Education Sector Analyst, Schoolhouse Solutions

Anik Siwach

Education Sector Analyst

Schoolhouse Solutions

Schoolhouse is a strategy and research provider for the Education sector. We publish differentiated reports and bespoke research on the sector, focused on private and public companies in Asia-Pacific. Our team has decades of experience working with Education companies ranging from K-12 to Tertiary and Edtech.

Strategy and Research Provider

Equity Bottom-Up

<ul>
<li>Addition of Writing Legends to existing maths and literacy apps will create more opportunities to upsell and cross-sell. </li>
<li>
Brightpath, the recently acquired assessments technology provider, adds a new horizontal with the potential to reduce school customer churn</li>
<li>Competition is high from groups such as DreamBox, IXL, ABC Mouse, Khan Academy and <a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S</a> . <a href="https://www.smartkarma.com/entities/3p-learning-ltd" target="_blank" data-smartkarma-citation="entities:5708:1" rel="noopener">3P Learning</a> remains a significant player with a strong customer base and improving product portfolio.</li>
</ul>


Addition of Writing Legends to existing maths and literacy apps will create more opportunities to upsell and cross-sell. 

Brightpath, the recently acquired assessments technology provider, adds a new horizontal with the potential to reduce school customer churn
Competition is high from groups such as DreamBox, IXL, ABC Mouse, Khan Academy and BYJU'S . 3P Learning remains a significant player with a strong customer base and improving product portfolio.


3P Learning (3PL): Rare Listed EdTech, Offering Exposure to the Growth in Digital Instruction

External broker reports(aggregated public sources), CCZ Statton Equities

CCZ Statton Equities

External broker reports(aggregated public sources)

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<ul><li>3PL recorded a 1H'FY23 revenue of $52.6m (CCZe: $55.4m), +18% vs pcp, driven by contributions from the B2B segment of $32.0m, +25% vs pcp and B2C segment of $20.6m, +10% vs pcp.</li><li>U-EBITDA was $5.8m, +205% vs pcp as mgmt continues to exercise disciplined spending in executing their strategic initiatives.</li><li>Product development costs were broadly flat at $13.8m, -$0.6m vs pcp.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3PL recorded a 1H'FY23 revenue of $52.6m (CCZe: $55.4m), +18% vs pcp, driven by contributions from the B2B segment of $32.0m, +25% vs pcp and B2C segment of $20.6m, +10% vs pcp.U-EBITDA was $5.8m, +205% vs pcp as mgmt continues to exercise disciplined spending in executing their strategic initiatives.Product development costs were broadly flat at $13.8m, -$0.6m vs pcp.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3P Learning - Study Hard Now and Succeed Later

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Software provider <a href="https://www.smartkarma.com/entities/bigtincan-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29067:1" rel="noopener">Bigtincan Holdings Ltd (BTH AU)</a> has announced an indicative proposal, by way of Scheme, from PE outfit SQN Investors at A$0.80/share, a 17.6% premium to last close.</li>
<li>Due diligence has not yet been afforded. SQN currently holds a 13.6% stake.</li>
<li>BTH also highlighted it has had preliminary discussions with other interested parties. Expect BTH's board not to engage with SQN at this price. </li>
</ul>


Software provider Bigtincan Holdings Ltd (BTH AU) has announced an indicative proposal, by way of Scheme, from PE outfit SQN Investors at A$0.80/share, a 17.6% premium to last close.
Due diligence has not yet been afforded. SQN currently holds a 13.6% stake.
BTH also highlighted it has had preliminary discussions with other interested parties. Expect BTH's board not to engage with SQN at this price. 


Expect Bigtincan To Reject SQN's Proposal

<ul><li>3PL has announced the acquisition of Brightpath Assessment for $10m cash (including a $1m earnout).</li><li>Brightpath is a founder-led education assessment platform provider (writing and mathematics) designed to identify student strengths and development in grades c.3-9.</li><li>Brightpath currently operates in over 800 AU schools, conducting over 500k assessments in 2021.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3PL has announced the acquisition of Brightpath Assessment for $10m cash (including a $1m earnout).Brightpath is a founder-led education assessment platform provider (writing and mathematics) designed to identify student strengths and development in grades c.3-9.Brightpath currently operates in over 800 AU schools, conducting over 500k assessments in 2021.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3P Learning - Acquisition Accelerates the Development of Assessment Capability

<ul><li>3P's FY22 full-year results were above CCZ expectations and within mgnt guidance. FY22 includes the BeL acquisition in full with revenue of $97.3m, up +69% pcp (CCZe: $92.3m), gross profit of $91.7m (CCZe: $79.1m), up +67% pcp and U-EBITDA of $13.8m, up +46% pcp (CCZe: $12.1m). Mgnt's guidance implies a +c.16% headline growth in FY23.</li><li>The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up +11% vs pcp) and improved retention (ARPU +2% vs pcp).</li><li>In addition, targeted marketing has increased 3PL's sales via its website (+2pps to 50%), resulting in a 3pps improvement in contribution margin and we expect this to continue.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3P's FY22 full-year results were above CCZ expectations and within mgnt guidance. FY22 includes the BeL acquisition in full with revenue of $97.3m, up +69% pcp (CCZe: $92.3m), gross profit of $91.7m (CCZe: $79.1m), up +67% pcp and U-EBITDA of $13.8m, up +46% pcp (CCZe: $12.1m). Mgnt's guidance implies a +c.16% headline growth in FY23.The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up +11% vs pcp) and improved retention (ARPU +2% vs pcp).In addition, targeted marketing has increased 3PL's sales via its website (+2pps to 50%), resulting in a 3pps improvement in contribution margin and we expect this to continue.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3P Learning - B2C Drives Growth Whilst Strategic Products Undergo Development

Australia

3P Learning Limited provides educational services. The Company owns and operates a website for students, teachers, and mathematics coordinators with a focus on e-learning of mathematics. 3P Learning serves the kindergarten through twelfth grade curriculum worldwide.

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3P Learning (3PL AU)

3P Learning (3PL): Rare Listed EdTech, Offering Exposure to the Growth in Digital Instruction

3PL provides a rare ticket for an Australian-listed EdTech stock, with a focused management team and steady growth plans

Anik Siwach

3P Learning - Study Hard Now and Succeed Later

U-EBITDA was $5.8m, +205% vs pcp as mgmt continues to exercise disciplined spending in executing their strategic initiatives.

CCZ Statton Equities

Expect Bigtincan To Reject SQN's Proposal

This remains an indicative offer from SQN. Bear in the three-way hunt for Infomedia Ltd (IFM AU) came to naught. But I'd still be picking up...

David Blennerhassett

3P Learning - Acquisition Accelerates the Development of Assessment Capability

Brightpath is a founder-led education assessment platform provider (writing and mathematics) designed to identify student strengths and development...

CCZ Statton Equities

3P Learning - B2C Drives Growth Whilst Strategic Products Undergo Development

The B2C segment contributed $39.3m in revenue, +c.13% vs pro-forma pcp, driven by new customers in the APAC and Americas region (license volumes up...

CCZ Statton Equities

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