Piper Jaffray Releases Fourth Edition of the 'Valuation Conundrum,' a Postsecondary Education Proprietary Research Study
27 July 2004 - 5:21AM
PR Newswire (US)
Piper Jaffray Releases Fourth Edition of the 'Valuation Conundrum,'
a Postsecondary Education Proprietary Research Study MINNEAPOLIS,
July 26 /PRNewswire-FirstCall/ -- In the latest edition of the
"Valuation Conundrum," Piper Jaffray Senior Learning Services
Analyst Mark Marostica provides insight into what he believes are
the drivers of the valuation differences among publicly traded
postsecondary education companies. As part of his proprietary
attribute analysis and scoring methodology, Marostica assigns
numerical composite scores to nine postsecondary education
companies based on results from 34 attributes in seven categories,
which include: program, student, revenue visibility, enrollment,
regulatory, campus and financial characteristics. To acknowledge
the significant impact recent lawsuits have had on postsecondary
education company valuation, Marostica added a series of legal
proceedings attributes to this year's study. Companies with higher
composite scores are considered more favorable than those with
lower scores. Marostica then compared the composite scores with
each company's price-to-earnings (P/E) ratio. Through his analysis,
Marostica found that companies with higher composite attribute
scores generally trade at higher P/E ratios. "We believe our
analysis will help investors identify and explain 'valuation
disconnects' -- instances in which a company's composite attribute
score is not aligned with its P/E ratio." To receive a copy of the
latest edition of the Valuation Conundrum, clients should contact
their Piper Jaffray representative; members of the media should
contact Dana Wade at or 415-277-1556. Piper Jaffray & Co. is
the chief operating subsidiary of Piper Jaffray Companies
(NYSE:PJC), a focused securities firm dedicated to delivering
superior financial advice, investment products and transaction
execution within selected sectors of the financial services
marketplace. The company operates through two primary
revenue-generating segments: Capital Markets and Private Client
Services. Investment Research, an independent group reporting to
the CEO, supports clients of both segments. Piper Jaffray & Co.
has served corporations, government and non-profit entities,
institutional investors and the financial advisory needs of private
individuals for more than 108 years. Headquartered in Minneapolis,
Piper Jaffray has approximately 3,000 employees in 111 offices in
23 states across the country and in London. For more information
about Piper Jaffray, visit us online at
http://www.piperjaffray.com/ . Since 1895. Member SIPC and NYSE.
DATASOURCE: Piper Jaffray & Co. CONTACT: Dana H. Wade, Public
Affairs and Media Relations of Piper Jaffray & Co.,
+1-415-277-1556 Web site: http://www.piperjaffray.com/
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