Education Services


I always look at economics of the business
A bird in the hand is worth 2 in the bush and the question is how sure are you there are 2 in the bush and how long you have to wait to get them out
1. How many birds are in the bush?
2. When you gonna get them out?
3. How sure are you?
If interest rates are 15% roughly you've got 2 birds out of bush in 5 years equal to bird in the hand but if interest rates are 3% and you can get 2 birds out in 20 years it still makes sense to give up the bird in the hand because it's all gets back to discounting an interest rate. Often you don't know not only how many birds in the bush but in the case of internet companies there were not any birds in the bush but they still take the bird that you give them from the hand
Loop through all the subindustries and try to understand how many birds are in the bush from the perspective of economics of the business

Revenue

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP grow per year to compare with Revenue Change
1. OneSmart International Education Group Limited ONE1,0890.161,529-0.142,0580.042,8633,9943,439
2. Laureate Education, Inc LAUR1,1464,4154,2924,2444,3783,3503,250
3. Puxin Limited NEW4391,2832,2283,104
4. New Oriental Education & Technology Group Inc EDU78981362012933865587729601,1391,2471,4781,8002,4473,0963,579
5. Graham Holdings Company GHC2,4122,4172,5842,8393,3003,5543,9054,1804,4624,5704,7264,2154,0213,4903,5372,5882,4852,5922,6962,932
6. Bright Scholar Education Holdings Limited BEDU962.881,0401,3281,7192,5633,367
7. TAL Education Group TAL37701111782263144346201,0431,7152,5633,273
8. Sunlands Technology Group STG1594197811,9742,194
9. GSX Techedu Inc GSX983972,115
10. Bright Horizons Family Solutions Inc BFAM2913464084735526256987758789741,0711,2191,3531,4581,5701,7411,9032,062
11. Tarena International, Inc TEDU57930.571,1781,5801,9742,0852,051
12. RISE Education Cayman Ltd REDU665297119691,2721,529
13. Hailiang Education Group Inc HLG71755156548531,1691,4991,483
14. China Online Education Group COE221.361554188481,1461,478
15. Cengage Learning Holdings II, Inc CNGO1,3661,6631,6311,4601,4661,4460
16. Houghton Mifflin Harcourt Company HMHC1,2951,2861,3731,3721,4161,3731,4081,3221,391
17. Adtalem Global Education Inc ATGE5055676486797857818409331,0921,4611,9152,1822,0901,9641,9231,9101,8441,8101,2311,2401,052
18. LAIX Inc LAIX12.331666371,023
19. K12 Inc LRN1171412263163845227088489209488738899181,0161,041
20. Strategic Education, Inc STRA7893117146183221264318396512637627562504446434441455634997
21. Grand Canyon Education, Inc LOPE7299161262386427511598691778873974846779
22. Afya Limited AFYA216334751
23. School Specialty, Inc SCOO6937678709081,0031,0161,0431,0881,047897762732675631622756656658673626
24. Ambow Education Holding Ltd AMBO7513221326521618810.7396412444532584
25. Arco Platform Limited ARCE117159244381573
26. Chegg, Inc CHGG172213256305301254255321411
27. Four Seasons Education (Cayman) Inc FEDU94203301336389
28. Universal Technical Institute, Inc UTI144197255311347353343367436452414380378363347324317332301
29. American Public Education, Inc APEI4069107149198260314329350328313299298286
30. Lincoln Educational Services Corporation LINC199261299322328377553639513403345325306197262263273
31. China Distance Education Holdings Limited DL5.6711.8517.57303542527197108118131167212
32. RYB Education, Inc RYB6583109141157182
33. CIBT Education Group Inc MBAIF8.2132415360593028243654757163
34. National American University Holdings, Inc NAUH4963901071191291281189687773724
35. Aspen Group, Inc ASPU5.023.985.238.4514.25223449
36. China Education Resources Inc CHNUF1.430.482.775.466.537.4210.110.6812.7213.4211.8311.869.39
37. Creative Learning Corporation CLCN3.424.827.715.713.242.462.424.52
38. EVCI Career Colleges Holding Corp EVCI8.6614.5315.2620335165
39. Learning Tree International, Inc LTRE22422717415215215215416718113312713412911711892827164
40. Videolocity International, Inc VCTY00.01000.010.1105.2
41. Education Management Corporation EDMCQ3073715016408531,0191,6842,0112,5092,8882,7612,4992,273
42. ITT Educational Services, Inc ESINQ3484114655236186887588701,0151,3191,5971,5001,2871,072962850
43. Multi-Media Tutorial Services, Inc MMTS2.732.072.241.170.840.881.140.790.66
44. Greenwood Hall, Inc ELRN011.227.948.067.55
45. HQ Global Education Inc HQGE2936475600
46. Tigrent Inc TIGE33426295140163225208172171103


Revenue Growth

200020012002200320042005200620072008200920102011201220132014201520162017201820192020
Display GDP growth per year to compare with Revenue Change
1. OneSmart International Education Group Limited ONE009559.13-0-14746.76066944.761.40.86
2. Laureate Education, Inc LAUR3.853.850.970.991.030.770.97
3. Puxin Limited NEW2.922.921.741.39
4. New Oriental Education & Technology Group Inc EDU1.271.271.391.471.461.321.441.381.241.191.091.191.221.361.271.16
5. Graham Holdings Company GHC111.071.11.161.081.11.071.071.021.030.890.950.871.010.730.961.041.041.09
6. Bright Scholar Education Holdings Limited BEDU0.030.03361.611.281.291.491.31
7. TAL Education Group TAL1.861.861.591.611.271.391.381.431.681.641.491.28
8. Sunlands Technology Group STG2.632.631.862.531.11
9. GSX Techedu Inc GSX4.074.075.32
10. Bright Horizons Family Solutions Inc BFAM1.191.191.181.161.171.131.121.111.131.111.11.141.111.081.081.111.091.08
11. Tarena International, Inc TEDU1.631.630.012067.351.341.251.060.98
12. RISE Education Cayman Ltd REDU8.088.081.341.361.311.2
13. Hailiang Education Group Inc HLG1.051.056.91.271.31.371.280.99
14. China Online Education Group COE0.060.06114.072.72.031.351.29
15. Cengage Learning Holdings II, Inc CNGO1.221.220.980.910.990
16. Houghton Mifflin Harcourt Company HMHC0.990.991.0711.030.971.030.941.05
17. Adtalem Global Education Inc ATGE1.121.121.141.051.160.991.081.111.171.341.311.140.960.940.980.990.970.980.681.010.85
18. LAIX Inc LAIX13.4313.433.851.61
19. K12 Inc LRN1.21.21.611.391.221.361.361.21.081.030.921.021.031.111.02
20. Strategic Education, Inc STRA1.191.191.261.251.251.21.21.211.251.291.240.990.90.90.890.971.021.031.391.57
21. Grand Canyon Education, Inc LOPE1.381.381.621.621.471.111.21.171.151.131.121.120.870.92
22. Afya Limited AFYA1.551.552.25
23. School Specialty, Inc SCOO1.081.081.111.131.041.11.011.031.040.960.860.850.960.920.930.991.220.8711.020.93
24. Ambow Education Holding Ltd AMBO1.771.771.611.250.810.870.0636.981.041.081.21.1
25. Arco Platform Limited ARCE1.371.371.531.561.5
26. Chegg, Inc CHGG1.241.241.21.190.990.8411.261.28
27. Four Seasons Education (Cayman) Inc FEDU2.172.171.481.121.16
28. Universal Technical Institute, Inc UTI1.361.361.31.221.121.020.971.071.191.040.920.9210.960.960.930.981.050.91
29. American Public Education, Inc APEI1.731.731.551.391.331.311.21.051.060.940.950.960.990.96
30. Lincoln Educational Services Corporation LINC1.311.311.151.071.021.151.471.160.80.790.860.940.940.641.331.011.04
31. China Distance Education Holdings Limited DL2.092.091.481.711.151.21.251.371.361.111.091.111.271.27
32. RYB Education, Inc RYB1.271.271.311.31.111.16
33. CIBT Education Group Inc MBAIF3.883.881.281.291.140.980.50.960.861.471.481.40.950.88
34. National American University Holdings, Inc NAUH1.271.271.431.191.111.090.990.920.820.90.890.480.66
35. Aspen Group, Inc ASPU0.790.791.311.621.691.551.551.44
36. China Education Resources Inc CHNUF0.340.345.781.971.21.141.361.061.191.060.8810.79
37. Creative Learning Corporation CLCN1.411.411.60.740.570.760.981.87
38. EVCI Career Colleges Holding Corp EVCI1.681.681.051.331.631.531.29
39. Learning Tree International, Inc LTRE1.011.010.770.87111.021.091.080.730.961.050.960.911.010.780.880.870.91
40. Videolocity International, Inc VCTYINFINF0NANINF11.190INF
41. Education Management Corporation EDMCQ1.211.211.351.281.331.191.651.191.251.150.960.90.91
42. ITT Educational Services, Inc ESINQ1.181.181.131.121.181.111.11.151.171.31.210.940.860.830.90.88
43. Multi-Media Tutorial Services, Inc MMTS0.760.761.080.520.721.041.290.690.84
44. Greenwood Hall, Inc ELRNINFINF0.711.020.94
45. HQ Global Education Inc HQGE1.251.251.31.180NAN
46. Tigrent Inc TIGE1.281.281.471.531.471.171.380.920.8310.6