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AEDU3 Rating Price (02/05/2014) YE14 Target Price Total Return Potential KROT3 Rating Price (02/05/2014) YE14 Target Price Total Return Potential ESTC3 Rating Price (02/05/2014) YE14 Target Price Total Return Potential P/E AEDU3 KROT3 ESTC3 EV/EBITDA AEDU3 KROT3 ESTC3 14E 19.1 17.4 17.0 14E 12.2 14.1 12.3 15E 14.6 14.5 13.9 15E 10.3 11.7 10.0 Outperform R$13.1 R$18.2 40%
Neutral R$19.4 R$20.6 7% 16E 12.3 12.2 12.2 16E 9.1 9.8 8.5
No news on eligibility for distance learning. We could not get a clue regarding the reason behind the delay of FIES to distance learning. According to Mr. Pereira, the decision is pending definition from a group at MEC that has been evaluating the issue since last year. It was not clear for us whether such delay relates to quality issues (given that ENADE tests demonstrate scores in distance learning are equivalent or slightly better than on-campus) or to current level of concentration in the sector.
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