blue sky potential. ~$200m EBITDA run rate after todays ann($106m first half a bit stronger). Accelerating growth rate in student placement.
53% EBITDA growth rate constant currency. Assuming 30% compounded going forward, as there is no constraint to the student populations in india mainly, we are looking at a potential $1billion EBITDA business longer term. Uni fees are in the tens of billions/annum worldwidemostly international students. Applying a 25X EBITDA multiple(as there will be further growth beyond that, india student population is in the hundreds of millions- india has a young population), we are looking at a $25BN EBITDA business on a very long term horizon 10-15 years+.
Current SP is 5.4BN, so looking at $100 SP target in about 10-15+years time horizon.
This is one of the best industrial, non tech, stocks on the ASX.
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