Only established in 1998, Curro Holdings has grown rapidly to become the largest for profit independent school group in Africa, providing education to around 42 000 learners in 110 schools in South Africa and Namibia.
The company provides independent school education to learners from 3 months of age to Grade 12, under brands such as Curro Independent Schools, Meridian Independent Schools, Curro Castle Nursery Schools, Curro Select Schools and Curro Academy Schools. The group also provides educator training through the Embury Institute for Teacher Training.
Through affordable fees, Curro focuses on making independent school education accessible to more South African children, and has the goal of accommodating 80 000 learners by 2020. Approximately 50% of Curro’s learners attend schools where the average fees range between R2 000 and R4 000 per month, while 30% are in fees of less than R2 000 per month. The remaining 20% attend schools where school fees are in excess of R4 000 per month. The live online stocks chart shows that Curro share price burgeoned in its first few years on the JSE, but has since fallen off.
Curro Shares Growth Driver
Curro’s innovative business model, which focuses on providing affordable, quality independent education to all age groups, has resulted in superb buy in from the middle income market.
Headline earnings were up 79% for 2015, rising from R56 million to R 100 million. Shareholders enjoyed headline earnings per share of 28.7 cents, a 67% rise from the previous year, whilst the number of enrolled learners increased by 16%. Curro invested R1 billion of capital into growth and expansion projects for the year. The group is rapidly expanding the number of schools year-on-year, and will also be accelerating the development of the Embury Insitute, which will educate around 800 full-time and 100 distance learning students in 2016 and provide professional development education courses for 4 000 teaches. Embury will soon convert to a large site in Durban which will accommodate 2 000 students, and establish two new campuses in Midrand and Pretoria to accommodate 2 200 more students.
At the beginning of 2016, the group decided to buy into Namibia with the purchase of the 1 700 learner Windhoek Gymnasium.
Curro Group Investor Tip
Over the past five years, Curro’s financial data and overall performance have been nothing short of exceptional, although Curro share price has experienced a fall from a high of R60 in December 2015 to R37 by mid-June 2016.
This has raised questions about the future potential of the historically strong performing stock, with some analysts hesitant to recommend Curro shares, even at their low levels. The forecast is that Curro will experience average earnings growth of around 36% over the next five years. Although the current Curro share price won’t instil confidence, once the portfolio expansion programme starts generating cash flow to support earnings growth, the shares should become a profitable buy.
Curro Major Shareholders
PSG Financial Services, Thembeka Capital.
How to buy Curro Group Shares
Curro : How to buy Curro Group Shares Online
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