Analyst Group Raises Fair Value for Tellusgruppen Following Q2 Report
Published: August 17, 2026
IR - non-regulatory, Other
Analyst Group has published a new analysis of Tellusgruppen following the report for the second quarter of 2026. The analysis highlights, in particular, the stronger organic growth, the refinanced debt, and the Group’s financial flexibility.
At the same time, Analyst Group is raising its fair value estimate for Tellusgruppen to 10.2 kronor per share, up from the previous 9.8 kronor.
Organic growth exceeded expectations
The Tellus Group's revenue increased by 10.4 percent in the second quarter to 150.2 MSEK. Of this growth, 6.4 percent was organic and 4.0 percent was from acquisitions.
Analyst Group notes that the results exceeded their revenue estimate of 146.2 MSEK. In particular, organic growth was stronger than expected, at 6.4 percent compared with their forecast of 4.5 percent.
All business areas contributed to the growth. Among other things, Analyst Group highlights Tellusskolan’s 25.6 percent growth and Omnipro’s 24.5 percent organic growth.
EBITDA amounted to SEK 23.9 million and EBIT to SEK 7.6 million. Analyst Group believes that the decline in earnings compared with the previous year is primarily attributable to the accrual of vacation pay liabilities and one-time transaction costs.
Refinancing Provides Greater Flexibility
Analyst Group also highlights the Tellus Group’s refinancing during the quarter. The credit line was increased to 30 MSEK, while the interest rate was lowered to 9.5 percent and the term was extended to 2029.
Given a net debt-to-EBITDA ratio, excluding IFRS 16, of 0.5x, Analyst Group believes that Tellusgruppen is well-positioned to continue making selective acquisitions.
The analysis also highlights the fragmented market in the education sector and concludes that increased regulatory requirements may contribute to continued consolidation.
The fair value is raised to 10.2 kronor
Following the Q2 report, Analyst Group is revising its revenue forecast for 2026 upward due to stronger organic growth.
At the same time, profitability estimates are being revised downward marginally, primarily due to a higher cost base at Omnipro. The lower net debt, however, has a positive impact on the valuation.
Overall, the fair present value in Analyst Group’s Base scenario is raised to 10.2 kronor per share, from the previous 9.8 kronor.