Love it when people compare Price/Book as if every stock in that industry should have the same multiple. CECO burns cash....EDMC, APOL, DV all generate cash. LNC is essentially breakeven on the cash line. CECO has negative EBITDA....everyone else is positive. CECO has a negative ROA....everyone else is positive except LNC at (1.4%). Bottom line...CECO is being valued by the market much closer to LNC...CECO currently is 0.6x Book and LNC is 0.7x. These companies are in the same industry....but they are very different. APOL may be the one to look at in terms of valuation at this point.
Exactly right. Revenues are slowing, losses are mounting and they are burning cash very fast. They have costs associated with ramping down their organization, tons of litigation and overvalued assets. I'm always leery of book value per share figures in these types of situations.