Laureate Education Inc. Common Stock (LAUR) : juste valeur

Thèse ACCE

Laureate Education runs a network of degree-granting universities and higher-education institutions, mostly in Latin America, where its Mexican, Peruvian and Brazilian campuses serve a large, price-sensitive student base through online and on-campus programs. The structural case rests on that footprint: a regional education franchise with recurring tuition revenue, an established brand in markets where private higher education is still expanding, and a balance sheet that has been repaired enough for the operating story to show. The near-term driver is enrollment growth feeding through a business that already converts revenue into cash at a high rate, with 36.3% operating margin and 17.5% revenue growth in the latest data. At 17.7x trailing and 15.3x forward earnings, the stock is priced below what those margins and a 29.3% ROE would suggest the market should pay, which is why it cleared our screen with a score of 83. The obvious risks are currency exposure to Latin American currencies, regulatory change in the countries where it operates, and whether the margin profile holds as enrollment mix shifts. This is a name that deserves a deeper look at those specific exposures before anything else.