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Third party research

Lumi Gruppen: H1 likely in line - ABG

Lumi Gruppen

This is a third party research report and does not necessarily reflect our views or values

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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%.
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