구리 수학 #과외[토평동,동구동,갈매동]영어 #과외
구리영어과외 구리수학과외
갈매천, 교문천, 내동천, 신천, 아차산, 왕숙천, 은재천
갈매수목학습원, 구리 한강시민공원, 돌다리공원, 백교저수지, 샛다리저수지, 안골저수지, 장자못호수공원, 환경사업소 곤충생태관 토평동 영어 과외 토평동 수학 과외
동구동 영어 과외 동구동 수학 과외 6,004 for Educomp and 3,828 for NIIT. ICT contributes 65% to Everonn’s revenue. India has almost 950,000 schools and more than 200,000 government schools (the cream of the public-school network) are expected to come up for tendering over the next five years. Everonn is one of three players (along with Educomp and NIIT) pursuing the opportunity in this segment. We expect Everonn to add around 3,500 schools each year over the next two years. ICT market-size estimate FY08 FY09 FY10 FY11 FY12 FY13 Start of period schools, wired 9,000 16,000 36,000 66,000 106,000 156,000 New bids 7,000 20,000 30,000 40,000 50,000 50,000 End of period schools, wired 16,000 36,000 66,000 106,000 156,000 206,000 Inflow per month per school (Rs) 20,000 20,000 20,000 20,000 20,000 20,000 Annual revenue to providers (Rsm)
갈매동 영어 과외 갈매동 수학 과외 3,840 8,640 15,840 25,440 37,440 49,443 Annual revenue to providers (US$m) 96 216 396 636 936 1,236 YoY % 125 83 61 47 32 Source: CLSA Asia-Pacific Markets While ICT is a high-growth segment, the high debtor days (upwards of 150) and heavy capex intensity (without commensurate operating leverage) makes this business unattractive compared to more lucrative segments available in India’s education space. We find this the less-attractive business segment for its peers NIIT and Educomp as well. However, Everonn has a disproportionate exposure (65% of total revenue) to this segment versus peers, and this needs to change to defend its current valuations. High growth and capex intensity FY08CL FY09CL FY10CL No. of schools EOP 3,156 6,656 10,156 No. of schools added 1,237 3,500 3,500 ICT revenue (Rsm) 534 840 1,523 Capex/school (Rsm) na 0.4 0.4 Capex (Rsm) na 1,050 1,050 Note: Our key assumption is that 75% of schools added will be on a Boot model with upfront capex paid in equal monthly instalments through the period of the contract. In the remaining 25%, we have assumed that the government will take care of the capex. Source: CLSA Asia-Pacific Markets Virtual and technology enabled learning solutions (ViTELS) ViTELS is the more attractive