Ann: RCL - Investor presentation - July 2024, page-3

I saw a few new bits, and mostly seemed positive (legitimately. Not just spin).

But nothing extremely clear, like what a quarterly could show about student numbers, school numbers, and revenue, just some generally positive trends.


Eg. red cross shows low margin revenue, green ticks show high margin revenue (high margin revenue is growing the best - due to trouble with the ebooks, acquisitions, and synergies plus maybe some organic growth).




But: ebooks seems to get high revenue per school.


vs



Our ebook penetration is low. I assume it's a tough market. The revenue is low margin, but we have quite significant revenue from a low number of schools. So there's room for growth, if the competition is not too tough.




Vs VET: high margin. We're in more schools already (than ebooks). Though also with room for growth:






I saw mention of 'acquisitions' again, which is the main uncertainty. Acquisitions may still be positive, if the synergies work out well, but would put a 1+ year damper on cashflow (as staff levels spike, duplication spikes, and a year is spent working on the synergies).