Navitas Remains in Good Shape Despite a Tough Fiscal 2018
We have maintained our fair value estimate for no-moat-rated Navitas at AUD 4.65 per share despite the company reporting a AUD 56 million loss after tax for fiscal 2018, significantly worse than the AUD 80 million profit reported in the prior year. The result was unsurprising, as it was preannounced three weeks ago via a detailed press release and analyst conference call. This meant the market focused more on the outlook than the result, which explains the share price rise following the announce...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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