Value Emerges in Navitas as First Half Meets Expectations; Fair Value Estimate Unchanged
We maintain our fair value estimate for no-moat-rated Navitas at AUD 4.80 per share following its first-half result, which met our expectations. The 6% share price fall following the result means the shares have fallen 23% since their peak last June; however, we believe the market has overreacted, and at the current market price of AUD 4.43, we think value is finally emerging. The fiscal 2017 price/earnings ratio of 18 looks reasonable relative to our 10-year forecast EPS CAGR of 7.6%. Over the ...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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