분당토익과외 education through virtual classrooms. 2004 Launched Zebra Kross, a branded virtual-classroom network.분당 토익 2005 Test launch of virtual learning at schools and corporations. 2007 Initial public offering. Source: CLSA Asia-Pacific Markets Financial metrics may lag behind peers A brief timeline of Everonn’s history Everonn Systems - U-PF Indian education 78 bhavtosh.vajpayee@clsa.com 14 March 2008 Risks & drivers Investment by numbers Risks to our view Key earnings drivers Year to 31 March 2007A 2008CL 2009CL 2010CL IEIS Schools EOP 1,919 3,156 6,656 10,156 ViTELS installations EOP – 분당 토익 325 475 625 Capex in IEIS (Rsm) – – 1,050 1,050 Capex in ViTELS (Rsm) – – 46 61 Revenue/IEIS Schools pm (Rs) – – 16,250 16,250 Revenue/ViTELS centre (Rs '000) – – 1,350 1350 Total capex (Rsm) – 350 1,106 1,121 Everonn sets up computer labs in government schools under its IEIS unit, which constitutes 65% of FY08CL 분당 토익 revenue. At 3,156 schools won, Everonn competes in this space with Educomp (6,000+ schools) and NIIT (3,800). Given that more than 25,000 schools should come up for bids in the coming year, the market is large enough for all players, but economics are weaker owing to intense competition, the price-based bidding process and higher debtor days. We have estimated an addition of 3,500 schools every year for the next two years and Everonn should require at least Rs1,050m of 분당 토익 capex per year to fund this expansion. Everonn's ViTELS initiative is unique, and offers distance-learning lectures via VSAT links into more than 325 centres. We are factoring in a 67% revenue Cagr for ViTELS through FY08-10CL and a 400bp margins expansion in the same the period on the back of higher operating leverage and an addition of 150 Everonn Learning Centres each year. With new business segments in play, Everonn plans to expand into school management for example, and also into vocational training, possibly in an alliance with an international player. However, we are awaiting proof of concept before assigning this into our forecasts. Everonn has articulated expansion
카테고리 없음