Cpl of thoughts on EDU Holdings, $EDU.AX as my views have evolved a fair bit over recent weeks. I think stock is v cheap once again, think its a fairly boring, 30%+ return here over the next 6-12mos. 1) Operating perf still exceptional, no change except that biz is clearly not peaking (yet) despite regulatory changes etc as new course growth rapidly supplements existing biz... 2) Mgmt v disciplined, they restarted buyback at all-time highs ($1.1+) and returned ~15% of the market cap in last 6mos alone, would not be surprised to see 15% shareholder yield (divs + buybacks) in med-term, clearly v cashed up 3) Valuation. $KME.AX (not like for like but same sector) got bought at 10x FCF, $EDU.AX is better quality, trades (on my nos) 5-6x FCF. Still very very cheap on rel basis. 4) Who is s
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