Lumi Gruppen: Capitalising on education trends - ABG

A leading education provider growing faster than peers
Solid visibility—90% of academic year revenue secured in autumn
Targets seem achievable—fair value range of NOK 13-25


A leading education provider with solid growth prospects

Lumi is a leading Norwegian provider of higher education through Oslo Nye Høyskole (a university college, ~80% online), and private candidate exams through Sonans (~60% online). The main growth driver is ONH, which accounted for ~60% of revenues in '24 vs. ~53% in '23. From '18-'24, ONH achieved a revenue CAGR of 17% (peers 10%), and an EBIT margin of ~28% (peers 5%). Sonans remains a market leader, although its market has declined by ~40% vs. the peak in '21 (post-COVID effects). The trend is shifting, however, as Sonans is now seeing growth. The company enjoys strong revenue visibility, with ~90% of its revenues the following year locked in during autumn, providing a predictable and resilient earnings base.