Navitas Limited (NVT)



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General Information
Company Name: Navitas Limited
Stock Code: NVT
Website: www.navitas.com
GICS Sub-Industry: Education Services
Market Cap ($M): 1,844
Equiv. Shares (M): 376

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
 $ 4.840 $ 4.850 $ 4.860 $ 4.840 $ 4.900 15,093 $ -0.060  -1.224 %

Current Broker Consensus Recommendation more
Recommendation: Hold (3)
Recommendation Date: 26th Mar 2015
Brokers Surveyed: 1

Company Overview

Business Description:
Navitas Limited (NVT) is an education services provider operating in multiple cities around the world, offering a range of educational and training services for students and professionals across Australia and around the world.

Strategy Analysis:
NVT embeds itself into partner universities who welcome the additional direct revenues NVT delivers, as well as the expansion of supply of high-margin foreign students into the universities¬ī own degree and diploma courses. Contracts with universities generally have a term of at least 5 years allowing NVT to become well established. The engagement of qualified academics at partner universities to develop course content underpins curriculum quality. In addition, the application of the universities¬ī moderation processes ensures academic standards equivalent to those at the university. NVT is leveraging its domestic success to expand offshore into other English speaking regions such as the UK, Canada and the US, which hold similar attraction to non-English speaking students. Navitas reported NPAT down 0.8% to $35.07m for the half-year ended 31 December 2012. Revenues from ordinary activities were $355.4m, up 4.0% from the same period last year. Diluted EPS was 9.3 cents compared to 9.4 cents last year. Net operating cash flow was $37.74m compared to $19.53m last year. The interim dividend declared was 9.3 cents compared with 9.4 cents last year.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016  F 107.1 28.4 11.3 16.7 28.4 6.0 100.0
2015  F 96.0 25.5 16.8 18.6 25.5 5.4 100.0
2014  A 82.0 21.9 10.0 30.0 19.5 3.0 100.0
Source: Morningstar analyst estimates.

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Affinity Education Group (AFJ) $233 M -- 0.3747 0.3116 13.1862 9.5920 7.3130 0.00 6.35 8.41
G8 Education (GEM) $1,307 M 0.5810 0.5305 0.1379 19.6438 12.8350 11.2798 5.22 6.93 7.88
Navitas (NVT) $1,788 M 0.0996 0.1680 0.1125 21.7391 18.6129 16.7312 4.11 5.37 5.98

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
NVT 1.33 19.9 8.58 1.43 2.10
Market 0.90 16.8 1.30 2.44 1.60
Sector 1.33 19.9 2.63 1.33 2.24

Directors
Name Position Start Date
Mr Rodney Malcolm Jones Chief Executive Officer,Managing Director 18 June 2004
Mr Antoni Michael Cipa Non-Executive Director 01 May 2014
Mr James (Jim) King Non-Executive Director 09 November 2004
Ms Diana Jane Eilert Non-Executive Director 28 July 2014
Ms Tracey Ann Horton Non-Executive Director 13 June 2012
Mr Harvey Russell Collins Non-Executive Director,Non-Executive Chairman 09 November 2004

Management
Name Position
Taylia Rocci Assistant Company Secretary, Legal Counsel
Bryce Houghton Chief Executive Officer
John Wood Chief Executive Officer - University Programs
Lyndell Fraser Chief Executive Officer - Professional and English Programs
Neil Hitchcock Chief Information Officer - IT
Hugh Hangchi Company Secretary,Group General Counsel
Rob Lourey Group General Manager - Human Resources

Substantial Shareholders
Holding Name
23,433,610 (11.99%) Larsen, Peter Devon
19,517,105 (9.99%) Vinva Investment Management
45,017,995 (23.04%) Jones, Rodney Malcolm
37,750,892 (19.32%) Hyperion Asset Management Limited

Calendar of Events
Date Event
02 February 2016 Report (Interim)
25 September 2015 Report (Annual)
27 July 2015 Report (Prelim)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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