ANTHONY CLARK: Time to mark private educators
Providing an alternative to state schooling is not simple, but there are certainly profits to be made
An AGM is a must for any JSE-listed company and it is a forum for any shareholder to quiz the boards of listed entities. But hardly anybody ever attends — especially the institutions that manage our hard-earned money. There are exceptions. The PSG Group AGM in Stellenbosch is more like religious worship than a report-back session.I attend dozens of AGMs and am often the only outsider, so I get the board to myself. They are often so pleased to see anybody they will happily engage and answer any relevant questions.I participated in three such AGMs recently, all in education stocks. AdvTech, Curro Holdings and Stadio Holdings had their AGMs within a fortnight. In every case I was the only analyst who quizzed management.Private education has fairly predictable earnings, is cash-generative and offers a service that is persistently in demand — even more so given the deterioration of state education.In the past 12 months the listed education space has been in detention.AdvTech year to date...
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