MARC HASENFUSS: Could Hulamin be a takeover target?
There are a number of turnaround initiatives under way at Hulamin, and these efforts will hopefully start registering in the second half
PSG-aligned private tertiary education business Stadio has chalked up some impressive early growth figures in its interim results to end-June. The standout performance — in terms of building confidence in the business model — is that a 10% gain in student numbers to 28,280 yielded a 38% gain in revenue to R409m and a 46% increase in the bottom line, to R46m. I make the rolling core headline earnings number at around 10.3c a share for the past 12 months, which implies a forward earnings multiple of around 26 times at the time of writing.
These days 26 is a really heady rating. But not too many years back Stadio’s corporate cousin, private school business Curro, was commanding dizzying multiples of over 80...