Long long ago - in 2002 SIRT was 43% of EBIT. I would imagine it...

Long long ago - in 2002 SIRT was 43% of EBIT. I would imagine it is less now. I'm not sure of my numbers but is SIRT 3200 out of 19000 enrollments? Trying to piece it together from bits and pieces. Really does sound dire to me if that is correct. I would imagine they can set up another Sydney campus, but it will take time, and will probably not have a name like Macquarie Uni to leverage off.

Also I imagine that the non Australian campuses are operating around break-even as a group. I can't help thinking that SIRT could cost up to 30% of NPAT when it goes, and on top of that the multiple for this stock should rightfully reduce to mid teens.

After a lot of consideration, decided to short it - will see what happens.