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General information

Sector: Consumer Services

The company is not available at Interactive Brokers

STADIO Holdings Limited (JSE:SDO) is an investment holding company that focuses on the investment in, growth and development of higher education institutions to assist in meeting the demand for quality and relevant higher education programmes in southern Africa.

STADIO Holdings creates value through the growth and development of its existing institutions, through new programme development in Contact, Distance and Blended modes of Learning and exploring geographic expansion through greenfield developments and expansion of existing campuses.

STADIO Holdings started as a subsidiary of Curro Holdings Limited (Curro). Curro has been a proud provider of pre-school and school-based education since 1998 and was listed on the JSE in 2011.

In 2013, Curro acquired Embury Institute for Higher Education Proprietary Limited (Embury), a registered private higher education institution, which offers accredited teacher-education qualifications. The acquisition of Embury was Curro’s first investment in the post-school education environment. In light of the opportunities presented in the post-school education market, it was a natural progression for Curro to develop and expand its post-school education offering, through STADIO Holdings.

On 28 February 2017 Curro announced its intention to unbundle its entire interest in STADIO Holdings and to list STADIO Holdings on the JSE. The intention of the unbundling and listing was to create a separate listed business, focusing on higher education, with a strong management team and a dedicated anchor shareholder (namely PSG Alpha Investments Proprietary Limited) in order to become a leader in the higher education market in South Africa.

To achieve this goal, STADIO Holdings successfully acquired various registered higher education institutions, namely Southern Business School Proprietary Limited (SBS), The South African School of Motion Picture Medium and Live Performance Proprietary Limited (AFDA), MBS Education Investments (Pty) Ltd (Milpark), Lisof (Pty) Ltd (Lisof) and Prestige Academy (Pty) Ltd (Prestige Academy), and therefore, including Embury, owned six prestigious higher education institutions.

During 2020, STADIO Holdings achieved one of its main strategic goals and consolidated the various programmes offered by Embury, SBS, Lisof and Prestige Academy into a single comprehensive registered higher education institution, STADIO, allowing stakeholders to benefit from the marketing, operational and regulatory advantages of being ‘one’. Milpark and AFDA have retained their own brands, campuses and management teams, for the time being, but continue to share a common vision and ethos, as well as benefit from the synergies, infrastructure and shared services arising from the Group structure.

STADIO Holdings now owns three prestigious higher education institutions, STADIO, Milpark and AFDA, offering a diverse range of programmes including undergraduate (higher certificates, diplomas and degrees) and post-graduate programmes (honours and masters degrees and doctorate), aimed at providing graduates with a real chance of creating employment opportunities (entrepreneurship) or finding employment. As the investment holding company of the various education institutions, STADIO Holdings will monitor the business’ success and drive efficiencies, innovations and best practices across the Group.

STADIO Holdings was listed on the JSE main board on 3 October 2017.



  • Bad financial results growth rate -5.1% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.7%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 3.2% (LTM)
  • Share price is 67.9% higher than minimum and 16.8% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (10.7x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)4.70
Share price, USD: 0.2531
Common stocks: 846 808 511

Dividend Yield:  0.0%
FCF Yield LTM: 3.2%
EV / LTM EBITDA: 10.7x
Last revenue growth (y/y):  -2.2%
Last growth of EBITDA (y/y):  -7.9%
Historical revenue growth:  +10.7%
Historical growth of EBITDA:  +120.7%
Target EV / EBITDA (hist percentile):
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 214
Net Debt ($m): 5
EV (Enterprise Value): 219
EBITDA LTM ($m): 20
EV / LTM EBITDA: 10.7x
Price to Book: 2.12x

Revenue and EBITDA

Semi-Annual values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

EV / EBITDA

Potential dynamics

Reuters Headlines

Rugby-Italy beef up front row for physical clash with Boks

Buoyant Italy have two changes to their starting line-up for the autumn international series fixture against South Africa in Genoa on Saturday, with prop Pietro Ceccarelli and hooker Giacomo Nicotera coming into the front row.

2022-11-17

JSE:AVI JSE:SDO JSE:ARH JSE:HUG

S.Africa`s PSG Group to offload $1.2 bln stake in units to investors

* PSG will distribute shares in four listed firms to unlock value

2022-03-01

JSE:CPI JSE:PSG JSE:JSE JSE:COH JSE:SDO JSE:KAL JSE:HUG

Rugby-Captain Jones staying calm for `special` Lions return

British & Irish Lions captain Alun Wyn Jones has described his remarkable return from injury to face South Africa in the first test on Saturday as "special", but won’t let the emotion of the occasion distract him from the job at hand.

2021-07-21

JSE:AVI JSE:SDO

Barrett back to fullback as Mo`unga starts against Boks

Regular All Blacks flyhalf Beauden Barrett has been moved to fullback with Richie Mo`unga getting only a third test start in the number 10 jersey for Saturday`s clash with South Africa in the Rugby Championship.

2019-07-24

JSE:SPG JSE:SDO

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Releases

2022-06-22
Results of the Annual General Meeting
2022-06-22
Voluntary Business Update At Annual General Meeting
2022-05-11
Dealings in Shares by Associates of an Alternate Director of the Company
2022-05-03
Award and Acceptance of Options in terms of the Stadio Group Share Incentive Scheme
2022-04-29
No Change Statement, Notice of Annual General Meeting and B-BBEE Compliance Report
2022-04-13
Exercise and Related Settlement of Share Options in Terms of the STADIO Holdings Limited Share Incentive Trust
2022-03-22
Dealings in Shares By an Associate of a Director of the Company
2022-03-14
Results For The Year Ended 31 December 2021
2022-03-01
Change to Independent Joint JSE Sponsor
2022-03-01
PSG Group Unbundling of Interest in the STADIO Group
2022-02-17
Trading Statement And Publication Date Of Financial Results For The Year Ended 31 December 2021
2021-10-07
Exercise and Related Settlement of Share Options in terms of the Stadio Holdings Limited Share Incentive Trust
2021-09-01
Dealings in Shares by an Associate of a Director and a Director of the Company
2021-08-31
Results For The Six Months Ended 30 June 2021
2021-08-13
Trading Statement
2021-07-08
Dealings In Shares By An Associate Of A Director
2021-06-23
Results Of The Annual General Meeting

SENS Announcements

2024-04-30
No Change Statement, Notice of Annual General Meeting and B-BBEE Compliance Report
2024-04-29
Award and Acceptance of Options in Terms of the Stadio Group Share Incentive Scheme
2024-04-25
Dealings In Shares By A Share Incentive Scheme
2024-04-08
Exercise and Related Settlement of Share Options in Terms of the Stadio Holdings Limited Share Incentive Trust
2024-03-18
Audited Results For The Year Ended 31 December 2023, Construction Of Durbanville Campus And Dividend Declaration
2024-03-07
Trading Statement and Publication Date of Financial Results For the Year Ended 31 December 2023
2024-01-18
Dealing in Shares by a Director
2023-12-29
Voluntary Announcement: Acquisition Of Further Interest In Milpark Education (Pty) Ltd
2023-12-18
Dealing in Shares by a Share Incentive Scheme
2023-12-14
Dealings in Shares by a Share Incentive Scheme
2023-12-08
Dealings in Shares by a Share Incentive Scheme
2023-12-08
CANCELLATION OF S483435 Dealings in Shares by a Share Incentive Scheme
2023-12-08
Dealings in Shares by a Share Incentive Scheme
2023-12-05
Dealing in Shares by an Associate of a Director of the Company
2023-12-01
Dealing in Shares by a Share Incentive Scheme
2023-11-29
Dealings in Shares by a Director
2023-11-28
Dealing in Shares by a Director of a Major Subsidiary
2023-11-07
Appointment of Chief Financial Officer
2023-11-03
Dealing in Shares by a Share Incentive Scheme
2023-09-28
Changes to Stadio Group Leadership Effective 31 December 2023
2023-09-20
Dealings in Shares by a Share Incentive Scheme
2023-09-19
Dealing in Shares by an Associate of a Director of the Company
2023-09-13
Dealing in Shares by a Share Incentive Scheme
2023-09-06
Dealing in Shares by a Share Incentive Scheme
2023-09-06
CANCELLATION OF S479616 Dealing in Shares by a Share Incentive Scheme
2023-09-06
Dealing in Shares by a Share Incentive Scheme
2023-09-01
Exercise and related settlement of share options in terms of the Stadio Holdings Limited Share Incentive Trust
2023-08-30
Results For The Six Months Ended 30 June 2023
2023-08-25
Trading Statement And Publication Date Of Financial Results For The Six Months Ended 30 June 2023
2023-06-26
Dealing in Shares by a Director of the Company
2023-06-22
Results of the Annual General Meeting
2023-06-22
Voluntary Business Update At Annual General Meeting
2023-05-17
Dealing in Shares By a Share Incentive Scheme
2023-05-05
Dealings in shares by a share incentive scheme
2023-05-03
Dealings in shares by a share incentive scheme
2023-04-28
No Change Statement, Notice Of Annual General Meeting And B-BBEE Compliance Report
2023-04-26
Award And Acceptance Of Options In Terms Of The Stadio Group Share Incentive Scheme
2023-04-25
Dealings in Shares By a Share Incentive Scheme
2023-04-19
Dealings In Shares By A Share Incentive Scheme
2023-04-19
Dealing In Shares By A Share Incentive Scheme
2023-04-06
Exercise and related settlement of share options in terms of the Stadio Holdings Limited Share Incentive Trust
2023-03-16
Dealings in Shares by a Director and Associates of Directors of the Company
2023-03-15
Results For The Year Ended 31 December 2022
2023-03-06
Trading Statement And Publication Date Of Financial Results For The Year Ended 31 December 2022
2022-12-23
Dealing in shares by a director of the company
2022-10-31
Dealings in Shares by an Associate of a Director
2022-10-18
Exercise And Related Settlement Of Share Options In Terms Of The Stadio Holdings Limited Share Incentive Trust
2022-10-05
Disclosure of Acquisition of Securities
2022-09-28
Dealings In Shares By A Share Incentive Scheme
2022-09-27
Dealing in Shares by a Director of the Company
2022-09-15
Shares received pursuant to PSG Group Limited’s unbundling of Stadio Group shares
2022-09-14
Dealing In Shares By An Associate Of A Director
2022-09-14
Disclosure of Acquisition of Securities
2022-09-13
Disclosure of change in the beneficial interest in the company’s securities
2022-09-13
Dealings in Shares by a Share Incentive Scheme
2022-09-09
Changes in Relation to JSE Sponsor
2022-09-08
Dealings in Shares By a Share Incentive Scheme
2022-09-06
Dealings in Shares By a Director of a Major Subsidiary
2022-09-02
Dealing in Shares By a Director of The Company
2022-09-01
Award and Acceptance of Options, and Exercise and Related Settlement of Options, in Terms of the Stadio Group Share
2022-06-22
Results of the Annual General Meeting
2022-06-22
Voluntary Business Update At Annual General Meeting
2022-05-11
Dealings in Shares by Associates of an Alternate Director of the Company