Q3 was slightly mixed, with a strong top line driven by still-high student/child intake (+15.5%) but weaker profit margins, likely due to normal quarterly volatility as the full-year outlook was unchanged. With nine bolt-on acquisitions so far in 2020/21, the educational roll-up case is going to plan. We expect Atvexa to remain an active consolidator, given its asset-light business model with strong FCF generation. We have only tweaked our forecasts but cut our fair value range to SEK78–106/share (86–108) due to peer performance.

DNB