Tree House 4Q FY 2013

4QFY2013 Result Update | Educational Services
May 30, 2013
Tree House
Spreading Branches
Y/E March (` cr) Net sales EBITDA EBITDA Margin (%) Adjusted PAT
Source: Company, Angel Research
ACCUMULATE
CMP Target Price
3QFY13 29 16 56.1 8 % chg (qoq) 1.1 (13.0) (784)bp (8.8) 4QFY12 22 11 49.2 5 % chg (yoy) 32.8 30.2 (97)bp 45.1
`271 `297 12 Months
4QFY13 29 14 48.3 7
Investment Period
Stock Info Sector Market Cap (` cr) Net Debt Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code
Educational Services 973 8.4 0.9 295 / 190 27,277 10 20,215 6,124 THEA.BO THEAL.IN
Tree House Education and Accessories Ltd. (THEAL) reported a strong set of numbers for 4QFY2013. Its top-line grew by 32.8% yoy to `29.4cr, better than our estimate of `25.2cr. The EBITDA grew by 30.2% to `14.2cr while margins contracted marginally by 97bp yoy to 48.3% owing to rise in other expenses. Subsequently, the net profit grew by a whopping 45.1% to `7.3cr, aided by lower interest expense while net profit margin expanded to 25.0%. Budding pre-school segment provides growth visibility: The concept of imparting education to young toddlers is catching up fast today. As per CRISIL research, the size of pre-school segment is expected to grow to `13,300cr in 2015 from the current `5,000cr. Moreover, with an urbanization rate of 40% and escalated average household disposable income, the demand for the segment is expected to maintain its momentum. Dual business model provides competitive edge: Dual business model of THEAL facilitates it to maintain quality of education, maximize the profit through SOS, and widen its reach through franchisees. Moreover, Tree House being an established brand in the pre-school segment has taken a logical step to enter the K-12 segment. Pre-schools and K-12, thus, become complimentary to each other with pre-school acting as a feeder to the K-12. Outlook and valuation: Given the growth opportunities in the pre-school segment and consistent expansion by THEAL, we expect the top-line and net profit to grow at a CAGR of 30.1% and 29.9% respectively over FY2013-15E to `194cr and `56cr in FY2015E. We recommend Accumulate on THEAL with a revised target price of `297 based on target PE of 19x of FY2015E earnings.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 27.8 16.6 39.4 16.3
Abs.(%) Sensex THEAL

* Listed in August 2011
3m 7.2 15.1
1yr 23.9 36.5
3yr 19.3 *
Key financials
Y/E March (` cr) Net Sales % chg Net Profit % chg EBITDA Margin (%) FDEPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
FY2012 77 97.0 22 176.4 54.3 6.0 45.3 3.8 8.4 18.6 12.2 22.5
FY2013E 114 47.9 33 55.0 54.1 9.3 29.2 2.8 9.6 16.5 8.6 15.9
FY2014E 153 33.7 45 33.7 53.0 12.4 21.8 2.6 11.8 18.3 6.5 12.3
FY2015E 194 26.7 56 26.2 52.8 15.6 17.3 2.3 13.1 22.1 5.0 9.5
Twinkle Gosar
+91 22 3935 7800 Ext: 6848 Gosar.twinkle@angelbroking.com
Please refer to important disclosures at the end of this report
Tree House | 4QFY2013 Result Update
Exhibit 1: 4QFY2013 performance highlights

Y/E March (` cr) Total operating income Net raw material (% of Sales) Employee cost (% of Sales) Other Expenses (% of Sales) Total expenditure EBITDA EBITDA Margin (%) Interest Depreciation Other income PBT (excl. Extr. Items) Extr. Income/(Expense) PBT (incl. Extr. Items) (% of Sales) Tax (% of PBT) Reported PAT Adjusted PAT PATM (%)
4QFY13 29.4
0.0
3QFY13 29.1
0.0
% chg (qoq) 1.1
4QFY12 22.1
0.0
% chg (yoy) 32.8
FY2013 114
0.0
FY2012 77
0.0
% chg 47.7
0.0
3.4
0.0
3.5 (1.7) 27.0 19.2
0.0
3.0 12.6 43.6 35.3
0.0
13.3
0.0
13.1 1.6 76.1 48.5
11.5
11.8
11.9
9.3
13.6
8.2
11.7
39.2
16.9
22.2
40.2
15.2
32.0
12.8
37.2
11.2
34.3
52
28.8
35
14.2
48.3
16.3
56.1
(13.0)
(784)bp
10.9
49.2
30.2
(97)bp
61.8
54.1
42.0
54.3
47.1
(23)bp
1.2
3.6
2.2
3.4
(45.9)
7.1
2.0
2.7
(2382.2)
34.3
6.6
13.4
6.5
7.8
1.8
71.5
1.7
11.0
1.3
12.0
28.5
(8.2)
1.3
7.4
32.5
48.4
7.1
48.8
3.8
31.5
87.1
55.2
24.7
35.7
0.0
12.0
0.0
7.4
0.0
48.8
0.0
31.5
121.5
3.7
41.4
4.0 (7.0) 297.6
33.6
2.4 55.5 532.6
42.7
15.5
40.7
9.9 56.1 54.8
10.4
32.0
33.1
8.1
32.0
5.1
31.7
33.3
31.6
21.5
7.3 25.0
8.1 27.7
(8.8)
5.1 22.9
45.1
33.3 29.2
21.5 27.8
54.8
Exhibit 2: Actual vs Angel's Estimates

Actual v/s Angel's Estimates Total Income EBITDA EBITDA Margin Adjusted PAT
Actual (`cr) 29 14 48.3 7
Estimate (` cr) 25 14 53.9 5
% variation 16.7 4.5 (560)bp 33.7
For 4QFY2013, the top-line of the company grew by 32.8% yoy to `29.4cr on the back of opening 30 pre-schools, better than our estimate of `25.2cr. The EBITDA grew by 30.2% to `14.2cr while margins contracted marginally by 97bp yoy to 48.3% owing to rise in other expenses. On the back of strong top-line growth and robust operating performance, net profit grew by a whopping 45.1% to `7.3cr, aided by lower interest expense. The interest expense has reduced since the company has switched its loan to a relatively cheaper substitute (would be repaid by FY2015E). Subsequently, the net profit margin too expanded from 22.9% in the same quarter previous year to 25.0% in current quarter and above our estimate of 21.8%.
May 30, 2013
Exhibit 3: Net sales moving northwards

35 30 25
21.7 3.9 60.0 24.3
Exhibit 4: Expansion cost dents EBITDA margin

70
2.8 1.1
2.7
60 50 40
18 16
14 12 38.6 10
58.1
60.9
51.7 57.4 49.2 54.9
56.1
70 48.3
60 50
( ` cr)
( ` cr)
15 10
30 20
(%)
8
6
30
10.7
11.0
10.9
15.8
16.3
14.2
15.5
4 2 0
20
10
16
18
21
22
28
28
29
29
5 0
10 0
9.4
3.9
10 0
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
3QFY13
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
4QFY13
Revenue (LHS)
Revenue growth qoq (RHS)
EBITDA (LHS)
EBITDA Margin (RHS)
Investment arguments
Unique business model and strong brand to provide competitive edge
THEAL is the largest self-operated pre-school provider in India, operating on a dual business model, ie operating SOS (~80% of total centres) in metro cities and adopting the franchise model in tier 3 & 4 cities. This model facilitates the company to maintain its quality of education and maximize profits through SOS; and widen the reach through franchisees. In franchisees, the quality of education is maintained by adopting standardization of curriculum and teacher training programmes. Strong brand and assured quality of education act as differentiating pillars and hence provides THEAL a competitive edge over other pre-school operators. THEAL has recently announced its initiative to provide pre-primary education at affordable prices through Global Champs pre-schools. The company has opened 4 centres until now in Mumbai.
K-12 to be logical extension, pre-school being the potential feeder

Tree House being an established and trusted brand in the pre-school segment has taken a logical step to enter the K-12 segment. K-12 schools are established only where the company has strong pre-school presence, which minimizes the marketing cost. The company currently provides consultancy and management services to 24 schools and is in the process of developing 3 self-owned K-12 school buildings, for which major capex has already been undertaken. Revenue comes in by way of service or consultancy fees which are usually based on factors which include (i) per child admitted to the school (for services forming part of service agreement) and (ii) lumpsum basis (for services beyond the scope of service agreement). Both, pre-schools and K-12s are complimentary to each other with pre-school acting as a feeder to the K-12. We expect the K-12 segment to post a CAGR of 60% over FY2012-15 to `23cr in FY2015.
May 30, 2013
4QFY13
4QFY11
2QFY13
(%)
20
7.6
40
Potential growth in pre-school segment- key growth driver

Niche but growing addressable market: India is the second most populated country in the world with ~54cr in the age bracket of 0-24 years, which forms the addressable segment for education. As per CRISIL research, the size of pre-school segment is expected to grow to `13,300cr in 2015 from the current `5,000cr. To capitalize on such opportunities, THEAL intends to establish and expand the number of its pre-schools in various cities and towns in India and proposes to open an additional 120 pre- schools across India by FY2014. Rapid urbanization and transition in income bracket of people: According to Mckinsey Global Institutes recent research study, Indias urban population is expected to rise from 34cr in 2008 to 59cr in 2030, ie an urbanization rate of 40% (lower than seen in most Asian countries due to strict definition of Indian Census). The average household disposable income in urban areas is expected to grow at a CAGR of 6.4% from ~`60,000 in 2008 to ~`239,000 in 2030 considering a GDP growth rate of 7.4%. Thus, such a rise in disposable incomes provides strong growth visibility for the education market. Changing lifestyles with need for quality education: With the changing demographics, the lifestyle of the people has changed drastically. Women who used to be home-makers previously are now joining the workforce and that too at an increasing rate. Also, there is increased awareness about the role of education in a competitive market (Think tank). Moreover, with awareness of the fact that 40% of a persons ability to learn is shaped during the first four years of his life, pre-schools have secured a vital place in the education system.
Brainworks Learning acquisition to complement THEALs reach

THEAL has plans to acquire a pre-school brand Brainworks Learning (BL) which is expected to be finalised by the end of 1QFY2014. BL centres are present mainly in the areas where THEAL is yet to establish its foothold. The proposed acquisition is hence expected to widen the reach of THEAL. Of the 70 centres of BL, 13 are self owned and will be converted to Tree House brand post acquisition. Rest of the centres, which are franchisee based, will be given an option to convert to THEALs brand or else continue with BLs brand. This inorganic growth is thus expected to boost the top-line, while simultaneously extending the reach.
May 30, 2013
Financials
Exhibit 5: Key Assumptions
Particulars Total no of pre-school centres SOS Franchisee Total Revenue (` cr) Pre-school Revenue (` cr) SOS Franchisee Teacher training program K-12 Revenue (` cr) School management fees Infrastructure rent
FY2012 302 240 62 77 72 68 1 3 6 4 1.2
FY2013 379 300 79 114 100 94 2 4 14 13 1.2
FY2014E 489 385 104 153 137 128 3 6 16 15 1.2
FY2015E 619 485 134 194 171 160 4 7 23 20 3
Exhibit 6: Revised Estimates

Y/E Mar. Net Sales (` cr) EBITDA Margin (%) EPS (`)
Source: Angel Research
Earlier estimates FY2014E 150 34.3 12.8 FY2015E 192 27.4 16.2
Revised estimates FY2014E 153 33.7 12.4 FY2015E 194 26.2 15.6
% change FY2014E 1.9 30bp (3.2) FY2015E 0.8 (219)bp (3.5)
Expansion plans to lead to top-line CAGR of 30.1% over FY2013-15E

For FY2013, the top-line grew 47.7% to `114cr, owing to an addition of a total of 77 pre-schools, marginally higher than our estimate of `110cr. As on date, THEAL owns 379 pre-schools and right to provide management services in 24 K-12 schools. The top-line, following the expansion plans of the company, is expected to grow at a CAGR of 30.1% over FY2013-15 to `194cr in FY2015E.
May 30, 2013
Exhibit 7: Pre-school and K-12 expansion plans to drive top-line

250 120 108.2 83.5
200 150
100 50
25.2 97.0
47.7 35.4
100
80 60
40
(` cr)
114
155
21
77
39
194
20 0
FY2010
FY2011
FY2012
FY2013
FY2014E
FY2015E
Net sales (LHS)

Net sales growth (RHS)
EBITDA to grow at a CAGR of 28.5% over FY2013-15E

The EBITDA for FY2013 came in 54% higher yoy to `62cr as compared to our estimate of `59cr. The EBITDA margin contracted slightly by 20bp to 54.1% owing to rise in other expenses due to constant expansion activities by the company. On the back of a robust estimated top-line growth of 30.1% (CAGR), the companys EBITDA is expected to grow at a CAGR of 28.5% over FY2013-15E, from `62cr in FY2013 to `102cr in FY2015E. The EBITDA margin is expected to stabilize ~52-53% over FY2012-15E.
Exhibit 8: EBITDA to normalise at higher levels

120
52.8 54.3 43.1

32.9
60
100
80
54.1
53.6
50
40
(` cr)
40 20
20 10 7 17 42 62 83 102
FY2010
FY2011
FY2012
FY2013
FY2014E
FY2015E
EBITDA (LHS)
EBITDA margin (RHS)
Net profit to grow at a CAGR of 29.9% over FY2013-15E

For FY2013, the net profit growth was at 53.3% to `33cr, owing to reduced interest expense for the year. The net profit margin too expanded by 133bp to 29.2%. On back of a robust estimated top-line coupled with a healthy and stable operating performance, the PAT is expected to grow at a CAGR of 29.9% to `56cr in FY2015E with a PAT margin of 29.0%.
May 30, 2013
(%)
60
30
(%)
Exhibit 9: PAT margins to stabilise at higher levels

60
50 40 27.8 29.0
29.0
35
30 25
(%)
29.2
(` cr)
30
20 11.6 10
20 19.8
15
10 5
2 FY2010
22
33
45
56
FY2011
FY2012 PAT (LHS)
FY2013
FY2014E
FY2015E
PAT margin (RHS)
Outlook and Valuation

THEAL is in a position to capitalize on the growth opportunities emerging in the pre-schools segment. It is consistently expanding its network of pre-schools and K-12 schools pan-India. The top-line of the company is expected to grow at a 30.1% CAGR over FY2013-15 to `194cr in FY2015E. The EBITDA for the company is expected to grow from `62cr in FY2013 to `102cr in FY2015E, at a 28.5% CAGR. Owing to a robust top-line and healthy EBITDA, the net profit for the company is expected to grow at a CAGR of 29.9% over FY2013-15E to `56cr in FY2015E. At the current market price of `271, the stock is trading at a PE of 17.3x its FY2015E earnings. Considering the nascent stage of pre-school segment with high potential growth prospects and unique model of THEAL, we recommend Accumulate on THEAL with a revised target price of `297, based on target PE of 19x for its FY2015E earnings.
Exhibit 10: One-year forward PE

580 530
480 430 380 330 280 230 180 130 80

Sep-12
Sep-11
(` )
Nov-12
Nov-11
Price
15x
21x
27x
33x
May 30, 2013
May-13
May-12
Jan-13
Jan-12
Jul-12
Mar-13
Mar-12
Competition
The education sector in India is largely unorganized and the business of pre-schools is highly fragmented and competitive. In addition to competition from unorganized players in the pre-schools business, THEAL faces a lot of competition from organized players in the market where it competes with various pre-schools like Kidzee, Euro Kids, and Roots to Wings (operated by Educomp Solutions).
Risks
Geographical concentration: Of the total 379 pre-schools, more than 40% are
located in and around Mumbai metropolitan. This suggests a geographical concentration risk to the company.
Regulations pertaining to K-12 segment: Operating pre-schools and

providing educational services to K-12 schools are currently unregulated, but the government may introduce a regulatory framework in future. Any such government regulation, and THEALs inability to comply with the same, may adversely affect its revenue.
May 30, 2013
Profit and loss statement (Standalone)

Y/E March (` cr) Gross sales Less: Excise duty Net Sales Other operating income Total operating income % chg Other operating costs % chg Personnel % chg Other % chg Total Expenditure EBITDA % chg (% of Net Sales) Depreciation & Amortization EBIT % chg (% of Net Sales) Interest & other charges Other Income (% of Net Sales) PBT (reported) Tax (% of PBT) PAT (reported) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2011 39 39 39 83.5 4 103.1 5 86.0 13 35.6 22 17 140.8 43.1 4 13 216.3 33.1 1 0 1.2 12 4 36.3 8 8 8 212.4 19.8 2.2 2.2 212.4 FY2012 77 77 77 97.0 16 307.1 13 166.8 6 (51.3) 35 42 147.8 54.3 8 34 163.4 44.2 7 4 4.9 31 10 31.6 22 22 22 176.4 27.8 6.0 6.0 176.4 FY2013 114 114 114 47.9 30 85.0 13 1.6 10 53.2 53 61.82 47.3 54.1 13 48 41.8 42.4 7 7 6.1 49 16 31.7 33 33 33 55.0 29.1 9.3 9.3 55.0 FY2014E 153 153 153 33.7 41 36.5 18 38.9 13 34.1 72 81 31.1 53.0 18 63 30.1 41.2 5 7 4.5 65 21 31.7 45 45 45 33.7 29.2 12.4 12.4 33.7 FY2015E 194 194 194 26.7 52 28.0 24 27.6 16 25.6 91 102 26.0 52.8 21 81 29.1 42.0 3 4 1.9 82 26 31.7 56 56 56 26.2 29.1 15.6 15.6 26.2
May 30, 2013
Balance sheet (Standalone)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Share Premium account Profit Loss account Reserves & Surplus Share warrants Shareholders Funds Total Loans Long term provision Other long term liabilities Net Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Lease adjustment Goodwill Investments Long term loans & advances Current Assets Cash Loans & Advances Inventory Debtor Other current assets Current liabilities Net Current Assets Misc. Exp. not written off Total Assets 72 10 62 52 3 34 35 29 3 1 2 3 14 22 172 154 17 137 20 29 31 85 64 48 5 4 6 2 25 39 311 186 31 155 40 27 10 169 70 49 7 5 7 3 24 46 420 251 49 202 40 24 10 174 37 11 10 5 8 3 33 3 429 288 70 219 40 22 12 183 49 19 12 6 10 3 43 7 460 24 87 12 99 123 48 0 1.8 172 34 193 29 223 256 51 0 3.3 311 36 240 63 302 10 348 67 0 0 4.4 420 36 240 102 342 378 47 0 0 4.4 429 36 235 158 393 429 27 0 0 4.4 460 FY2011 FY2012 FY2013 FY2014E FY2015E
May 30, 2013
10
Cash flow statement (Standalone)

Y/E March (` cr) Profit Before Tax Depreciation Other Income Change in WC Direct taxes paid Cash Flow from Operations (Inc.)/ Dec. in Fixed Assets (Inc.)/Dec. in Investments Other Income Cash Flow from Investing Issue of Equity/Preference Inc./(Dec.) in Debt Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in cash Opening cash balance Closing cash balance FY2011 12 4 (0) 18 (4) 29 (88) (2) 0 (89) 7 37 0 35 78 19 10 29 FY2012 31 8 (4) 5 (10) 31 (102) (29) 4 (126) 10 5 (3) 103 115 19 29 48 FY2013 49 13 (7) (6) (16) 34 (136) 21 7 (108) 46 16 (5) 17 75 1 48 49 FY2014E 65 18 (7) 5 (21) 60 (70) 0 7 (63) (10) (20) (5) (35) (38) 49 11 FY2015E 82 21 (4) 4 (26) 78 (46) (2) 4 (45) 0 (20) (5) (25) 8 11 19
May 30, 2013
11
Key ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Net sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset TO (Gross Block) Inventory / Net sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to Equity Net debt to EBITDA Int. Coverage (EBIT/ Int.) 0.1 1.0 10.4 (0.1) (0.7) 5.3 0.0 0.1 7.3 0.1 0.3 13.6 (0.0) (0.0) 30.7 4.3 8 41 156 (1) 0.5 12 18 130 (1) 0.6 13 20 130 (9) 0.6 12 18 130 (18) 0.7 47 18 130 (22) 7.5 14.6 6.3 11.0 18.6 8.4 11.5 16.5 9.6 14.7 18.3 11.8 17.7 22.1 13.1 33.1 0.6 0.4 9.3 1.7 0.1 10.3 44.2 0.7 0.4 12.7 8.7 (0.1) 12.3 42.4 0.7 0.4 11.2 6.8 0.0 11.3 41.2 0.7 0.4 12.5 6.8 0.1 12.9 42.0 0.7 0.5 15.1 6.8 (0.0) 15.0 2.2 2.2 3.3 34.1 6.0 6.0 8.1 1.0 71.3 9.3 9.3 13.0 1.3 96.9 12.4 12.4 17.4 1.3 105.0 15.6 15.6 21.4 1.3 119.2 125.1 82.9 7.9 25.2 58.4 5.7 45.3 33.2 3.8 0.3 12.2 22.5 3.0 29.2 20.8 2.8 0.5 8.6 15.9 2.3 21.8 15.5 2.6 0.5 6.5 12.3 2.3 17.3 12.6 2.3 0.5 5.0 9.5 2.1 FY2011 FY2012 FY2013 FY2014E FY2015E
May 30, 2013
12
Research Team Tel: 022 - 39357800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Tree House No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Returns):
Buy (> 15%) Reduce (-5% to -15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
May 30, 2013
13

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4QFY2013 Result Update | Educational Services

May 30, 2013

`271 `297 12 Months

Abs.(%) Sensex THEAL

1yr 23.9 36.5

Please refer to important disclosures at the end of this report