Lumi Gruppen: Setting the stage for continued growth - Nordea

Lumi Gruppen continues to see high demand for its ONH courses, reporting a 20% y/y revenue increase in signed contracts for the school year. The private candidate market is still challenging for Sonans, but we expect 2023/24 was the turning point. With a reduced cost base and initiatives to improve sustainable growth, we expect to see improvements in 2025/26. We see a positive trend in the overall case, with an increased fair value range of NOK 10-16 (NOK 7-12), which is based on different DCF scenarios and 2026 peer multiples. Marketing material commissioned by Lumi Gruppen.

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