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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 2020 2021e 2022e
Lease adj. FCF yield (%) 7,8 3,6 8,7
Lease adj. ND/EBITDA 1,1 0,6 0
Sales 1801 2054 2157
Sales growth (%) 20,6 14,1 5
EBITDA 313 365 376
EBITDA margin (%) 17,4 17,8 17,4
EBIT adj 111 134 138
EBIT adj margin (%) 6,2 6,5 6,4
Pretax profit 65 90 95
EPS rep 4,15 5,9 6,19
EPS growth (%) 1,3 42,1 5
EPS adj 4,63 5,9 6,19
DPS 1,25 1,77 1,86
EV/EBITDA (x) 7,3 6,4 6
EV/EBIT adj (x) 20,5 17,5 16,3
P/E (x) 20,8 15,6 14,9
P/E adj (x) 18,7 15,6 14,9
EV/sales (x) 1,3 1,1 1
FCF yield (%) 25,1 22,4 28
Dividend yield (%) 1,4 1,9 2
Net IB debt/EBITDA 3,9 3,4 3
N/A N/A N/A
SEKm 2020 2021e 2022e
Depreciation and amortisation -207 -232 -238
Of which leasing depreciation -198 -220 -226
EO items -5 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 104 120 125
EBITDA lease Adj margin (%) 5,8 5,9 5,8
Sales 1801 2054 2157
COGS 0 0 0
Gross profit 1801 2054 2157
Other operating items -1488 -1689 -1780
EBITDA 313 365 376
Depreciation on tangibles -9 -11 -12
Depreciation on intangibles 0 0 0
EBITA 106 134 138
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 106 134 138
Other financial items 0 0 0
Net financial items -41 -44 -43
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 65 90 95
Tax -15 -18 -19
Net profit 50 72 75
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 50 72 75
EPS 4,15 5,9 6,19
EPS Adj 4,63 5,9 6,19
Total extraordinary items after tax -6,2 0 0
Tax rate (%) -23,1 -20 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 17,4 17,8 17,4
EBITA margin (%) 5,9 6,5 6,4
EBIT margin (%) 5,9 6,5 6,4
Pretax margin (%) 3,6 4,4 4,4
Net margin (%) 2,8 3,5 3,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,6 14,1 5
EBITDA growth (%) 297,7 16,7 2,9
EBIT growth (%) 48,7 26,3 3,1
Net profit growth (%) 4,2 43,2 5
EPS growth (%) 1,3 42,1 5
Profitability 2020 2021 2022
ROE (%) 13,7 17,2 15,5
ROE Adj (%) 15,3 17,2 15,5
ROCE (%) 9,1 7,7 7,8
ROCE Adj(%) 9,6 7,7 7,8
ROIC (%) 7,4 6,4 6,4
ROIC Adj (%) 7,7 6,4 6,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 318 365 376
EBITDA Adj margin (%) 17,7 17,8 17,4
EBITA Adj 111 134 138
EBITA Adj margin (%) 6,2 6,5 6,4
EBIT Adj 111 134 138
EBIT Adj margin (%) 6,2 6,5 6,4
Pretax profit Adj 70 90 95
Net profit Adj 56 72 75
Net profit to shareholders Adj 56 72 75
Net Adj margin (%) 3,1 3,5 3,5
N/A N/A N/A
SEKm 2020 2021e 2022e
Lease liability amortisation -182 -210 -216
Other intangible assets 0 0 0
Right-of-use asset 1130 1165 1155
Total other fixed assets 4 4 4
Leasing liability 1117 1154 1144
Total other long-term liabilities 41 38 40
Net IB debt excl. leasing 111 73 -5
Net IB debt / EBITDA lease Adj (%) 106,7 61 -4,1
Cash and liquid assets 102 94 128
Total assets 1996 2064 2092
Shareholders equity 380 452 516
Minority 0 0 0
Total equity 380 452 516
Long-term debt 168 122 78
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 20 22 24
Other long-term liabilities 21 16 16
Short-term debt 45 45 45
Accounts payable 59 43 50
Other current liabilities 186 209 220
Total liabilities and equity 1996 2064 2092
Net IB debt 1228 1227 1138
Net IB debt excl. pension debt 1228 1227 1138
Capital invested 1649 1718 1694
Working capital -173 -171 -184
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1050 1117 1117
Net IB debt Adj 1228 1227 1138
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 2278 2344 2255
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 126,8 101,2 103,8
Capital invested turnover (%) 162,6 122 126,4
Capital employed turnover (%) 155,1 118 121,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 3,7 4,3 4,5
Payables / sales (%) 2,7 2,5 2,2
Working capital / sales (%) -7,5 -8,4 -8,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 323,2 271,4 220,4
Net debt / market cap (%) 129,1 109,9 101,9
Equity ratio (%) 19 21,9 24,7
Net IB debt adj. / equity (%) 323,2 271,4 220,4
Current ratio (%) 33,6 32,3 38,4
EBITDA / net interest (%) 763,4 823,5 865,6
Net IB debt / EBITDA (%) 392,3 335,9 302,7
Interest cover (%) 258,5 301,8 317,8
EBITDA 313 365 376
Net financial items -41 -44 -43
Paid tax -15 -18 -19
Non-cash items 0 0 0
Cash flow before change in WC 257 303 313
Change in WC 55 -6 11
Operating cash flow 312 297 324
CAPEX tangible fixed assets -20 -12 -11
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -28 -35 0
Free cash flow 264 250 313
Dividend paid 0 -15 -21
Share issues and buybacks 0 0 0
Other non cash items -1145 -32 7
Decrease in net IB debt -1072 1 89
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 567 599 599
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 121 121 120
Other fixed assets 4 4 4
Fixed assets 1822 1889 1878
Inventories 0 0 0
Receivables 4 5 6
Other current assets 68 76 80
N/A N/A N/A
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 7,8 3,6 8,7
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 4,15 5,9 6,19
Dividend per share Adj 1,2 1,8 1,9
EPS Adj 4,63 5,9 6,19
BVPS 31,3 37,25 42,54
BVPS Adj -15,4 -12,09 -6,8
Net IB debt / share 101,1 101,1 93,8
Share price 78,33 92 92
Market cap. (m) 951 1117 1117
Valuation 2020 2021 2022
P/E 20,8 15,6 14,9
EV/sales 1,26 1,14 1,05
EV/EBITDA 7,3 6,4 6
EV/EBITA 21,5 17,5 16,3
EV/EBIT 21,5 17,5 16,3
Dividend yield (%) 1,4 1,9 2
FCF yield (%) 25,1 22,4 28
P/BVPS 2,76 2,47 2,16
P/BVPS Adj -5,62 -7,61 -13,52
P/E Adj 18,7 15,6 14,9
EV/EBITDA Adj 7,2 6,4 6
EV/EBITA Adj 20,5 17,5 16,3
EV/EBIT Adj 20,5 17,5 16,3
EV/cap. employed 1,3 1,3 1,3
Investment ratios 2020 2021 2022
Capex / sales 1,1 0,6 0,5
Capex / depreciation 222,2 105,2 90,5
Capex tangibles / tangible fixed assets 16,5 9,9 9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 7,4 9,4 9,9
N/A N/A N/A

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Main shareholders - Atvexa

Main shareholders Share capital % Voting shares % Verified
Peter Weiderman 30.6 % 46.7 % 31 Dec 2020
Svenska Rehabiliterings Sjukhus AB 29.5 % 46.5 % 31 Dec 2020
Humle Fonder 4.9 % 0.9 % 28 Feb 2021
Sara Karlin 4.8 % 0.8 % 31 Dec 2020
Svenska Handelsbanken AB for PB 4.4 % 0.8 % 31 Dec 2020
Tredje AP-fonden 4.1 % 0.7 % 31 Dec 2020
Katrina Sjögren 3.5 % 0.6 % 31 Dec 2020
Avanza Pension 2.2 % 0.4 % 31 Dec 2020
Nordnet Pensionsförsäkring 1.8 % 0.3 % 31 Dec 2020
Nordic Cross Asset Management 1.3 % 0.2 % 28 Feb 2021
Source: Holdings by Modular Finance AB

Insider list - Atvexa

Name Quantity Code Date
Trond Ingvaldsen - 446 960 SELL 14 Dec 2020
Katarina Victoria Strand Hedberg + 320 BUY 7 Dec 2020
Angelica Hedin + 320 BUY 7 Dec 2020
Anna-Karin Olsson + 320 BUY 7 Dec 2020
Lars Brune - 222 965 SELL 7 Dec 2020
Sara Helena Karlin - 2 500 SELL 24 Aug 2020
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

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