Education Comps

(as of 18/10/19)
Ticker Company Share price (local) Market cap (US$MM) Firm value (US$MM) 2019E FV/Sales 2020E FV/Sales 2019E FV/EBITDA 2020E FV/EBITDA 2019E P/E 2020E P/E
Global Education
CHGG Chegg, Inc. 32.37 3,873MM 3,951MM 9.8x 8.0x 32.8x 25.0x 43.9x 35.6x
PS Pluralsight, Inc. 16.79 2,351MM 2,376MM 7.6x 5.8x - - - -
RST Rosetta Stone 18.60 447MM 444MM - - - - - -
Mean 8.7x 6.9x 32.8x 25.0x 43.9x 35.6x
Median 8.7x 6.9x 32.8x 25.0x 43.9x 35.6x
China Schools
6169.HK China YuHua Education 中国宇华教育集团 4.51 1,899MM 1,767MM 7.7x 5.8x 13.3x 10.3x 19.1x 15.2x
HLG Hailiang Education 66.23 1,707MM 1,473MM - - - - - -
1317.HK China Maple Leaf Educational Systems 中国枫叶教育集团 2.36 906MM 694MM 3.0x 2.5x 7.8x 6.5x 9.8x 8.4x
1569.HK Minsheng Education Group 民生教育集团 1.32 680MM 673MM 4.8x 3.9x 8.6x 7.1x 11.6x 9.6x
Mean 5.2x 4.1x 9.9x 8.0x 13.5x 11.1x
Median 4.8x 3.9x 8.6x 7.1x 11.6x 9.6x
China After-School Tutoring
TAL TAL Education Group 38.96 23,054MM 22,254MM 6.5x 4.8x 44.6x 29.4x 57.2x 36.4x
EDU New Oriental Education & Technology Group, Inc. 113.82 18,032MM 15,210MM 3.8x 3.1x 24.3x 17.8x 33.8x 25.6x
1797.HK Koolearn Technology Holding 新东方在线科技控股 15.32 1,839MM 1,420MM 7.3x 4.8x - - - -
BEDU Bright Scholar Education Holdings 9.41 1,171MM 891MM 2.6x 2.0x 12.1x 9.6x 23.1x 20.5x
ONE OneSmart International Education 6.95 1,116MM 1,090MM 1.9x 1.5x 13.6x 9.7x 20.7x 16.0x
STG Sunlands Technology Group 2.80 478MM 333MM - - - - - -
REDU RISE Education Cayman 7.25 412MM 422MM 1.9x 1.6x 10.2x 8.7x 16.8x 14.9x
RYB RYB Education, Inc. 6.30 180MM 207MM 1.1x 0.8x 14.3x 11.0x 35.0x 21.0x
LAIX LAIX Inc. 3.18 156MM 75MM 0.5x 0.3x - - - -
COE China Online Education Group 6.90 141MM 39MM - - - - - -
FEDU Four Seasons Education (Cayman) Inc. 1.80 89MM 43MM - - - - - -
TEDU Tarena International, Inc. 0.93 49MM -23MM - - 0.6x 25.7x - -
Mean 3.2x 2.4x 17.1x 16.0x 31.1x 22.4x
Median 2.3x 1.8x 13.6x 11.0x 28.4x 20.7x