Leading education provider Navitas will benefit from increased demand from international students.
We have increased our fair value estimate for Navitas by 8% to AUD 4.50 per share following the investor strategy day last week. Our fair value estimate implies a fiscal 2017 P/E ratio of 19 and a dividend yield of 4.2% or 5.6% including franking credits. At the current market price of AUD 4.40, we now consider the shares to be fairly valued. The increase in fair value is driven by a reduction in capital expenditure forecasts and a small increase in revenue forecasts.Navitas should continue to ...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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