Rational Investing

Education Training Services

	Total Market Capitalization of All Firms	$101,933 mm
	Average Market Capitalization	$9,267 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0.6
	Average Beta	0.9
	Average EV To Revenue	3.2
	Average EV To EBITDAM	17.6
	Average Price To Free Cash Flow	32.9

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
UTI	Universal Technical Institute	2.30	155	0.9	6.3	34.6	1	1.6	Dec 18
PSON.L	Pearson Plc	1.96	7,692	2.5	7.2	30	-10	0.7	Jun 20
TAL	TAL Education Group	1.88	46,854	12.0	78	30	20	0.2	Nov 20
EDU	New Oriental Education & Techn	1.73	29,023	8.6	99	30	-5	1.0	Aug 20
PSO	Pearson Plc	1.38	7,689	2.0	8.0	8.7	-10	0.7	Jun 20
GHC	Graham Holdings Co.	0.88	2,970	1.3	99	19.3	3	1.1	Sep 20
ATGE	Adtalem Global Education Inc	0.84	2,182	2.4	25.7	11.9	-4	1.2	Sep 20
PRDO	Perdoceo Education Corp	0.71	894	1.3	8.8	4.8	11	1.6	Sep 20
STRA	Strategic Education, Inc.	0.65	1,986	1.9	11.2	8.1	4	0.7	Sep 20
9783	Benesse Corporation	0.55	1,986	0.3	9.0	8.2	-4	0.5	Sep 20
APEI	American Public Education, Inc	0.51	502	1.6	10.0	8.5	11	0.8	Sep 20