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10	member 4/20/19 1:50PM Re: Update 9
Hi punchcard, I do like the model and the incentives which should push the government to keep a well-functioning private school system. The fact that IES is free of charge education is good for the students/parents... login to read the rest view available tags
9	member 4/18/19 8:14AM Update
Hi Coyote, Enjoyed reading this. Could you briefly update what you think now? I believe the voucher system is sound and any system that encourages consumers to vote with their feet (even if state sponsored) should work... login to read the rest view available tags
8	member 5/28/18 6:19AM Re: Regulatory risks 7
Hi mfritz, Thank you for the question. No doubt that as IES operates in a regulated market it faces regulatory risk. And politicians are unpredictable, that is no surprise. I read about the noise you talk... login to read the rest 1 view available tags
7	member 5/26/18 5:13AM Regulatory risks
Thanks for the write-up. IES seems to be an exceptionally well managed school. But are you worried that the voucher system one day will be reformed, to the detriment of IES and other private schools?... login to read the rest view available tags
6	member 5/25/18 2:36AM Re: Re: Re: True owner earnings 5
Spot on punchcard! Concerning the ramp-up phase yes, monitoring the evolution thanks to the availability and accumulation of information is a very relevant factor. If you check the maturity schedule for a site in the write-up,... login to read the rest 1 view available tags
5	member 5/24/18 6:04PM Re: Re: True owner earnings 4
Thanks so much! I agree on importance of operator for these riskier 'local monopolies' which can get damaged by irrational competitors building nearby. Do think qualitative research is strong value add in those kind of industries.... login to read the rest 1 view available tags
4	member 5/24/18 1:56PM Re: True owner earnings 3
Hi punchcardtrader, thank you for the question. It is a great one as it touches many angles. I guess most if not all of us would agree that investing has become more and more competitive. People... login to read the rest 2 view available tags
3	member 5/24/18 7:25AM True owner earnings
Hi Coyote & thanks for digging up another interesting company, This is the second time in a row you mention true owner earnings "TOE" are lower than optical based on new gyms/schools that are not running at... login to read the rest view available tags
2	member 5/23/18 3:33PM Re: Exit multiple 1
Thank you for the question mm202. It is a good and legitimate one, yet I think that 17x is not egregious given the enormous room for growth that the company has ahead, essentially the same... login to read the rest view available tags
1	member 5/23/18 3:08PM Exit multiple
Sorry, why do you think there should be a 17x exit multiple? Presumably there would be higher interest rates by 2022 which are a direct driver of multiples. Maybe I'll ask the question the other... login to read the rest view available tags

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			2018	2019
Price:	68.04	EPS	5.10	5.50
Shares Out. (in M):	196	P/E	13	16
Market Cap (in $M):	14,680	P/FCF	0	0
Net Debt (in $M):	11,131	EBIT	1,750	1,800
TEV (in $M):	26,750	TEV/EBIT	16	16

Description

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