Tellusgruppen AB (publ) (TELLUS.ST) fair value

ACCE thesis

Tellusgruppen runs a small set of Swedish vocational and adult education schools, selling courses to individuals and to public employers and funders. The competitive case rests on a 94.7% gross margin, which suggests the cost of delivering each course is very low once the teaching base is in place, though the 5.4% operating margin shows how much overhead sits between that gross line and profit. Revenue growth of 10.5% is the clearest near-term signal, but with an ROE of 6.3% and no forward earnings estimate in the data, the earnings trajectory is the thing to verify before anything else. At a trailing P/E of 16.5 and a market cap of 111M SEK, the valuation is modest for a business growing its top line in the low double digits, so this is worth a deeper look at course enrolment trends, public funding exposure, and whether operating margin can widen from here.