구리토익과외 140.2 141.7 80.4 45.9 29.5 ROAE (%) 31.3 17.7 17.7 12.8 12.6 Price/book (x) 38.2 구리 토익 18.8 10.0 4.0 3.5 EV/Op Ebitda (x) 49.2 39.9 30.7 17.4 11.3 Source: CLSA Asia-Pacific Markets Bhavtosh Vajpayee,CFA bhavtosh.vajpayee@clsa.com (91) 2266505065 Nimish Joshi (91) 2266505054 14 March 2008 India Education Reuters EVSI.BO Bloomberg ESIL IN Priced on 7 March 2008 India Sensex @ 15,975.5 12M hi/lo Rs1,235/140 12M 구리 토익 price target Rs680 ±% potential +2% Target set on 9 March 2008 Shares in issue 13.9m Free float (est.) 25.8% Market cap US$229m 3M average daily volume Rs102.7m (US$2.6m) Major shareholders Promoters 31.1% Other locked-in shares 43.1% Stock performance (%) 1M 3M 12M Absolute (13.0) 19.2 0 Relative (4.9) 48.9 0 Abs 구리 토익 (US$) (15.0) 15.8 0 100 300 500 700 900 1,100 1,300 Jul 07 Oct 07 Dec 07 Mar 08 100 200 300 400 500 600 700 800 Everonn (LHS) Rel to Sensex (Rs) (%) Source: Bloomberg www.clsa.com Portfolio expansion needed Everonn’s distance-education and public-school IT businesses are driving a 65% EPS Cagr over FY08-10. Yet valuations at 46x FY09CL and 30x FY10CL diluted earnings seem to factor this in, making it the most expensive education stock in our coverage. Longer term, its current business only covers a small part of the market, and commoditisation of the public-school IT business and scalability in distance learning are risks. 구리 토익 We maintain an Underperform call. IT in public schools: Growing, but getting more competitive While Everonn’s public-school IT business is worth a segment of a larger portfolio, we find it difficult to assign valuation premiums given the risk of commoditisation in the L1 bidding process. This segment comprises 65% of the company’s revenue, where Educomp and NIIT are its competitors. We expect Everonn to add 3,500 schools per year over the next two years, which should drive a strong revenue growth. However, from a valuation perspective, we do not consider this a unique positioning for any of the players in the field. Distance learning: Niche segment, nice positioning Its Virtual & Technology
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