Navitas' FVE Cut to AUD 4.22 as Investor Day Raises Margin Concerns
The most notable aspect of Navitas' annual investor day was the downgrade of management's long-term group EBITDA margin guidance to 17% from 18%, including corporate costs. However, the 20% EBITDA margin guidance for the SAE division was maintained, which comprises 16% of group EBITDA, and we estimate this implies a long-term EBITDA margin of around 22% for the University Pathways, or UP, division, comprising 75% of group EBITDA. In fiscal 2018, Navitas reported EBITDA margins of 13% for SAE, 22...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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