Skaap - I quite like this company, or at least the idea. I have been adding for a while. I like it for a few reasons: my wife teaches at a "high price" private school - not a Curro school have you - and I see the value in what people are prepared to pay for a decent education for their kids. I see how passionate the teachers, at this school, are about teaching and people who are passionate about their jobs tend to get things done right, and while this might not apply to all, or any, Curro schools for that matter, and might not be a solid accounting basis for a valuation, it does give me a warm feeling, since surely it will apply to some. Curro has recently bought some high price private schools in KZN recently, however whether they can turn what might be a decent idea or model, into a profitable business is up to Curro management. And for that I like Oom Jannie. Obviously I would like to see the PE drop, but I understand that this sort of business might take a few years to show real returns. Anyway, if it drops, I might buy some more.