José Antonio Larraz of Equam Capital presented his investment thesis on AcadeMedia (Sweden: ACAD) at European Investing Summit 2022.

Thesis summary:

AcadeMedia is the leading independent education company in Northern Europe, offering services in the preschool, compulsory, upper secondary, and adult segments. With more than 90,000 students, the company has facilities all over Sweden as well as pre-schools in Norway and Germany.

Due to political risks related to changes in compensation levels and regulations on profitability for the compulsory segment in Sweden, the company is trading at historically low levels, with an FCF yield of roughly 14%.

Jose believes AcadeMedia is a high-quality business with recurring revenue, low cyclicality, and high cash flow generation capacity, which can be reinvested in a sector with solid growth prospects.

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About the instructor:

José Antonio Larraz is a founding partner of Equam Capital. Jose has 15 years of experience as a partner in Capital Alianza Private Equity, investing in Spanish private companies in the middle market. He has investment experience in chemical, food, retail, outsourcing and telecommunications sectors, having participated in the board of directors of six different companies. Jose has 4 years of experience in financial advisory, corporate finance and M&A at Lehman Brothers in London and New York and He is a Professor at Instituto de Empresa since 2008. Jose holds a degree in Law and Business Administration from ICADE University and MBA from Insead.

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