Rational Investing

Education Training Services

	Total Market Capitalization of All Firms	$87,925 mm
	Average Market Capitalization	$7,993 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.6
	Average Beta	0.8
	Average EV To Revenue	2.7
	Average EV To EBITDAM	18.7
	Average Price To Free Cash Flow	23.6

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	2.16	145	0.8	5.9	33.4	1	1.6	Dec 18
EDU	New Oriental Education & Techn	2.01	23,819	6.2	99	30	8	1.2	May 20
TAL	TAL Education Group	1.78	43,696	11.4	72.8	30	18	0.3	May 20
PSON.L	Pearson Plc	1.58	5,342	1.9	5.4	30	-13	0.4	Jun 20
9783	Benesse Corporation	1.36	2,675	0.3	17.4	16.4	-5	0.5	Jun 20
GHC	Graham Holdings Co.	1.21	2,163	1.1	14.6	30	-6	1.0	Jun 20
PSO	Pearson Plc	0.75	5,361	1.6	6.1	7.3	-16	0.4	Jun 20
STRA	Strategic Education, Inc.	0.56	2,057	1.9	11.9	8.9	6	0.7	Jun 20
APEI	American Public Education, Inc	0.55	453	1.5	8.9	7.7	8	0.8	Jun 20
ATGE	Adtalem Global Education Inc	0.52	1,371	1.6	8.6	7.9	1	1.0	Jun 20
PRDO	Perdoceo Education Corp	0.52	843	1.2	8.5	4.4	10	1.6	Jun 20