As is common at the moment, perdoceo education
P.R.D.O.
Even better, this strong operating result generated $11.6 million in free cash flow during the quarter, allowing PRDO to pay out $7.2 million in recently initiated dividends while adding to its already large cash pile. , was able to repurchase $3.8 million worth of its own stock. It has just saved up to $604.2 million (which translates to about $9 in net cash per share, or more than half the current share price).
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Considering the company also provided better-than-expected forecasts for 2024, this number is only likely to increase further. Indeed, the high levels of student retention and engagement experienced by the company in the second half of 2023 are expected to sustain and drive strong enrollment growth. His double-digit return to AIUS enrollment — PRDO expects his earnings per share to be between $2.04 and $2.26 this year. The latter's midpoint of $2.15 only suggests about 2% growth from 2023, but compares favorably with analysts' forecasts of flat earnings of $2.10. And as cash loads continue to increase, I expect the stock to finally break out of the range it's been trapped in over the past few months.
Julius Juenemann, CFA, is an equity analyst. Forbes Special Situation Investigation and forbes investor Investment newsletter. Perdoceo Education (PRDO) is currently forbes investor. To access this and other recommended stocks, go to forbes investorclick here to subscribe.