Macquarie have upgraded Navitas (NVT) to Outperform - Worthy of high distinction

Macquarie have upgraded Navitas (NVT) to Outperform - Worthy of high distinction. Following a transfer of analyst coverage, we upgrade from Underperform to Outperform. Our 12-month TP is $7.00/sh, supported by our DCF valuation. Key highlights: (a) solid structural growth in the intl student market, (b) Aust well placed to increase share, where NVT is market leader. Earnings momentum is strong. Despite re-investment this year, we forecast FY14 EPS growth of +16%, followed by +23% and +24% in FY15 and FY16.


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