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2 nd Annual Latin American Small Caps Conference – October 2008

2 nd Annual Latin American Small Caps Conference – October 2008. Who we are. Campus Rebouças. Largest Player in the Private Post-Secondary Sector in Brazil, with broadest geographical coverage 205k undergraduate students National Footprint: 77 campuses in 16 states

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2 nd Annual Latin American Small Caps Conference – October 2008

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  1. 2nd Annual Latin AmericanSmall Caps Conference – October 2008

  2. Who we are CampusRebouças • Largest Player in the Private Post-Secondary Sector in Brazil, with broadest geographical coverage • 205k undergraduate students • National Footprint: 77 campuses in 16 states • 2 Universities, 2 University Centers and 20 Colleges • Asset Light Model: ROE of 20% (1H08) • LTM Revenue of R$901 million and EBITDA of R$98 million (1H08) • Labor Market Oriented Programs / Quality Above Average CampusTom Jobim CampusR9 1 Who we are

  3. Current Focus: Efficiency Gains 2008 On: Efficiency Gains and Consolidation Early Stages Turnaround and Preparation for IPO Strong Organic Growth (Accounting and Management Systems) 205* National Leadership CAGR of 25.7% - 1997/2005 (Vs 13.5% for Brazil) 178 167 GP (May/08) 162 144 IPO (July/07) 141 135 Main subsidiary (SESES): for profit status (Feb/07) North and Northeast: subsidiaries for profit status 118 Undergraduate Students (in thousand) Begin National Expansion 70 51 35 26 23 Asset Light Growth: Long Term Leasing Agreements (Campuses) 1970/96 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1H08 (*) - Includes 5 recent acquisitions Who we are 2

  4. Largest Student Base: 205 k students1 – June/08 Largest Player in Brazil with a National Geographic Coverage 3.3 12.8 1.4 Market-Share per State2 0.7 5.0 1.4 6.1 2.4 4.4 11.7 2.3 3.1 1.6 2 – Undergraduate students enrolled (excludes public universities) 1.8 Source: SINAES/2006 1.3 • Monthly Tuition: R$447 (1H08; +3.3% yoy) University University Center College Upgrade to University Center (in process of approval with the MEC3) 3.0 17.5 4.4 118.2 2.2 1- Includes 5 recent acquisitions 3 Largest Student Base 3 – Ministry of Education

  5. Labor Market Oriented Programs Our Student Profile Self-financed students Young working adults (~70%) Target Market • Convenience multi-campus • Location (work / home) • Internship Programs • Adequate Facilities • Competitive Price • Perceived Quality (above average) • Focus on Labor-Market Family income up to 10 minimum salaries (~73%) Living in Urban Centers (large cities) Searching for Career Salary improvement Who we are 4

  6. ESTC3: Competitive Advantages Headquarter in RJ • Strong Shareholder Structure: Co-Management with GP Investments (Largest Private Equity in LATAM) • Best Governance Practices: Only Voting Shares & Novo • Mercado Listing • Highly Qualified Professional Management Aligned with Shareholders (Aggressive Bonus and Stock Option Programs) Widest Scope for Margin Improvement in the Industry • Significant Growth Opportunities (M&A / Organic) • Largest Student Base & Geographic Coverage Campus Tom Jobim Gastronomy Class 5 Competitive Advantages

  7. Strong Shareholder Structure and Outstanding Corporate Governance Standards Founder Shareholders GP Investments Active Management Meritocracy Culture Proven track record in the Brazilian Capital Market (Gafisa, Lame, Ambev, Submarino, ALL, Magnesita and others) • Large Expertise in the Education Sector National Expansion and Market Leadership Free Float 54.8% 20.0 % 25.2% Higher Corporate Governance Levels • Fiscal Council • No Poison Pills • Audit and Compensation Committee • Listed at Novo Mercado • 100% Tag Along Rights • Two Independent Members at Board of Directors 6 Strong Shareholder Structure

  8. Shareholder Agreement with GP Highlights of Shareholder Agreement • Leading Private Equity Firm in LATAM / First Listed Stock • Mission: Generate Exceptional Long-Term Returns to its Investors and Shareholders • Outstanding performance of invested companies, with integrity, clear targets, entrepreneurship, meritocracy and professionalism. Some examples: • IRR: 1,339% (3 year investment) IRR: 221% (1 year investment) IRR: 107% (2 year investment) IRR: 24% (10 year investment) • Co-Management 5 years (renewable for 2+ years) • Board Members  4 each party (being 2 independent) • Lockup period of 3 years • M&A Agreement • Non-Competition Agreement • Minimum Dividend Payout (50% of Net Income) 7 GP & Shareholders´ Agreement

  9. Highly Qualified Professional Management Team Management Experience Variable compensation (Bonus + Stock Option) João Rosas – CEO CVRD; Head of Intermodal Business Unit at ALL; Consumer Market Officer at Infoglobo Align interests of shareholders andmanagement Implement targets on global and individual basis (cost cutting, quality goals) Reconcile quality and long-term targets Retain key managers and professionals Maximum dilution of 5% Lorival Luz – CFO Treasury Director at Citibank - Banco Credicard; Corporate Bank Chief of Staff Rogério Melzi – Economic and Operational Planning Head of Financial Planning in Suzano; Planning Officer in Inbev/Labat and Ambev Miguel de Paula – People and Management Head of Human Resources in Farmasa and Votorantim; HR Manager at Gerdau People Development • Faculty Training Program • Trainee Program for Estácio´s students • Executive Development Program • Qualification Program for Course Coordinators • Variable Compensation for Coordinators & Teachers Rubens Vasconcelos – Academic Officer Member of the Board of Directors at Cultura Inglesa; COO at Máxima Consultoria; CFO at Cougar Jessé Hollanda – Operations Principal of Estácio´s College in Ceará; Academic Director of CSN Foundation and Executive Board member of CBS Alexandre Ferraz – Market Officer Sales and Corporate Marketing Manager at Infoglobo Professional Team 8

  10. Widest Scope for Margin Improvement in the Industry General and Administrative Expenses (G&A) Streamline Organizational Structure Shared Service Center System Integration & Process Review Zero Based Budgeting Matrix Budgeting Drivers of Efficiency Gains EBITDA MARGIN (1H08) 21% • Cost of Services (Faculty) • Salaries’ Negotiation in Rio (Teachers Union) • Modularization: Flexible Entry • Common Courses • Standardization of Programs • On-Line Courses • Distance Learning • Extra-Class Activities 11% 9 Widest Scope for Margin Improvement in the Industry

  11. Margin Improvement: Opportunities on G&A Expenses • Streamline of organizational structure • Process Standardization (Shared Services of Corporate Centers) • BackOffice Centralization: Procurement / Accounting / HR / Legal / • Accounts Payable / Treasury / IT / Real Estate Management Streamline Processes • SAP: Already running in all our Units • SIA: Academic System - running in all our units by 2008 YE IntegratedSystems • Zero Based / Matrix Budget • Internal / External Benchmarks • Best Practices Sharing Zero Based Budgeting 10 Margin Improvement Opportunities

  12. Margin Improvement: Opportunities on COGS - Faculty Costs Increase Faculty wages below inflation Labor Agreement - Rio Academic Reform Increase the number of students per class MODULARIZATION: Reduce Course Pre-requisites / Reduce Attrition / Flexible Curricula COMMON COURSES: Same Course for Different Programs (Languages, Math, etc) STANDARDIZED PROGRAMS in all our campuses DISTANCE LEARNING: Increase usage of on-line activities (up to 20% of Schedule) 11 Margin Improvement Opportunities

  13. Significant Growth Opportunities • Post-secondary education market highly untapped • Maximizing growth opportunities in São Paulo and NE Markets Organic Growth • Upgrading Colleges to University Centers • New programs and seats • Market share relevance – expansion and consolidation • Strategic fit – compatible market positioning Acquisitions • Priority for university centers • Take advantages of potential synergies Distance Learning • Opening a new market; reaching new segments • Produce and distribute Estácio´s own learning content • Marginal CAPEX - sunk costs 12 Significant Growth Opportunities

  14. Deeply Discounted vs Domestic and International Peers Education Sector Estacio Offers a Huge Upside Opportunity 2009 Average Peer Comparison EV/EBITDA P/E Brazil 16.1 12.7 US 11.8 22.3 International 23.9 13.2 ESTÁCIO 9.1 6.6 Discount Vs Brazil -28% -59% US -23% -70% Global -72% -31% Based on Market Consensus Education Sector 13

  15. Asset Light Model: No Investment in Real Estate Best ROE in the Industry in Brazil Best ROE In Industry Return on Equity (June 08)1: 20% ESTC R$891 x Industry Average of R$2,004 Lowest PP&E per Student High Mobility to Grow Source: Company Data 1 – LTM Net Income / Shareholders´Equity Efficient Business Model 14

  16. Analyst Coverage & Forecast: Stock Coverage picking up recently Analyst Coverage & Forecast 2008 2009 R$ million 2010 2011 NetIncome NetRevenue NetIncome NetIncome NetRevenue NetRevenue NetIncome Brokers Report Date NetRevenue Target Price EBITDA EBITDA EBITDA EBITDA R$ 50 06/16 UBS 963 116 120 1,334 206 244 166 196 259 1,166 163 1,528 Morgan Stanley 07/07 R$ 47 251 1,295 169 134 192 165 1,122 147 1,025 103 122 949 Itaú 09/02 R$ 44 119 963 103 1,237 192 261 214 185 1,634 2,019 362 287 09/24 R$ 34 Unibanco 112 238 1,563 103 117 2,037 1,183 350 144 156 110 975 R$ 33 09/09 Fator 171 119 86 964 175 295 227 1,142 1,305 1,493 134 225 R$ 30 Safra 05/26 946 104 96 1,279 1,031 131 1,407 122 141 166 220 189 Average 1,373 165 215 142 163 1,131 1,630 210 101 960 116 289 Analyst Coverage 15

  17. Financial Highlights (R$ million) 2005 2006 2007 1H07 1H08 Net Revenue 762 829 860 428 476 82 92 EBITDA ex rental1 124 164 172 EBITDA Margin ex-rental 16% 19% 20% 20% 19% Adjusted EBITDA1 51 47 96 101 56 Adjusted EBITDA Margin 12% 11% 11% 7% 12% Adjusted Net Income2 23 60 43 31 81 Net Cash 256 41 (48) (4) 229 (1) Adjusted in 1H07, to the payment of taxes in jan/07 (SESES became for profit in February 2007) and to extraordinary items in 2Q08 (2) Excluding goodwill amortization from acquisitions and extraordinary expenses Financial Highlights 16

  18. Annex 17

  19. Sector Overview – Significantly Untapped Demand Largest market in Latin America, with low penetration rates and increasing demand for qualified labour Gross Enrollment Rate (Unesco - 2005) Post-secondary Enrollments – (Unesco – 2005, million) High Growth Potential Post-secondary Institutions in Brazil (units) Total Enrollments (million) 4.7 4.5 4.2 3.9 3.5 3.0 74% 73% 72% 71% 70% 69% 31% 30% 29% 28% 27% 26% Source: INEP/MEC 18 Positive Sector Dynamics

  20. Sector Overview: Highly Fragmented Market Top10 largest post-secondary institutions account for less than 20% of total enrollments1 Non-Government Institutions (number & Size) Top 10 Non-Government Institutions Market Share (2005) Based on Number of Enrolled Students 5K or more 17.4% 131 2K < 4.9K Number of students 173 Number of institutions 500 < 1.9K 616 Up to 499 1,014 82.6% 10+ Others 1,934 Institutions 3.3 million enrollments High Potential for Consolidation (1) Source: Hoper Educational (2005) 19 Positive Sector Dynamics

  21. Sector Overview - Regulatory Framework Institution Benefits Costs University • Autonomy, guaranteed by the constitution, to create programs within the city (except for Medicine, Law, Psychology and Odontology) • Allowed to create campuses outside the city, subject to authorization by the Ministry of Education (MEC) • Ability to register diploma without the MEC authorization • 1/3 of faculty must hold a master or PhD degree • 1/3 of faculty must be in full time regime or must offer 3 master programs with CAPES (ministry’s graduate coordinator) recommendation • Need to conduct research University Centers • Autonomy, guaranteed by federal gov’t decree, to create programs inside the city, except for Medicine, Law, Psychology and Odontology • Ability to register diploma without MEC authorization • No need to conduct research • 1/3 of faculty must hold a master or PhD degree • 1/5 of faculty must be in full time regime • Not allowed to create other campuses outside the city Colleges • No minimum requirements on faculty qualification or hours of work ( full time regime) • No autonomy to create new programs, vacancies or to register diplomas without the MEC authorization 20 Regulatory Framework

  22. Undergraduate Students and Net Revenue Growth Students (thousand) Net Revenue (R$ million) * * Includes 5 recent acquisitions Financial and Operational Performance 21

  23. Cost of Services and SG&A (R$ million) SG&A Cost of Services Gross Margin: 38.9% Gross Margin: 39.3% R$ 142.2M 29.9% NR*) ( 9 M R$ 288 . R$ 4 261 . M Extraordinary Items 2.2 4 . 7 % 5 . 3 % *) R$116.1M ( 27.2% NR 3 . 5 % 3 . 1 % 14.7% 15 . 5 % 140.0 116.1 76.9% . 76.3% 1 H 07 1 H 08 1H07 1H08 *NR = Net Revenue Faculty Rentals Third - Party Services Others 22 Financial and Operational Performance

  24. Adjusted EBITDA and Net Income (R$ million) Adjusted EBITDA1 Adjusted Net Income2 CAGR 34.3% CAGR 87.7% 1 - Adjusted in 1H07 to the payment of taxes in January 2007 (SESES became for-profit in February 2007) and to the one-off expenses in 2Q08 2 - Excluding goodwill amortization from acquisitions and extraordinary expenses Financial and Operational Performance 23

  25. Capex (R$ million) 47 . 8 Acquisition 21 . 2 Organic 12 . 1 26 . 6 Acquisition 4 . 3 14 . 5 Organic 7 . 9 7 . 8 2 Q 07 2 Q 08 1 H 07 1 H 08 24 Financial and Operational Performance

  26. Capitalization and Market Data R$ Million 06/30/08 Shareholders´ Equity 441.8 Debt (0.3) Net Cash 255.9 Sound balance sheet and strong cash flow support our key position as one of the main players in sector consolidation in Brazil • Stock Price (Sep - 03, 2008): R$20.40 / share • Number of Shares: 78.6 million • Market Cap: R$1.60 billion • Enterprise Value: R$1.35 billion • Daily Volume (3-month average): R$3.8 million Free Float: 25.2% Brazilian Investors 36% Foreign Investors 64% 25 Financial and Operating Performance

  27. IR Contacts & Disclaimer Investor Relations Team: Lorival Luz – CFO Carlos Lacerda – carlos.lacerda@estacio.br Fernando Santino – fernando.santino@estacio.br e-mail: ri@estacioparticipacoes.com Phone: (55) 21 2433 9789 / 9790 / 9791 Fax: (55) 21 2433 9700 Av. das Américas, 3434 - Bloco 7 - 2º andar Cep 22640-102 Barra da Tijuca - Rio de Janeiro Visit our website: www.estacioparticipacoes.com/ir Disclaimer: This presentation may contain forward-looking statements concerning the industry’s prospects and Estácio Participações’ estimated financial and operating results; these are mere projections and, as such, are based solely on the Company management’s expectations regarding the future of the business and its continuous access to capital to finance Estácio Participações’ business plan. These considerations depend substantially on changes in market conditions, government rules, competitive pressures and the performance of the sector and the Brazilian economy as well as other factors and are, therefore, subject to changes without previous notice. We are a holding company, and our only assets are our interests in SESES, STB, SESPA, SESCE, SESPE and IREP, and we currently hold 99.9% of the capital stock of each of these subsidiaries. Considering that the Company was incorporated on March 31 2007, the information presented herein is for comparison purposes only, on a proforma unaudited basis, relative to the first three months of 2007, as if the Company had been organized on January 1 2007. Additionally, information was presented on an adjusted basis, in order to reflect the payment of taxes on SESES, our largest subsidiary, which from February 2007, after becoming a for-profit company, is subject to the applicable taxation rules applied to the remaining subsidiaries, except for the exemptions arising out of the PROUNI – University for All Program (“PROUNI”). Information presented for comparison purposes should not be considered as a basis for calculation of dividends, taxes or for any other corporate purposes. IR Contact Info 26

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