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SB45

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Everything posted by SB45

  1. PEM quite tiny at this point in time. https://www.pressreader.com/south-africa/finweek-english-edition/20171116/282071982179483
  2. I hope you did pull the trigger Ranger
  3. Ranger I like it, this only creates an opportunity to get a bit more.....this is still a baby
  4. Reminds me of the ABIL tragedy....took a serious bath with that one
  5. Agreed Mr D, PEM is indeed lower suburban targeting group and I they have indicated they are already taking proactive actions in managing bad debts. With our economy shrinking bad debts have a way of quickly spiralling out of control, which could hurt these guys. I also noted from Curro that they are also loosing learners, to lower fee private schools perhaps ?
  6. Mr D, you mean in terms of bad debts?
  7. I recently read a bit about PEM, tried to check this forum for Pembury but no luck. I have looked at their prospectus, though never participated on the IPO, and read their recent results. , read up on their directors ( nothing scandalous or bad social media comments seems to pop up), I guess now they have to prove themselves. I have to say that, its a long way to go for this one, interestingly the company indicates their NAV at 39c, from the 100c they started with that's a huge premium for hope. Anyone used a different valuation of late and what your figures are showing? What I do like is that they want to be the "Shoprite/Checkers" of private schooling as opposed to what we have seen of late with Curro and Advtech and their fees. I like how they have followed through with what they said they would do upon listing. They have bought over the Retirement Villages and on the new schools coming on line next year. The biggest concern is, it seems the money raised on listing only covered just a fraction of their required Capital going forward. Meaning shareholders will nanny this one for a few years as seen with Curro except they had PSG as big daddy. Apart from the BMF and their 15% stake, as far as I know there is no other shareholder with the fire power of your PSG -> Curro. Read of the rumour that L4L observing this one, maybe to see management record....). If some bigger shareholder takes them over, chances for delisting ? Any other views and thoughts?
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