Analyst Group Publishes Analysis of Tellusgruppen for the First Quarter of 2026
Published: May 15, 2026
IR - non-regulatory, Other
Analyst Group has published an updated analysis of Tellusgruppen following the company’s report for the first quarter of 2026. The analysis highlights that the Group got off to a stable start to the year with continued organic growth, with revenue increasing to 138.2 MSEK, corresponding to organic growth of 5.0 percent compared with the previous year. Growth was driven by all three segments: preschool, elementary school, and educational resources.
The analysis also points to a continued increase in the occupancy rate for preschool operations, which stood at 79.4 percent during the quarter. Together with an increase in the number of students in elementary school, an upward revision of the school voucher, and a growing contribution from the educational resources segment, this is expected to support continued growth and margin improvement for the remainder of 2026.
Analyst Group also highlights the Tellus Group’s acquisition of Danderyds Enskilda Skola, which was consolidated in the middle of the second quarter of 2026. The acquisition adds a preschool and elementary school with approximately 200 children and students, as well as expected annual revenue of approximately 30 MSEK. According to the analysis, the acquisition strengthens the Tellus Group’s position in the Stockholm area and is expected to integrate smoothly, in part due to its geographic proximity to existing operations.
Furthermore, Analyst Group assesses that Tellusgruppen continues to have the financial flexibility to make selective acquisitions, with an adjusted net debt-to-EBITDA ratio of 0.9x. In light of improved growth prospects, the contribution from acquisitions, and continued diversification of the revenue base, Analyst Group has raised its fair value in a Base scenario to 9.8 kronor per share.