Ed­u­ca­tion takes a beat­ing

Finweek English Edition - - MARKET PLACE -

Adapt IT had to pull out “nor­malised HEPS” (head­line earn­ings per share) in an at­tempt to make its re­sults look de­cent. But I ig­nore those fig­ures and fo­cus on HEPS, which is up only 2%. Its ed­u­ca­tion busi­ness was strug­gling as uni­ver­si­ties across the coun­try face bud­get pres­sure amid fee protests. It re­mains to be seen how quickly ed­u­ca­tion bounces back; man­age­ment is op­ti­mistic but I would be a lot more cau­tious, the protests will likely hap­pen again this year. On the re­sults the stock was sold off, trad­ing well be­low 1 400c at points. At those lev­els this stock looks at­trac­tive for those who have missed it in the past.

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