Lumi Education Group

* Lumi acquires Bjørknes at 4.6x EV/EBIT * Meaningful synergies identified * Estimates could rise by 6-9% Lumi acquires Bjørknes at 4.6x EV/EBIT Lumi announced this morning that they have acquired the operating business of Bjørknes Privatskole, an Oslo...

* Solid end to the year * AY'25/26e guidance seems fine * Fair value range of NOK 18-25 Solid end to the year Group revenue was NOK 272m, 5% above our estimate of NOK 260m and up 14% y-o-y. This resulted in full-year sales of NOK 508m, up 12.5% y-o-y...

* FY'25e adj. EBIT NOK 81m * Accretive acquisition * Fair value range of NOK 15-25 '25e adj. EBIT NOK 81m We pencil in H2'25e revenues of NOK 260m, up 9% y-o-y. This implies FY'25e revenues of NOK 496m, +10% y-o-y. We have fine-tuned our EBIT estimates...