Morningstar | BGH Consortium's Acquisition of Navitas Moving Closer
Navitas is an industry leader in providing pre-university and university pathway programs, chiefly to Asian and local students, but also increasingly to non-English-speaking students in the United Kingdom, Canada, Singapore, and the United States. Since its 1994 inception, student numbers have increased significantly, with more than 80,000 in 2018. Since listing in 2004, the company has grown rapidly. We expect this to continue as it expands internationally. The main threats to this growth are the loss of contracts from partner universities, a high Australian dollar, and changes to visa requirements. Capital requirements are low and cash flow exceptionally strong, enabling a high dividend payout ratio. We rate Navitas as having no economic moat, based on our view that the education sector is competitive, with relatively low barriers to entry.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.
We have operations in 27 countries.
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