Graham Holdings Company (GHC)

Industry: Education & Training Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
GHC	1	Graham Holdings Co	4,906	6.97	5.42	4.34	3.62	22.66	18.71
KLC	2	KinderCare Learnin	2,692	-	-	19.05	19.05	33.96	65.51
9783.T	3	Benesse Holdings,	2,639	38.72	36.66	6.46	6.43	-	11.51
LRN	4	Stride, Inc.	2,475	20.45	13.97	12.10	9.06	23.66	11.96
MH	5	McGraw Hill, Inc.	2,095	-	-	9.70	9.70	9.99	20.53
ATGE	6	Adtalem Global Edu	1,833	22.14	22.14	13.70	12.95	17.81	14.41
LAUR	7	Laureate Education	1,584	22.85	22.85	10.17	6.87	16.84	12.81
GEM.AX	8	G8 Education Limit	1,326	7.07	6.71	3.86	3.29	3.08	3.12
9470.T	9	Gakken Holdings Co	1,279	12.21	11.20	4.16	3.75	4.54	6.22
IEL.AX	10	IDP Education Limi	1,264	5.76	5.76	3.10	3.10	39.97	3.60
COGN3.SA	11	Cogna Educação S	1,264	4.55	4.55	4.84	3.40	15.29	7.89
STRA	12	Strategic Educatio	1,256	17.30	17.14	9.06	9.49	13.09	11.97
0667.HK	13	China East Educati	1,182	13.78	13.78	7.07	7.07	6.36	10.65
LOPE	14	Grand Canyon Educa	1,091	28.82	29.73	19.61	20.10	27.52	20.18
HMHC	15	Houghton Mifflin H	1,051	9.54	9.54	8.17	8.17	-	43.12
YDUQ3.SA	16	Yduqs Participaç�	993	14.67	14.84	4.17	3.60	8.18	8.78

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	13.78	13.78	7.07	6.87	13.09	11.51
Full Range Median Multiple	14.67	13.97	8.17	7.07	15.29	11.96
Industry Multiple	16.76	16.07	9.01	8.40	16.95	16.82
Market Implied Multiple	6.76	5.26	4.24	3.53	22.10	18.24
Company (GHC) Multiple	6.97	5.42	4.34	3.62	22.66	18.71
(*) Net Income / EBITDA / Revenue	732	941	1,401	1,679	269	325
Winsorized Enterprise Value	N/A	N/A	9,899	11,538	3,514	3,744
Full Range Median Enterprise Value	N/A	N/A	11,439	11,867	4,107	3,892
(-) Net Debt	983	983	983	983	983	983
Winsorized Equity Value	10,093	12,969	8,916	10,555	2,532	2,761
Full Range Median Equity Value	10,744	13,142	10,456	10,884	3,124	2,909
(/) Shares Outstanding	4	4	4	4	4	4
Winsorized Fair Value	$2,328.80	$2,992.29	$2,057.25	$2,435.34	$584.11	$637.16
Full Range Median Fair Value	$2,478.93	$3,032.31	$2,412.57	$2,511.41	$720.85	$671.26
Current Price	$1,142.71	$1,142.71	$1,142.71	$1,142.71	$1,142.71	$1,142.71
Upside / Downside	103.80%	161.86%	80.03%	113.12%	-48.88%	-44.24%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$1,630.16	$2,094.60	$1,440.08	$1,704.73	$408.88	$446.01
Buy / Don't Buy	BUY	BUY	BUY	BUY	Don’t Buy	Don’t Buy