Navitas Shareholders Should Vote for the BGH Scheme
No-moat Navitas’ first-half result was in line with our expectations and management guidance and we have maintained our fair value estimate at the BGH consortium offer price of AUD 5.83 per share. Our fair value implies the BGH acquisition is highly likely to proceed and the first-half result only strengthens this view. The reported result was muddied by the ongoing reorganisation of the company, which began last year following the appointment of David Buckingham as CEO. We’re not particularly s...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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