SDO's spread into African markets is where the real upside sits, not just domestic student numbers. STADIO…by @sextant_za on $SDO

SDO's spread into African markets is where the real upside sits, not just domestic student numbers. STADIO and Pearson have completely different unit economics, but our guys are proving distance learning at scale works in emerging markets where contact campuses are capital intensive. At R12.00 the market's still pricing in a lot of caution around student acquisition costs. The future excites me because earnings inflection happens when you hit critical mass on those African cohorts.