contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


lumi-gruppen-supportive-trading-update-abg

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Lumi Gruppen operates in the education sector. The group offers a wide range of private tuition throughout the Norwegian home market. The business is run through several schools and tuition is offered to students of varying ages. The largest operations are in the Nordic region. The company was founded in 1989 and is headquartered in Oslo, Norway.

Lumi Gruppen

* Solid autumn intake* Sonans back on track* Fair value range of NOK 14-25 Solid autumn intake Today, Lumi published a trading update for its '25 autumn intake. Intake seems solid, with ONH ...

* Solid autumn intake* Sonans back on track* Fair value range of NOK 14-25 Solid autumn intake Today, Lumi published a trading update for its '25 autumn intake. Intake seems solid, with ONH revenues guided up 14% y-o-y for the AY 25/26e and Sonans revenues guided up 6-8% y-o-y. In total, Lumi guides for ONH revenues of NOK 323-326m and Sonans revenues of NOK 198-202m, which implies AY'25/26e revenues of 525m at midpoint. On adj. EBIT, management expects ONH to deliver a margin ahead of the AY'24/25 margin of 21.4%, and we pencil in 25%. Regarding Sonans, adj. EBIT is guided above 9% in AY'24/25, and we pencil in 12%. We raise our AY'25/26e revenue/EBIT estimates by 2%. Sonans back on track The trading update was a positive read for Sonans. The last couple of years have been challenging, with Sonans revenues declining ~15% p.a. on average. However, the AY'24/25 was likely a turning point, with 5% y-o-y growth. Today, Lumi guides Sonans revenues up 6-8%, and we estimate that the trough has passed for Sonans. The 6-8% guidance is above the company's target of ~5% revenue growth p.a., and the company expects the adj. EBIT margin to move towards its financial ambition of ~15% (~9% in AY '24/25). We argue that these targets are achievable, mainly driven by a reduction in job vacancies, lower grade inflation, and a structural undersupply of higher education admissions places. Fair value range of NOK 14-25 We derive a fair value range of NOK 14-25. A peer valuation points to NOK 11-21/sh, while a DCF points to ~NOK 27/sh. Lumi is trading at a '26e/'27e EV/EBIT of ~13x/10x and a P/E of ~18x/13x, while enjoying strong earnings growth and relatively high barriers to entry.