They have series of mistakes investing in schools and also had receivables from Govt stuck. Looking at equity growth does not help. They did lot of writeoff on invesments .They also had lot of cash on balance sheet.You should first look at Tangible capital deployed and incremental capital returns. Incremental ROIC * investment rate = EPS growth.
Edtech business throws lot of cash and is good business while Enterprise business is low ROCE which now growing internationally and they have decided to focus on better margin business.
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