Ann: Market Update, page-2

So combined RDH and UCW were tracking for $100m revenue for 2021 FY pre-covid.

Synergies should help them target an NPAT margin similar to mature education providers NVT and AKG of 7%.

$7m NPAT
$60m Market Cap
8 PE

RDH cash will help the UCW balance sheet to weather negative cashflow potentially for the next couple years.

Any investment thesis into international education providers relies on the industry returning to 2019 levels at some stage, if there's a fundamental reduction in international education to Australia from digital learning providers or less travel then it's hard to predict positive business metrics.