It may be an academic exercise to debate price multiples on the JSE in this jittery trading environment, but in the case of private education juggernaut Curro, which has rapidly grown to a 168-strong school network, the market rating is something to be critically examined.

Officially, Curro is pegged on a 25 trailing earnings multiple and a forward multiple of about 23. While that is head and shoulders above the average JSE earnings multiple — which for small-to mid-cap companies is almost certainly well below 10 — Curro is a long way off the multiples of 80–100 that an excitable market accorded the share several years ago.

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