AKG 16.7% 17.5¢ academies australasia group limited

Ann: Half Year Accounts, page-5

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    My synopsis..
    - "student acq & teaching costs" are up nearly 20% PcP.... key question is which is it at what %... neither are
    great having a meaningful impact on GP (ie. negates bulk of growth)
    - cash backwards by ~$3.5m with op / invest / financing CF all going backwards
    - "tuition fees in advance" have dropped materially.. reflecting lack of new signups which is a cause for concern on outlook
    - "lease liabilities" up significantly as noted

    Hard marking on this one... but not great.. only upside you can frame is reopening / directive from China etc RE. learning mandate... but I suspect it's back to ~30cps.
 
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