I'll provide an alternative view:
- With no new students coming in for the forseeable future, that revenue headline will reduce quite quickly as current students graduate. Maybe 26% reduction year on year? (80% revenue from O/S students / 3). I used 3 years as the average number of years a student is on the books. Apply that through the forecast revenue, and you'll get a different picture
- Jobkeeper accounted for $2.4m odd of revenue. This too will reduce after October.
It might be cheap, but it might be a trap as well, dependent on when COVID ends/borders open, Jobkeeper ends.
Ann: Preliminary Final Report, page-4
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