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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 1796 1881
Sales growth (%) 41,8 20,2 4,8
EBITDA 79 308 316
EBITDA margin (%) 5,3 17,1 16,8
EBIT adj 77 104 110
EBIT adj margin (%) 5,2 5,8 5,8
Pretax profit 66 64 72
EPS rep 4,1 4,15 4,67
EPS growth (%) 21,4 1,3 12,5
EPS adj 4,74 4,2 4,67
DPS 0 1,25 1,4
EV/EBITDA (x) 13,1 7,2 6,8
EV/EBIT adj (x) 13,4 21,3 19,5
P/E (x) 17,6 19,5 17,3
P/E adj (x) 15,2 19,3 17,3
EV/sales (x) 0,7 1,2 1,1
FCF yield (%) -19,6 24 24,4
Dividend yield (%) 0 1,5 1,7
Net IB debt/EBITDA 2 4 3,7
SEKm 2019 2020e 2021e
Sales 1494 1796 1881
COGS 0 0 0
Gross profit 1494 1796 1881
Other operating items -1415 -1488 -1566
EBITDA 79 308 316
Depreciation on tangibles -7 -9 -10
Depreciation on intangibles 0 0 0
EBITA 71 104 110
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 71 104 110
Other financial items 0 0 0
Net financial items -6 -40 -38
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 66 64 72
Tax -18 -12 -15
Net profit 48 51 57
Minority interest 0 0 0
Net profit discontinued 0 -1 0
Net profit to shareholders 47 50 57
EPS 4,1 4,15 4,67
EPS Adj 4,74 4,2 4,67
Total extraordinary items after tax -7,2 0 0
Tax rate (%) -27,1 -19,4 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 5,3 17,1 16,8
EBITA margin (%) 4,8 5,8 5,8
EBIT margin (%) 4,8 5,8 5,8
Pretax margin (%) 4,4 3,6 3,8
Net margin (%) 3,2 2,9 3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 41,8 20,2 4,8
EBITDA growth (%) 57,9 290,7 2,7
EBIT growth (%) 55,8 45,4 6,1
Net profit growth (%) 32,3 7,1 11,1
EPS growth (%) 21,4 1,3 12,5
Profitability 2019 2020 2021
ROE (%) 16,3 13,4 13,2
ROE Adj (%) 18,9 13,5 13,2
ROCE (%) 15,9 9 6,5
ROCE Adj(%) 17,2 9 6,5
ROIC (%) 12,6 7,5 5,3
ROIC Adj (%) 13,6 7,5 5,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 84 308 316
EBITDA Adj margin (%) 5,7 17,1 16,8
EBITA Adj 77 104 110
EBITA Adj margin (%) 5,2 5,8 5,8
EBIT Adj 77 104 110
EBIT Adj margin (%) 5,2 5,8 5,8
Pretax profit Adj 72 64 72
Net profit Adj 55 51 57
Net profit to shareholders Adj 55 51 57
Net Adj margin (%) 3,7 2,9 3
SEKm 2019 2020e 2021e
Cash and liquid assets 103 64 67
Total assets 844 1909 1894
Shareholders equity 353 400 459
Minority 0 0 0
Total equity 353 400 459
Long-term debt 214 169 125
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 10 10 11
Other long-term liabilities 48 19 0
Short-term debt 45 45 45
Accounts payable 40 42 44
Other current liabilities 135 146 150
Total liabilities and equity 844 1909 1894
Net IB debt 156 1227 1164
Net IB debt excl. pension debt 156 1227 1164
Capital invested 566 1657 1634
Working capital -96 -105 -108
EV breakdown 2019 2020 2021
Market cap. diluted (m) 873 983 983
Net IB debt Adj 156 1227 1164
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 2210 2146
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 242,8 130,4 98,9
Capital invested turnover (%) 362,9 161,6 114,4
Capital employed turnover (%) 332,3 155,9 111,3
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 (%) -4,8 -5,6 -5,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 44,1 306,8 253,5
Net debt / market cap (%) 19,7 124,9 118,5
Equity ratio (%) 41,8 21 24,2
Net IB debt adj. / equity (%) 44,1 306,8 253,5
Current ratio (%) 82,7 33,7 34,7
EBITDA / net interest (%) 1430,9 770,6 828,6
Net IB debt / EBITDA (%) 197,8 399,1 368,6
Interest cover (%) 1254,4 259,9 288,7
EBITDA 79 308 316
Net financial items -6 -40 -38
Paid tax -18 -12 -15
Non-cash items 0 0 0
Cash flow before change in WC 55 255 263
Change in WC 50 9 3
Operating cash flow 85 263 266
CAPEX tangible fixed assets -7 -17 -7
CAPEX intangible fixed assets -2 0 0
Acquisitions and disposals -240 -10 -19
Free cash flow -163 236 239
Dividend paid 0 0 -15
Share issues and buybacks 0 0 0
Other non cash items -73 -1110 34
Decrease in net IB debt -141 -1072 63
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 550 548 548
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 112 118 116
Other fixed assets 1 1 1
Fixed assets 662 1761 1741
Inventories 0 0 0
Receivables 6 5 5
Other current assets 73 79 81
SEKm 2019 2020e 2021e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 4,1 4,15 4,67
Dividend per share Adj 0 1,2 1,4
EPS Adj 4,74 4,2 4,67
BVPS 29,11 32,98 37,85
BVPS Adj -16,2 -12,2 -7,33
Net IB debt / share 12,8 101,2 96
Share price 65,06 81 81
Market cap. (m) 789 983 983
Valuation 2019 2020 2021
P/E 17,6 19,5 17,3
EV/sales 0,69 1,23 1,14
EV/EBITDA 13,1 7,2 6,8
EV/EBITA 14,4 21,3 19,5
EV/EBIT 14,4 21,3 19,5
Dividend yield (%) 0 1,5 1,7
FCF yield (%) -19,6 24 24,4
P/BVPS 2,47 2,46 2,14
P/BVPS Adj -4,44 -6,64 -11,06
P/E Adj 15,2 19,3 17,3
EV/EBITDA Adj 12,2 7,2 6,8
EV/EBITA Adj 13,4 21,3 19,5
EV/EBIT Adj 13,4 21,3 19,5
EV/cap. employed 1,7 1,3 1,3
Investment ratios 2019 2020 2021
Capex / sales 0,6 0,9 0,4
Capex / depreciation 113,5 194,5 72,5
Capex tangibles / tangible fixed assets 6,2 14,4 6,2
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 7,4 8,6

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Main shareholders - Atvexa

Main shareholders Share capital % Voting shares % Verified
Peter Weiderman 32.5 % 47.0 % 31 Mar 2020
Svenska Rehabiliterings Sjukhus AB 31.3 % 46.8 % 31 Mar 2020
Sara Karlin 6.6 % 1.1 % 31 Mar 2020
Humle Fonder 4.9 % 0.9 % 31 May 2020
Tredje AP-fonden 4.1 % 0.7 % 31 Mar 2020
Svenska Handelsbanken AB for PB 3.9 % 0.7 % 31 Mar 2020
Fem T AS 3.7 % 0.6 % 31 Mar 2020
Katrina Sjögren 3.5 % 0.6 % 31 Mar 2020
Avanza Pension 2.1 % 0.4 % 31 Mar 2020
Cancerfonden - Riksföreningen Mot Cancer 1.3 % 0.2 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Atvexa

Name Quantity Code Date
Angelica Hedin + 760 BUY 28 Feb 2020
Anna-Karin Olsson + 760 BUY 28 Feb 2020
Katarina Victoria Strand Hedberg + 760 BUY 28 Feb 2020
Veronica Hallengren + 760 BUY 28 Feb 2020
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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