Navitas’ Headline Result Belies Encouraging Underlying Trends
The 9% fall in Navitas’ share price following the interim result looked like an excessive reaction, but it’s possible the cessation of the share buyback programme and the planned transition from fully to partially franked dividends took the market by surprise. Navitas’ interim result was in line with our expectations, and we maintain our earnings forecasts; however, we’ve increased our fair value estimate very slightly to AUD 4.65 from AUD 4.58, largely to reflect the impact of the time value of...Navitas provides educational services to domestic and overseas students. Co.'s segments are: University Partnerships, which delivers education programs, via pathway colleges and managed campuses, to students requiring a university education; SAE Institute, which delivers education programs in creative media including courses in audio, film and multimedia; and Professional and English Programs, which delivers English language tuition, jobs skills training and higher and vocational education in health, security and psychology, and is comprised of four business units: English and Foundation Skills, Careers and Learning Skills, Navitas Professional Institute, and Training and Development.
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