets turnover (%) 43 43,7 46,1
Working capital/sales (%) -10,4 -10,7 -9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 84,9 72,6 56,8
Net debt / market cap (%) 52,1 48,3 41,6
Equity ratio (%) 45,4 47,3 49,9
Net IB debt adj. / equity (%) 90,4 77,7 61,4
Current ratio 0,97 1,4 1,98
EBITDA/net interest 2,6 3,4 3,8
Net IB debt/EBITDA (x) 4,6 3 2,2
Net IB debt/EBITDA lease adj. (x) 2,9 1,7 0,9
Interest coverage 1,5 2,4 2,8
NOKm 2024 2025e 2026e
Shares outstanding adj. 58 58 58
Diluted shares adj. 58 58 58
EPS 0,24 0,7 0,94
Dividend per share 0 0 0
EPS adj. 0,34 0,7 0,94
BVPS 8,47 9,17 10,11
BVPS adj. -4,19 -3,49 -2,55
Net IB debt/share 7,66 7,13 6,21
Share price 13,8 13,8 13,8
Market cap. (m) 801 801 801
Valuation N/A N/A N/A
P/E (x) 57 19,7 14,7
EV/sales (x) 2,75 2,52 2,19
EV/EBITDA (x) 13,6 9,3 7,8
EV/EBITA (x) 23,5 13,4 10,7
EV/EBIT (x) 23,5 13,4 10,7
Dividend yield (%) 0 0 0
FCF yield (%) 6,4 8,2 11,1
Le. adj. FCF yld. (%) 3,7 5,4 8,2
P/BVPS (x) 1,63 1,5 1,36
P/BVPS adj. (x) -3,29 -3,95 -5,4
P/E adj. (x) 40,9 19,7 14,7
EV/EBITDA adj. (x) 12,6 9,3 7,8
EV/EBITA adj. (x) 20,7 13,4 10,7
EV/EBIT adj. (x) 20,7 13,4 10,7
EV/CE (x) 1,2 1,2 1,1
Investment ratios N/A N/A N/A
Capex/sales (%) 7,5 2,3 2,3
Capex/depreciation 7,5 2,4 2,6
Capex tangibles / tangible fixed assets 235 70,9 69,4
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 31,22 29,44 26,76

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Hanover Investors 53.5 % 53.5 % 30 Dec 2024
Pareto Asset Management 6.5 % 6.5 % 31 Dec 2024
Handelsbanken Fonder 5.2 % 5.2 % 28 Feb 2025
Holberg Fonder 4.7 % 4.7 % 18 Mar 2025
Ennismore Fund Management 4.5 % 4.5 % 30 Jun 2024
Forsvarets Personellservice 2.7 % 2.7 % 18 Mar 2025
Melesio Invest AS 2.4 % 2.4 % 18 Mar 2025
Valorem AS 2.1 % 2.1 % 18 Mar 2025
Cmdc AS 1.6 % 1.6 % 18 Mar 2025
Wenaas Eftf AS 1.6 % 1.6 % 18 Mar 2025
Source: Holdings by Modular Finance AB