Carnegie Investment Bank
eEducation Albert
Date Title Alternative
2024-05-14 Another challenging quarter Download | Show Close
2023-11-24 Steps towards profitability Show Close
2023-10-04 Change in revenues not reflected in valuation Show Close
2023-08-24 Impressive B2B revenues Show Close
2023-05-30 Healthy cash flows and steps towards profitability Show Close
2023-04-21 Reduced revenue volatility not reflected in valuation Show Close
2023-03-07 Acquisitions push company closer to goal Show Close
Research | 7 Mar 2023 | eEducation Albert

Acquisitions push company closer to goal

 

Turnover in line with estimate

Turnover in the quarter was SEK 34.2m, demonstrating growth of 84%, of which 27 pp was organic and 57 pp via acquisitions. The result was SEK 1m below our forecast. ARR for the quarter was SEK 155m, representing growth of 73%, split 30 pp organic and 43 pp acquired. EBITA in Q4 was SEK -22.8m. The results were burdened by marketing investments that support growth. The most significant news of Q4 was that Albert made three acquisitions, adding total ARR of some SEK 77m and completed in Q1.

Robust growth and diversified revenue profile

Albert targets turnover of SEK 500m by 2025. We believe this should be the basis for both estimates and valuation. We consider the acquisitions being finalised in early 2023 as a major step along the path towards this goal. In our view, Albert should see a revaluation in the wake of these acquisitions thanks to a much greater proportion of B2B revenues than before. These are less volatile than their B2C counterparts, justifying a higher valuation.

 

Consolidating acquisitions in estimates

Given the acquisitions completed in the quarter, we lift our revenue estimates by 18% for the current year and by 13% for 2024. In our view, the revenue and cost synergies that Albert will reap from the new revenue mix will propel it to profitability earlier than previously estimated. We adjust our fair value marginally to SEK 52–54 owing to an increase in the number of shares. Our fair value is in line with the current valuation of Kahoot, another edtech company.

 

Download (EN)
2022-11-03 Big stride towards financial targets Show Close
2022-07-19 Strong growth during the quarter Show Close
2022-03-17 A European market leader Show Close

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