The debt/equity model looks bad because they're running a negative working capital model. Their cashflow actually increases as the number of future students increases.
What matters here is their ability to pay the debt, which is not really in question.
NVT actually has a huge network effect, and are well embedded in the industry. However, at this price, it's about growth in cash flows, not about whether or not the company will stay afloat.
If they don't have any other issues (AMEP loss, write downs, etc.) then the price may be justified.
Note: I sold because I had better opportunities elsewhere.
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