Lumi Gruppen: H1 likely in line - ABG
This is a third party research report and does not necessarily reflect our views or values
H1e likely in line with guidance
ONH is the growth engine, Sonans growth turns positive
Fair value range of NOK 14-25
H1e likely in line with guidance
We pencil in H1'25e revenues of NOK 229m, which is the mid-point of the guidance from the H2'24 report. This equals a y-o-y growth of ~8%, and implies ~11% y-o-y growth for the 2024/25e academic year (AY). We have fine-tuned our margin estimates, and see the H1 adj. EBIT margin at ~15.8%. Regarding the full AY for 24/25e, we see the Sonans adj. EBIT margin at ~8%, while we pencil in 24% for ONH, which yields ~15% at the group level. The company enjoys strong revenue visibility, with ~90% of its revenues the following year locked in during autumn, and the company is likely to comment on the autumn intake at its H1 report. For the AY'25/26e, we pencil in ~8% revenue growth and a group adj. EBIT margin of ~19%.
ONH is the growth engine, Sonans growth turns positive
Fair value range of NOK 14-25
H1e likely in line with guidance
We pencil in H1'25e revenues of NOK 229m, which is the mid-point of the guidance from the H2'24 report. This equals a y-o-y growth of ~8%, and implies ~11% y-o-y growth for the 2024/25e academic year (AY). We have fine-tuned our margin estimates, and see the H1 adj. EBIT margin at ~15.8%. Regarding the full AY for 24/25e, we see the Sonans adj. EBIT margin at ~8%, while we pencil in 24% for ONH, which yields ~15% at the group level. The company enjoys strong revenue visibility, with ~90% of its revenues the following year locked in during autumn, and the company is likely to comment on the autumn intake at its H1 report. For the AY'25/26e, we pencil in ~8% revenue growth and a group adj. EBIT margin of ~19%.