Rational Investing

Education Training Services

	Total Market Capitalization of All Firms	$212,719 mm
	Average Market Capitalization	$21,272 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	0.8
	Standard Deviation of MM Ratio	0.2
	Average Beta	0.8
	Average EV To Revenue	5.4
	Average EV To EBITDAM	17.2
	Average Price To Free Cash Flow	14.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
GHC	Graham Holdings Co.	1.31	2,631	1.1	14.4	12.2	2	1.1	Mar 21
ATGE	Adtalem Global Education Inc	0.91	1,904	2.0	19.6	12.4	4	1.2	Mar 21
EDU	New Oriental Education & Techn	0.87	165,912	37.1	9.8	40	25	1.0	Feb 21
PSON.L	Pearson Plc	0.78	9,379	3.2	8.5	40	3	0.7	Dec 20
STRA	Strategic Education, Inc.	0.78	1,718	1.7	29.6	7.6	5	0.7	Mar 21
PSO	Pearson Plc	0.76	9,471	2.2	12.1	13.0	20	0.7	Dec 20
PRDO	Perdoceo Education Corp	0.72	909	1.2	8.4	5.7	14	1.2	Mar 21
9783	Benesse Corporation	0.67	2,358	0.3	8.6	7.6	-3	0.5	Dec 20
TAL	TAL Education Group	0.54	17,904	3.6	21.8	26.7	26	0.2	Feb 21
APEI	American Public Education, Inc	0.44	532	1.4	7.3	6.6	19	0.7	Mar 21