Trematon Capital gets valuation boost from education venture
The group’s INAV per share rose 11% to R5.21 in its year to end-August, partially due to an upwards valuation of its education business
Western Cape-focused Trematon Capital Investments said on Friday a series of positive valuations helped boost its intrinsic net asset value (INAV) by double digits in its year to end-February.
The investment holding company, which owns education provider Generation Education, said INAV per share grew 11% to R5.21.
The group's rapidly expanding school division grew revenue 78% to R71.8m, with its contribution to INAV increasing eight percentage points to 30%, mainly due to a R92m additional investment in new school buildings and organic growth.
Trematon’s investment in boutique property financier ASK also continued to add value to INAV, it said, contributing R13.9m to group profit, which is a 67% rise from the previous year.
The company disposed of a number of properties during the period, and is putting this into Generation Education. The intrinsic value of the schools venture rose 50.1% to about R338.7m during the period.
Generation Education has seven operating schools with 1,500 students, with the company saying it was waiting for approval for a site in Noordhoek, as well as approval to expand an existing school site in Hout Bay.
Subsequent to year end, the company declared a distribution for 2019 of 5.5c, from 5.25c previously.
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