It's a decent multiple and given completion adjustments makes sense from a financial POV, but there is a reason you only see listed groups buy centres at a minimum 75%+ occupancy - they need downside protection.
There would be little to no downside protection here and I imagine 61% group occupancy is dangerously close to unprofitable territory. Under a Management that has not shown any capacity to increase occupancy, that is a worrying recipe. These are Montessori centres too (a completely different teaching pedagogy to what Mayfield's centres are) so should we expect a further increase in HO for someone with a background in Montessori...?
Ann: Agreement to Acquire 7 Centres in South Australia, page-6
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