2Q26: In-Line with MSe; Slightly Above Consensus Due to FX

研报英文原文证据摘录

2Q26: In-Line with MSe; Slightly Above Consensus Due to FX

Update

July 30, 2026 02:52 PM GMT

Morgan Stanley C.T.V.M. S.A.+MLaureate Education Inc | North America Mauricio I Cepeda

Equity Analyst

2Q26: In-Line with MSe; Slightly Mauricio.Cepeda@morganstanley.comLucas Nagano +55 11 3048-6272

Research Associate

Lucas.Nagano@morganstanley.com +55 11 3048-6065

Above Consensus Due to FX Artur D Alves

Artur.Alves@morganstanley.com +55 11 3048-4278

AlphaSignals Earnings Reaction

Laureate Education Inc (LAUR.O, LAUR US)

Unchanged Modest upside Largely unchanged

Business & Education Services | United States of America

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Underweight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target US$34.50

Shr price, close (Jul 29, 2026) US$38.41

Key Takeaways Mkt52-Weekcap, currRange(mm) US$40.75-21.53US$5,483

2Q26 intake in Mexico appears to be improving (per 2Q26 performance and

mgmt. comments), despite sluggish overall consumer spending.

Revenue (8% YoY FX-neutral) and adj. EBITDA (8% YoY), were in line with MSe

and 2% above consensus, likely due to the FX tailwind later in the quarter.

Slight FY26 guidance increase mostly on FX, still aligned with MSe and

consensus. There is upside to guided adj. EPS due to new stock buybacks.

The USD150m increase in buyback authorization reinforces the strong

shareholder return policy. However, timeframe to complete execution is

uncertain.

Although 2Q26 had a few small positive takes and almost no negative ones, we

remain UW on rich P/E (17.4x 2027) ahead of potentially slower earnings growth.

Results. Although seasonally less relevant for admissions, 2Q26 intake grew 16% in

Mexico and 9% in Peru.