Should not affect price much, page-5

Good luck BB - on the face of it, you are probably right about the revenue impact. However did you consider how weak this shows NVTs negotiating position to be. Macquarie Uni can just pick up where NVT left off, and gain a goodwill equivalent of $40m gratis possibly. So what does this say about the resilience of NVT, and the "moat"? I think 67% of revenues is from Oz, and 75% of EBITDA is from university programs. What proportion of this is from weak contracts, that impute little defensible earnings? What sort of multiple should they be trading on with this new knowledge.

I don't have any answers - only questions. But I am watching it all the same.