Lumi Gruppen: Higher student intake than expected - Nordea

Lumi Gruppen announced a trading update today for the school year 2024-25. Oslo Nye Høyskole (ONH) continue their strong performance and the company increases their revenue guidance to NOK 280-285m for school year 2024-25 (NOK 255-265m from H1 report). This is above our expectation of NOK 262.5m for school year 2024/25. ONH has 21 percent growth in signed contracts compared to school year 2023-24 and expects to deliver EBIT margin in line with or ahead of school year 2023-24. The revenue guidance for Sonans has been narrowed down to NOK 180-183m (from NOK 180-185m from H1 report). This is in line with our expectations of NOK 180.4 for school year 2024/25. The company will implement measures to enhance margin performance and sustainable growth, where the company expects a gradual improvements to profitability. The lower end of the guidance leaves 4% upside to our estimates and the higher end of the guidance leaves 6% upside to our estimates.

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