Navitas' FVE Cut 14% to AUD 4.15 Following Contract Loss
We have cut our fair value estimate for no-moat-rated Navitas by 14% to AUD 4.15 per share due to the loss of contracts relating to the Adult Migrant English Programme, or AMEP. AMEP is a federal government scheme providing English language tuition to migrants and humanitarian entrants. Navitas has provided services to the scheme for over a decade but has been offered fewer contracts under the current AMEP tender process. The reason for the reduction in contracts hasn't been disclosed and we are...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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