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ROUNDTABLE FORUM: POSTSECONDARY EDUCATION


Full article published: 09/07/2009


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TWST: Would you each give me an overview of the sectors you cover within the education industry?
Mr. Greendale: Within our private equity fund we have some investments focused on the K-12 market, but our public coverage focuses on postsecondary education. And the names we cover are Apollo, American Public, Career Education, Capella, DeVry, ITT, Strayer and UTI.

TWST: Brandon, obviously the recession has been a boom for these companies, how long will this growth spurt last?
Mr. Dobell: I think it's somewhat dependent on what sector of the job market or what sector of the education market you're focused on. But in general, I think there is a continuing need for people to assess their own skill sets and, if that's not sufficient, to go back to school whether it'd be a certificate, diploma, associate's, even for a master's degree program, depending on what kind of career they want to be in. If you look at the job numbers over the last year and a half or two years, just the sheer mass of people that have been put out of work is pretty staggering - the size of the overall postsecondary space. Then from one different perspective, a lot of people who have lost their jobs in the last two or three years were in positions that may take a long time to come back, which just accelerates or exacerbates the need for re-skilling. From the education company's perspective, we've seen some companies with a nice acceleration in enrollment growth, ITT in particular, followed by Apollo and so many other ones that we don't follow, like a Corinthian or a Lincoln. But they tend to be either ground-based students, younger students, and some medical, health care and vocational programs. Those are probably the ones where you could see some slowdown at some point next year. But the structural demand for education I don't think is going to change even if the job market stops getting worse and starts to get a little bit better. I think one good piece of evidence from our point of view is looking at the education companies from 2003 to 2007. In arguably what was a very strong labor market they still managed to put up very good growth, with the exception of the companies that serve an on-ground student in a shorter-term program - that's where you've seen the biggest pickup in the last two or three quarters.

 

Tickers included in this excerpt: APEI, APOL, BBBB, BPI, CECO, CPLA, DV, ESI, LOPE, RST, SKOL, STRA, UTI

 

For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.