Update: Profits ahead on stable volumes
British Polythene Industries (BPI) delivered FY14 profitability above our raised estimates and reduced its borrowings over the year. Investment drove progress in the two largest regions, more than carrying an adverse FX headwind and a short-term setback in North America. Further capex is planned and we expect this to translate to higher earnings in each of our forecast years. On modestly raised estimates, BPI is trading on a sub 10x P/E and adjusted EV/EBITDA of below 6x.Bridgepoint Educations is a provider of postsecondary education services through its academic institutions. Ashford University? offers associate's, bachelor's and master's degree programs online and is comprised of four colleges: the Forbes School of Business and Technology?, the College of Education, the College of Health, Human Services and Science and the College of Liberal Arts. University of the Rockiessm provides master's and doctoral degree programs in the social and behavioral sciences. Classes are presented in an online format, and students at University of the Rockies attend via the institution's accessible online platform, which is also available through its mobile applications.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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