Added to YB: 2026-03-02
Pitch date: 2026-02-26
CEDER.ST [bullish]
Cedergrenska AB (publ)
-2.33%
current return
Author Info
No bio for this author
Company Info
Cedergrenska AB (publ) provides education services in Sweden. It operates preschool, elementary, and upper secondary schools, as well as operates gymnasiums and adult education centers.
Market Cap
SEK 534.3M
Pitch Price
SEK 43.00
Price Target
152.00 (+262%)
Dividend
10.43%
EV/EBITDA
4.48
P/E
18.12
EV/Sales
0.41
Sector
Diversified Consumer Services
Category
growth
Cedergrenska (CEDER) - A Fast-Growing, Best-in-Class Serial Acquirer Trading at a Double-Digit Earnings Yield
CEDER.ST: Swedish independent school roll-up at 5x EBITA, 6.2x P/E despite 20% rev CAGR, 24% EBITA CAGR, 42% ROCE. Insiders own 33%. Targets 10-15% growth via accretive M&A at ~4-5x EBITA post-synergies. Political risk: proposed 5-yr profit ban on new schools, quality grant loss (3-10% rev) if distributing. Downside protected by EU property rights (Article 17) requiring fair compensation. Base case SEK 60/sh (+42%), bull SEK 152 (29% IRR). Catalysts: Tidö coalition wins 2026 election, regulatory rollback, buybacks (0.6x vs 2x leverage target).
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