I'm hoping RDH remains it's own entity, as there is a pathway to...

I'm hoping RDH remains it's own entity, as there is a pathway to 'blue sky returns' in an absolute best case scenario:

RDH has grown revenue from $18m to $65m organically in 7 years.

Hypothetically if they were able to continue that growth rate in the next 7 years that would equal $230m revenue in 2028.

A mature education business like NVT or AKG have earnt 7% NPAT margins in recent years.

If we use that 7% margin figure once RDH matures, that would equate to $16m NPAT and using a PE of 40 for a high growth company that would equate to market cap of $640m or 16x investment in 7 years.

RDH also funds it's expansion from student's pre-payments so none of this revenue growth required capital raising (until coronavirus) so shares outstanding were the same between 2013-2019.

This is compared to UCW which is more an acquirer so needs to dilute to achieve this type of revenue growth and AKG which prefers to payout profits as dividends than spend cash flow on revenue growth.

*This blueprint illustrates the best case scenario to demonstrate theoretical upside, not necessarily what will happen in the future.