after reading the second document, what anyone should read is the enrollment growth they're flagging for th…by @julianreins_jse on $ADH

after reading the second document, what anyone should read is the enrollment growth they're flagging for the tertiary division. that's where the margin sits. schools division is mature but steady, tertiary's where the multiple expansion could come from if they actually execute. R43.50 feels fair value for now but depends entirely on whether those pipeline numbers hold up.