Valuation is highly subjective. The cashflows you are considering “risky”, do not seem risky to me. Students are going to buy books year after year in the respective states. Stationary sales are also robust and growing. I have used a very conservative growth rate despite NEP tailwinds and the 800Cr stake in K12 techno which may be sold in the next 2-3 years. That is a direct inflow to profits. One can use RFR and add to it all kinds of premiums (CSRP, Size premium etc., fellow Investment Bankers would be aware of these terms) and find out the WACC but that does not capture risk imo.
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