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...

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