They also are verging on being cash constrained possibly - a lot...

They also are verging on being cash constrained possibly - a lot of their cash needs to be kept ina separate account - so I think they have $22m cash, and probably about $200m borrowings - so net debt $178 - not counting the deferred revenues. Their debt limit was $250m, but I am not sure what the lenders will be offering once they take into account some new business risks and the level of deferred revenues. I'm not suggesting credit will be cut off.

SIBT probably had about 850 students in 2002 (just guessing - from 915 on 24/2/03 - from 28th feb 2005 Ann), and yesterday the navitas website said they have 3200 - so an increase of 370%. You would think npat would have increased similarly at least - so possibly from $6.5m NPAT to $24m - and there is no adjustment for inflation in there - could even add another 35% or so - to $32m NPAT from SIBT. These numbers are admittedly prone to a significant error. However if they are not too far out - then really SIBT is 42% of the $75m approx npat that was expected this year.

How badly will SIBT's earnings be diminished by, say 2017 - I would think dramatically, unless they can link up with another big name university.

I think NVT needs to supply some numbers so that the market can properly evaluate the impact.

DYOR - don't rely on my rantings, which are for amusement and speculative purposes only - lol.