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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 2019 2020e 2021e
Sales 1494 1771 1834
Sales growth (%) 41,8 18,5 3,6
EBITDA 79 99 104
EBITDA margin (%) 5,3 5,6 5,7
EBIT adj 77 90 95
EBIT adj margin (%) 5,2 5,1 5,2
Pretax profit 66 82 88
EPS rep 4,1 5,36 5,76
EPS growth (%) 21,4 30,8 7,4
EPS adj 4,74 5,36 5,76
DPS 0 1,61 1,73
EV/EBITDA (x) 13,1 11,1 10,4
EV/EBIT adj (x) 13,4 12,2 11,3
P/E (x) 17,6 15,5 14,4
P/E adj (x) 15,2 15,5 14,4
EV/sales (x) 0,7 0,6 0,6
FCF yield (%) -19,6 6,2 4,4
Dividend yield (%) 0 1,9 2,1
Net IB debt/EBITDA 2 0,9 0,6
SEKm 2019 2020e 2021e
Sales 1494 1771 1834
COGS 0 0 0
Gross profit 1494 1771 1834
Other operating items -1415 -1672 -1731
EBITDA 79 99 104
Depreciation on tangibles -7 -9 -9
Depreciation on intangibles 0 0 0
EBITA 71 90 95
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 71 90 95
Other financial items 0 0 0
Net financial items -6 -8 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 66 82 88
Tax -18 -17 -18
Net profit 48 65 70
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 65 70
EPS 4,1 5,36 5,76
EPS Adj 4,74 5,36 5,76
Total extraordinary items after tax -7,2 0 0
Tax rate (%) -27,1 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 5,3 5,6 5,7
EBITA margin (%) 4,8 5,1 5,2
EBIT margin (%) 4,8 5,1 5,2
Pretax margin (%) 4,4 4,6 4,8
Net margin (%) 3,2 3,7 3,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 41,8 18,5 3,6
EBITDA growth (%) 57,9 25,7 4,8
EBIT growth (%) 55,8 26,5 4,8
Net profit growth (%) 32,3 36,2 7,4
EPS growth (%) 21,4 30,8 7,4
Profitability 2019 2020 2021
ROE (%) 16,3 16,9 15,7
ROE Adj (%) 18,9 16,9 15,7
ROCE (%) 15,9 14,5 14,9
ROCE Adj(%) 17,2 14,5 14,9
ROIC (%) 12,6 12,3 12,9
ROIC Adj (%) 13,6 12,3 12,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 84 99 104
EBITDA Adj margin (%) 5,7 5,6 5,7
EBITA Adj 77 90 95
EBITA Adj margin (%) 5,2 5,1 5,2
EBIT Adj 77 90 95
EBIT Adj margin (%) 5,2 5,1 5,2
Pretax profit Adj 72 82 88
Net profit Adj 55 65 70
Net profit to shareholders Adj 55 65 70
Net Adj margin (%) 3,7 3,7 3,8
SEKm 2019 2020e 2021e
Cash and liquid assets 103 123 105
Total assets 844 878 859
Shareholders equity 353 418 469
Minority 0 0 0
Total equity 353 418 469
Long-term debt 214 170 126
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 10 10 10
Other long-term liabilities 48 50 19
Short-term debt 45 45 45
Accounts payable 40 41 43
Other current liabilities 135 143 147
Total liabilities and equity 283 386 844
Net IB debt 156 92 66
Net IB debt excl. pension debt 156 92 66
Capital invested 578 583 578
Working capital -84 -90 -93
EV breakdown 2019 2020 2021
Market cap. diluted (m) 873 1007 1007
Net IB debt Adj 156 92 66
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 1029 1099 1073
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 242,8 205,7 211,2
Capital invested turnover (%) 361,6 305,1 316,1
Capital employed turnover (%) 332,3 284,3 288,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 2,6 2,9 2,9
Payables / sales (%) 2,2 2,3 2,3
Working capital / sales (%) -4,6 -4,9 -5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 44,1 21,9 14,2
Net debt / market cap (%) 19,7 9,1 6,6
Equity ratio (%) 41,8 47,6 54,6
Net IB debt adj. / equity (%) 44,1 21,9 14,2
Current ratio (%) 82,7 89,3 80,2
EBITDA / net interest (%) 1430,9 1253,8 1691,7
Net IB debt / EBITDA (%) 197,8 92,8 64,1
Interest cover (%) 1254,4 1143,5 1543,1
EBITDA 79 99 104
Net financial items -6 -8 -6
Paid tax -18 -17 -18
Non-cash items 0 0 0
Cash flow before change in WC 55 74 79
Change in WC 30 6 3
Operating cash flow 85 80 82
CAPEX tangible fixed assets -7 -13 -7
CAPEX intangible fixed assets -2 0 0
Acquisitions and disposals -240 -4 -31
Free cash flow -163 63 44
Dividend paid 0 0 -20
Share issues and buybacks 0 0 0
Other non cash items -73 -6 29
Decrease in net IB debt -141 64 25
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 550 558 558
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 112 114 112
Other fixed assets 1 1 1
Fixed assets 662 673 671
Inventories 0 0 0
Receivables 6 4 5
Other current assets 73 77 80
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 4,1 5,36 5,76
Dividend per share Adj 0 1,6 1,7
EPS Adj 4,74 5,36 5,76
BVPS 29,11 34,48 38,66
BVPS Adj -16,2 -11,53 -7,35
Net IB debt / share 12,8 7,6 5,5
Share price 65,06 83 83
Market cap. (m) 789 1007 1007
Valuation 2019 2020 2021
P/E 17,6 15,5 14,4
EV/sales 0,69 0,62 0,59
EV/EBITDA 13,1 11,1 10,4
EV/EBITA 14,4 12,2 11,3
EV/EBIT 14,4 12,2 11,3
Dividend yield (%) 0 1,9 2,1
FCF yield (%) -19,6 6,2 4,4
P/BVPS 2,47 2,41 2,15
P/BVPS Adj -4,44 -7,2 -11,3
P/E Adj 15,2 15,5 14,4
EV/EBITDA Adj 12,2 11,1 10,4
EV/EBITA Adj 13,4 12,2 11,3
EV/EBIT Adj 13,4 12,2 11,3
EV/cap. employed 1,7 1,7 1,7
Investment ratios 2019 2020 2021
Capex / sales 0,6 0,7 0,4
Capex / depreciation 113,5 144,8 77,1
Capex tangibles / tangible fixed assets 6,2 11 6,3
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 6,6 7,6 8,1

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Main shareholders - Atvexa

Main shareholders Share capital % Voting shares % Verified
Peter Weiderman 32.5 % 47.0 % 31 Dec 2019
Svenska Rehabiliterings Sjukhus AB 31.4 % 46.8 % 31 Dec 2019
Sara Karlin 6.6 % 1.1 % 31 Dec 2019
Humle Fonder 4.9 % 0.9 % 31 Dec 2019
Tredje AP-fonden 4.1 % 0.7 % 31 Dec 2019
Svenska Handelsbanken AB for PB 3.9 % 0.7 % 31 Dec 2019
Fem T AS 3.7 % 0.6 % 31 Dec 2019
Katrina Sjögren 3.5 % 0.6 % 31 Dec 2019
Avanza Pension 2.1 % 0.4 % 31 Dec 2019
Cancerfonden - Riksföreningen Mot Cancer 1.3 % 0.2 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Atvexa

Name Quantity Code Date
Sara Helena Karlin - 50 000 SELL 17 Dec 2019
Trond Ingvaldsen + 446 960 ALTM 27 Feb 2019
Lars Brune - 136 000 SELL 12 Jan 2018
Cecilia Daun Wennborg - 55 911 SELL 13 Dec 2017
Katarina Sjögren - 210 312 SELL 13 Dec 2017
Lars Brune - 136 000 Received loan 13 Dec 2017

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