To be honest, the company has so many barriers to entry that its...

To be honest, the company has so many barriers to entry that its very hard to put a valuation on it. Briefly, some of these are:

- Access to cheap (if not free) capital: It funds current and future operations via the negative WC structure, using prepaid student fees to do so.
- Switching costs to customers: Universities that partner with NVT have a significant cost in switching (if another provider is even available). The new JV model strengthens this further (by killing off the partnership, they either pay out NVT, or destroy the pathways college)
- Network effect: Thousands of agents receiving commissions are incentivised to recommend Navitas provided courses to international students
- Unionised labor (atleast in Aus): Universities are generally heavily unionised. Navitas can take advantage of this, and provide the same functions at a cheaper price, given it's not a government agency.

With all that considered, and the current growth rate, it's far from the standard listing on the ASX... Usually, you could say "$X are paid out, and the rest is used as capex to grow", but in this case, the business pays out everything (or %80 now, as FC aren't available from O/S earnings), with all growth coming from capital that costs nothing (or close to).


Adding to all of that, Rod Jones owns a significant amount and just bought 1mil shares more... It's very hard to find something about this company that's not attractive.