광명 영어 #과외[가학동, 광명동, 노온사동, 소하동, 옥길동, 일직동, 철산동, 하안동]수학 #과외
가학동, 광명동, 노온사동, 소하동, 옥길동, 일직동, 철산동, 하안동
가학동 지석묘, 광명 영회원, 광명농악, 오리 이원익영우, 오리 이원익종택 및 관감당, 이원익선생 묘 및 신도비, 이원익선생영정, 충현서원지
광명시하안도서관
가림중학교, 가림초등학교, 광남중학교, 광명경영회계고등학교, 광명고등학교, 광명공업고등학교, 광명광덕초등학교, 광명남초등학교, 광명동초등학교, 광명북고등학교, 광명북중학교, 광명북초등학교, 광명서초등학교, 광명중학교, 광명초등학교, 광문고등학교, 광문중학교, 광문초등학교, 광성초등학교, 광일초등학교, 도덕초등학교, 명문고등학교, 서면초등학교, 소하고등학교, 소하중학교, 소하초등학교, 안서중학교, 안서초등학교, 연서초등학교, 온신초등학교, 진성고등학교, 철산중학교, 철산초등학교, 충현고등학교, 하안남초등학교, 하안북중학교, 하안북초등학교, 하안중학교, 하안초등학교, 하일초등학교
영어과외 수학과외
Net debt/equity (%) (55.7) (23.6) (41.5) 15.0 55.6 Gross debt/equity (%) 12.3 101.9 119.3 80.2 85.2 Net debt/op Ebitda (x) (1.9) (0.5) (1.0) 0.2 0.7 Gross debt/op Ebitda (x) 0.4 2.3 3.0 1.2 1.0 Return on equity (%) 24.8 27.8 34.2 40.4 50.1 ROCE (%) 69.8 71.9 86.0 77.9 72.3 Return on assets (%) 17.1 14.1 13.5 16.6 20.2 Near doubling of profit each year ahead. Capex intensity will reduce with leasing arrangements in place. Debtor days will reduce with the shift away from government business. Expect 100%+ revenue growth even in FY10. 영어과외 수학과외 Expect the return ratios to improve. Educomp Solutions - BUY Indian education 72 14 March 2008 Notes Everonn Systems Rs669.6 - UNDERPERFORM Find CLSA research on Bloomberg (CLSA ), Thomson First Call, Reuters Knowledge - and profit from our powerful CLSA evalu@tor® database at Financials Year to 31 Mar 06A 07A 08CL 09CL 10CL Revenue (Rsm) 309 430 818 1,429 2,314 Ebitda (Rsm) 144 176 299 565 913 Net profit (Rsm) 49 49 115 231 360 EPS (Rs) 4.8 4.7 8.3 14.6 22.7 EPS (% YoY) 224.8 (1.0) 76.6 75.9 55.4 PEx (@Rs669.6) 140.2 141.7 80.4 45.9 29.5 ROAE (%) 31.3 17.7 17.7 12.8 12.6 Price/book (x) 38.2 18.8 10.0 4.0 3.5 수학과외 EV/Op Ebitda (x) 49.2 39.9 30.7 17.4 11.3 Source: CLSA Asia-Pacific Markets Bhavtosh Vajpayee,CFA (91) 2266505065 Nimish Joshi (91) 영어과외 2266505054 14 March 2008 India Education Reuters Bloomberg ESIL IN Priced on 7 March 2008 India Sensex @ 15,975.5 12M hi/lo Rs1,235/140 12M price target Rs680 ±% potential +2% Target set on 9 March 2008 Shares in issue 13.9m Free float (est.) 25.8% Market cap US$229m 3M average daily volume Rs102.7m 영어과외 수학과외 (US$2.6m) Major shareholders Promoters 31.1% Other locked-in shares 43.1% Stock performance (%) 1M 3M 12M Absolute 영어과외 수학과외 (13.0) 19.2 0 Relative (4.9) 48.9 0 Abs (US$) (15.0) 15.8 0 100 300 500 700 900 1,100 1,300 Jul 07 Oct 07 Dec 07 Mar 08 100 200 300 400 500 600 700 800 Everonn (LHS) Rel to Sensex (Rs) (%) Source: Bloomber Portfolio expansion needed Everonn’s distance-education and public-school IT businesses are driving a 65% EPS Cagr over FY08-10. Yet valuations at 46x FY09CL and 30x FY10CL diluted 영어과외 수학과외 earnings seem to factor this in, making it the most expensive education stock in our coverage. Longer term, its current business only covers a small part of the market, and commoditisation of the public-school IT business and scalability in distance learning are risks. We maintain an Underperform call. IT in public schools: Growing, but getting more competitive While Everonn’s public-school IT business is worth a segment of a larger portfolio, we find it difficult to assign valuation premiums given the risk of commoditisation in the L1 bidding process. This segment comprises 65% of the company’s revenue, where Educomp and NIIT are its competitors. We expect Everonn to add 3,500 schools per year over the next two years, which should drive a strong revenue growth. However, from a valuation perspective, we do not consider this a unique positioning for any of the players in the field. Distance