Childcare Oversupply Affecting G8 Education More Than Expected; FVE Cut to AUD 3.50
We have cut our fair value estimate for no-moat-rated G8 Education by 12% to AUD 3.50 per share following the company's weaker-than-expected first-half result. The key challenge facing G8 continues to be the oversupply of childcare centres and resulting impact on centre occupancy rates, revenue, and profits. In the first half, the combination of occupancy weakness and negative operating leverage caused G8’s EBIT to fall 21% and EBIT margin to fall 4 percentage points to 12%. Although the busines...G8 Education is engaged in the operation of early education centres owned by Co., and ownership of early education centre franchises. Co. operates in Australia and Singapore.
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