• Forum
  • Stock Markets
    • MarketsLive prices, indices, and market performance
    • Stock CalendarUpcoming earnings, listings, and corporate events
    • Dividends CalendarFuture and past dividends
  • Companies
    • CompaniesBrowse and filter the full list of listed companies
    • DiscoveryInspiration for your next investment
    • IPOsNew listings and upcoming public offerings
    • AGM InvitationsAnnual general meeting dates and shareholder info
  • Stock Research
    • ResearchExpert stock analysis and recommendations
    • ArticlesNews, insights, and market commentary
    • inderesTVVideo hub for stock research, analysis, and expert commentary
    • TranscriptsFull text records of earnings calls and investor meetings
    • Stock ComparisonCompare financials and performance across multiple stocks
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer

Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.

Third party research

Cedergrenska: Stable quarter amid inflation pressure - ABG

Cedergrenska

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
20% sales growth in Q2
Adj. EBITA flat y-o-y
Solid early demand for autumn '23/'24


Q2: Sales and adj. EBITA +4% and 6% above ABGSCe

Cedergrenska reported a solid Q2, with sales of SEK 223m (+20% y-o-y), of which we estimate ~7% was organic growth. It was 4% above ABGSCe, mainly on higher other revenues. Inflation continues to squeeze margins, with adj. EBITA at SEK 11.4m (11.5m) for a margin of 5.1% (6.2%), or slightly better than our expected 5.0%. Cash flow was strong in the quarter, and the company continues to pay down its debt, with net debt just below SEK 33m at the end of the quarter. We also note solid early demand for the autumn semester, with continued strong demand for the larger Fredsborgskolan and Helleborus in the compulsory segment. Upper Secondary saw an increase in demand y-o-y, but the struggling Kista unit still has challenges filling up all classes.