성남 토익과외 , its expensive valuations without commensurate portfolio coverage, discontinuous earnings growth and execution track record are hindrances to a positive call. Among the risks to our view are: Joint venture with international players for vocational training, 성남 토익 which may reduce capex burden on the company while strengthening its offering. ViTELS may drive a positive surprise but current investment thesis looks suboptimal US$1.5bn of segments mapped out of a US$40bn pie Mapping within Indian education opportunity could improve We have not factored in contributions from new businesses High capex intensity is worrying Everonn Systems - U-PF Indian education 14 March 2008 bhavtosh.vajpayee@clsa.com 77 Ability to raise a large amount 성남 토익 of capital at lower rates than our expectations, coupled with increased school wins under IEIS. Better-than-expected pick up in ViTELS, leading to high 성남 토익 operating leverage and better profitability metrics. Everonn versus peers Aptech Educomp Everonn NIIT Year ending December March March March Revenue Cagr (FY08-10CL) (%) 28.8 120.6 68.2 20.8 EPS Cagr (FY08-10CL) (%) 51.6 104.6 65.1 42.6 ROAE (%) FY08CL/CY07CL 25.5 34.4 17.8 21.1 FY09CL/CY08CL 36.2 45.4 12.9 25.9 FY10CL/CY09CL 30.6 62.7 12.7 29.8 ROIC (%) FY08CL/CY07CL 33.3 47.3 18.2 8.7 FY09CL/CY08CL 61.5 44.8 17.2 12.6 FY10CL/CY09CL 69.2 44.9 15.4 16.7 ROACE (%) 성남 토익 FY08CL/CY07CL 25.0 21.9 19.8 8.4 FY09CL/CY08CL 37.9 33.0 16.3 13.8 FY10CL/CY09CL 43.3 53.7 16.7 18.5 Ebit margins (%) FY08CL/CY07CL 14.0 38.7 23.0 4.9 FY09CL/CY08CL 20.2 41.7 24.2 7.2 FY10CL/CY09CL 24.2 47.6 22.7 9.2 PE (x) FY08CL/CY07CL 33.3 91.0 80.4 24.8 FY09CL/CY08CL 17.1 42.8 45.9 17.1 FY10CL/CY09CL 14.5 21.7 29.5 12.2 EV/Ebitda (x) FY08CL/CY07CL 31.6 52.9 53.8 47.7 FY09CL/CY08CL 16.7 22.5 36.1 28.2 FY10CL/CY09CL 11.1 10.9 25.4 18.7 Source: CLSA Asia-Pacific Markets Company background Everonn: A brief timeline of events 2000 Formation of Everonn Systems. 2000 Contract for 332 government schools in Tamil Nadu. 2002 Partnered with Hughes Net Global Education for bringing management
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