Initiating coverage | Educational Services
March 25, 2013
Tree House
BUY
CMP
`225
Spreading Branches
Target Price
`275
Tree House Education and Accessories Ltd (THEAL) is the largest self-operated
Investment Period
12 Months
pre-school education provider in India. THEAL has 349 pre-school centres of
which 278 centers are self-owned schools (SOS) while 71 centers are franchisees
Stock Info
(as of December 2012). THEAL has also entered into the K-12 schools segment (in
Sector
Educational Services
regions where it has strong pre-school presence) which is a logical extension from
Market Cap (` cr)
809
its existing pre-school business. THEAL has advantage over other players since it
Net Debt
11.7
has feeders from its pre-school segment. It offers school management services to
Beta
1.0
K-12 schools through a trust and currently has 23 operational schools under this
arrangement. With rising need for quality education and changing lifestyles,
52 Week High / Low
259 / 190
THEAL is expected to grow at a robust pace with its established brand. We initiate
Avg. Daily Volume
28,834
coverage on THEAL and recommend Buy with a target price of `275.
Face Value (`)
10
Investment rationale
BSE Sensex
18,681
Budding pre-school segment to boost top-line: The concept of imparting
Nifty
5,633
education to young toddlers is catching up fast today. With a current size of
Reuters Code
THEA.BO
`5,000cr, the pre-school segment is expected to grow to `13,300cr in 2015 as per
Bloomberg Code
THEAL.IN
CRISIL Research. Considering an urbanization rate of 40%, the demand for the
segment is expected to maintain its momentum. In addition the expected growth in
Shareholding Pattern (%)
average household disposable income in India to ~`239,000 in 2030 (from
Promoters
27.8
~`60,000 in 2008; CAGR of 6.4%) is expected to drive growth for THEAL.
MF / Banks / Indian Fls
17.1
Unique business model to provide competitive edge: THEAL operates its
FII / NRIs / OCBs
39.4
pre-schools on a dual business model, ie operating SOS in metro cities and
adopting the franchise model in tier 3 & 4 cities. This model facilitates the
Indian Public / Others
15.8
company to maintain its quality of education and maximize the profit through
SOS; and widen its reach through franchisees.
Abs.(%)
3m 1yr
Moreover, ’Tree House’ being an established and trusted brand in the pre-school
Sensex
(3.0)
8.6
segment has taken a logical step to enter the K-12 segment and benefit from its
THEAL
(18.1)
11.1
brand and experience of providing quality education. Both, Pre-schools and K-12
are 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
coupled with its consistent expansion of pre-schools and K-12 schools, we expect
THEAL’s top-line to grow at a CAGR of 35.3% and net profit to grow at a CAGR of
39.4% respectively over FY2012-15E to `192cr and `58cr in FY2015E. The stock
is currently trading at a PE of 13.9x its FY2015E earnings. Considering the nascent
stage of pre-school segment with high potential growth prospects and unique
business model of THEAL, we initiate coverage on THEAL and recommend Buy
with a target price of `275 based on target PE of 17x for its FY2015E earnings.
Key financials
THEAL
Net sales OPM
PAT
EPS
ROE P/E P/BV EV/ EBITDA
(` cr)
(%)
(` cr)
(`)
(%)
(x)
(x)
(x)
FY2013E
110
53.4
33
9.1
8.1
24.8
2.0
12.6
FY2014E
150
52.6
46
12.8
10.0
17.5
1.7
9.4
Twinkle Gosar
Tel: 022- 3935 7800 Ext: 6848
FY2015E
192
52.5
58
16.2
11.1
13.9
1.5
7.2
[email protected]
Source: Company, Angel Research
Please refer to important disclosures at the end of this report
1
Tree House | Initiating Coverage
Investment arguments
Unique business model and strong brand to provide competitive edge
THEAL is the largest self-operated pre-school provider in India. It operates
pre-schools 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 for
THEAL. With an average teacher : student ratio of 1:14, teachers trained in-house,
supervisors and quality control team to monitor services, and competent curriculum
designers, the quality is an assured aspect for THEAL, which provides it a
competitive edge over other pre-school operators.
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 and benefit from its brand and
experience of providing quality education. 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
20 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-12 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.
Potential growth in pre-school segment- key growth driver
„ Niche but growing addressable market: India is the second largely populated
country in the world with ~54cr in the age bracket of 0-24 years, which forms
the addressable segment for education. With a current size of `5,000cr, the
pre-school segment is expected to grow to `13,300cr in 2015 as per CRISIL
Research. 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 Institute’s recent research study, India’s 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.
March 25, 2013
2
Tree House | Initiating Coverage
„ 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 person’s 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 compliment THEAL’s reach
THEAL has plans to acquire a pre-school brand ‘Brainworks Learning’ (BL) which is
expected to be finalised by the end of this fiscal year (FY2013). 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 THEAL’s brand or else continue with BL’s brand. This inorganic
growth is thus expected to boost the top-line, while simultaneously extending the
reach.
March 25, 2013
3
Tree House | Initiating Coverage
Financials
Exhibit 1: Key Assumptions
FY2012 FY2013E FY2014E FY2015E
Total no of pre-school centres
302
382
492
622
SOS
237
297
382
482
Franchisee
65
85
110
140
Total Revenue (` cr)
77
110
150
192
Pre-school Revenue (` cr)
72
98
132
169
SOS
68
92
123
158
Franchisee
1
2
3
4
Teacher training programme
3
4
6
7
K-12 Revenue (` cr)
6
12
18
23
Source: Company, Angel Research
Expansion plans to lead to top-line CAGR of 35.3% over FY2012-15E
THEAL, an established and trusted brand in the pre-schools segment owns
349 pre-schools as on December 2012. Also, the company has ventured into the
K-12 schools segment and currently possesses school management rights for
23 schools. The top-line, following the expansion plans of the company, is
expected to grow at a CAGR of 35.3% over FY2012-15 to `192cr in FY2015.
Exhibit 2: Pre-school and K-12 expansion plans to drive top-line
250
120
97.0
100
200
108.2
80
150
83.5
60
36.3
100
42.3
27.7
40
50
20
-
0
FY2010
FY2011
FY2012
FY2013E FY2014E FY2015E
Net sales (LHS)
Net sales growth (RHS)
Source: Company, Angel Research
EBITDA to grow at a CAGR of 33.8% over FY2012-15E
On the back of a robust estimated top-line growth of 35.3% (CAGR), the
company’s EBITDA is expected to grow at a CAGR of 33.8% over FY2012-15E,
from `42cr in FY2012 to `101cr in FY2015. The EBITDA margin is expected to
stabilize ~52-53% over FY2012-15.
March 25, 2013
4
Tree House | Initiating Coverage
Exhibit 3: EBITDA to normalise at higher levels
120
53.4
60
54.3
52.6
52.5
100
50
43.1
80
40
32.9
60
30
40
20
20
10
42
59
79
101
17
0
7
0
FY2010
FY2011
FY2012
FY2013E FY2014E FY2015E
EBITDA (LHS)
EBITDA margin (RHS)
Source: Company, Angel Research
Net profit to grow at a CAGR of 39.4% over FY2012-15E
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 39.4% to `58cr
in FY2015 with a PAT margin of ~30.0% in FY2014 and FY2015.
Exhibit 4: PAT margins to trend higher owing to lower interest costs
70
35
30.8
29.7
30.4
27.8
60
30
50
25
40
20
19.8
30
15
20
10
11.6
10
5
2
8
22
33
46
58
0
0
FY2010
FY2011
FY2012
FY2013E FY2014E FY2015E
PAT (LHS)
PAT margin (RHS)
Source: Company, Angel Research
Risks
Geographical concentration: Of the total 349 pre-schools, ~147 centers 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 THEAL’s inability to comply with the same, may adversely affect its
revenue.
March 25, 2013
5
Tree House | Initiating Coverage
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
35.3% CAGR over FY2012-15 to `192cr in FY2015. The EBITDA for the company
is expected to grow from `42cr in FY2012 to `101cr in FY2015, at a 33.8%
CAGR. Owing to a robust top-line and healthy EBITDA, the net profit for the
company is expected to grow at a CAGR of 39.4% over FY2012-15 to `58cr in
FY2015. At the current market price of `225, the stock is trading at a PE of 13.9x
its FY2015E earnings. Considering the nascent stage of pre-school segment with
high potential growth prospects and unique model of THEAL, we initiate coverage
on THEAL and recommend Buy with a target price of `275, based on target PE of
17x for its FY2015E earnings.
Exhibit 5: One-year forward PE
430
380
330
280
230
180
130
80
Price
18x
23x
28x
32x
Source: Company, Angel Research
Relative Valuation
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).
March 25, 2013
6
Tree House | Initiating Coverage
Leading self-operated pre-school provider- THEAL
Dual business model enables profitability & extended reach: THEAL
operates its pre-schools on a dual business model, ie operating SOS and following
the franchise model suitably. Of the total 349 centers, 278 centers (~80%) are self
owned while 71 centers are franchisee operated as of December 2012. SOS are
mainly set-up in tier 1 and 2 cities while the franchise route covers tier 3 and 4
cities. In SOS the company enters into leave and license agreements or lease
agreements for the premises, usually for a period of 5 years. While in case of
franchise, all the costs are borne by the franchisee. The franchisee is allowed to
use the brand name of ‘Tree House’, and is provided with curriculum and training
for teachers, so as to standardize the quality of education across SOS and
franchisees. Thus, the dual model enables the company in maximizing profits
through SOS and widening reach through franchisees; with standardization in
curriculum, and quality of education, both intact.
THEAL follows a standard design and architecture across all pre-schools and
follows a central procurement process for furniture, toys and teaching aids. Thus,
the central procuring model assists it in economizing costs and maintaining
uniformity across SOS and franchisees, which aids in making their business
scalable.
Exhibit 6: Company Structure
THEAL
School management
Pre-school
servies to K-12
Franchise based
Self owned schools
schools
Asset-light model
Self-owned assets
278 pre-scools
71 pre-schools
(20 schools)
(3 schools)
Tier 1-2 cities
Tier 3-4 cities
Source: Company
March 25, 2013
7
Tree House | Initiating Coverage
Exhibit 7: Revenue Stream
Self-owned
Franchise based
K-12
Pre-school
Pre-school
Upfront sign
Consultancy
Admission fees
up fee
fees
Rent (only for
Tution fees
Annual
land assets of
(Educational kit)
Royalty fee
3 schools)
Teacher Training
programme fees
Activity class and
day care.
Source: Company
K-12 a logical extension, with pre-school being the potential feeder:
THEAL has proficiently imparted quality education at the pre-school level and has
the skill to handle and develop every individual child. After having successfully
operated pre-schools and enabled children to fill other K-12 schools, it is a logical
extension for the company to enter the K-12 segment and benefit from its brand
name established in the pre-school segment. Thus pre-school segment (students) is
seen as a potential feeder for K-12 schools.
The company currently provides consultancy and management services to 20
schools mainly in the western belt of India. For these schools, THEAL has bought
business commercial rights (BCR) by paying a one-time upfront fee. These BCR
enable the company to provide consultancy services to these schools for a period
of 30 years for a share of the surplus cash flow generated by the school. THEAL is
in the process of developing 3 self-owned K-12 school buildings for which major
capex has already been undertaken.
The company provides a wide variety of educational services to these K-12 schools
which include designing curriculum and providing teaching aids, supplying
methods for imparting education, organizing extra-curricular activities for students
and training teachers.
March 25, 2013
8
Tree House | Initiating Coverage
Education Industry
India is one of the world’s youngest nations with a majority of its population
(585mn) in the age bracket of 0-24 years, according to a CRISIL report released in
December 2010. The Indian education system comprises of formal, vocational and
informal approach of education. All the levels of formal education are highly
regulated by the Ministry of Human Resource Development (MHRD), while informal
education is out of the regulation ambit.
Exhibit 8: Indian Education System Structure
Indian Education System
Formal
Vocational (e.g. I.T, aviation)
Informal
Information, communication &
Primary Education
technology in public schools
Secondary Education
Open and distance learning
Higher secondary Education
Multimedia in private schools
Higher Education
Coaching classes
Post Graduation
Source: CRISIL
Growth drivers:
a) Increased spend by government on education sector: India spends nearly
3.5% of its gross domestic product on education (Source: NSSO Report:
Education in India 2007-08). The central government has been investing
in promoting literacy and education (Source: CRISIL report- Dec 2010).
However its efforts remain largely focused on elementary schooling, thus
providing scope of growth for pre-schools and K-12 schools.
b) Transition in income brackets of people: Structural changes in the Indian
economy such as urbanization, and rising disposable incomes coupled
with increasing emphasis on education by parents are expected to
accelerate the household expenditure on education. By 2012-13, of a
total of 6.9cr households in urban areas, nearly 5.2cr are expected to
belong to the
`0.01-0.05cr income bracket as compared to
2.1cr
households in 2001-02. During the same period, in rural areas, nearly
5cr households are expected to be in the addressable income bracket as
compared to 1.6cr in 2001-02 (Source: CRISIL report- Dec 2010). This
transition of households from lower income to higher income bracket will
provide an impetus to spend on education by private households.
c) Increased private sector investment: The presence of private players in the
K-12 sector has been increasing due to the need for quality education
and better infrastructure, which are found lacking in several
March 25, 2013
9
Tree House | Initiating Coverage
government-owned institutions. The number of private institutions grew at
a CAGR of 10.2% over 2001-2008. Further, CRISIL report- Dec 2010,
projects the total number of private institutes to reach 0.043cr by 2015-16
and private sector enrolments to touch 12.7cr during that period. The
share of private institutions in the K-12 segment will gradually rise to 26%
in FY2015 from 19% in FY2005. However, CRISIL report- Dec 2010,
projects that their share of enrolments will rise at a much faster pace to
touch 46% in FY2015 from 36% in FY2005.
d) Increasing penetration level in pre-school industry: The pre-school
industry currently has a low penetration level, with only 10-15% of the
urban population in the 2-4 years age bracket enrolled in pre-schools in
the country. (Source: CRISIL report- Dec 2010) However, with greater
thrust on education and increasing awareness about the necessity of
quality pre-school education, the penetration level is set to rise, thus
resulting in growth of the pre-school industry. The pre-primary gross
enrollment ratio (GER) of India is low when compared to other major
countries in the world.
March 25, 2013
10
Tree House | Initiating Coverage
Profit and loss statement (Standalone)
Y/E March (` cr)
FY2011
FY2012
FY2013E
FY2014E
FY2015E
Gross sales
39
77
110
150
192
Less: Excise duty
-
-
-
-
-
Net Sales
39
77
110
150
192
Other operating income
-
-
-
-
-
Total operating income
39
77
110
150
192
% chg
83.5
97.0
42.3
36.3
27.7
Other operating costs
4
16
25
34
44
% chg
103.1
306.5
53.4
38.8
27.7
Personnel
5
13
16
22
30
% chg
86.0
166.8
19.2
38.5
40.2
Other
13
6
11
15
17
% chg
35.6
(51.3)
77.5
38.4
11.6
Total Expenditure
22
35
51
71
91
EBITDA
17
42
59
79
101
% chg
140.8
148.0
40.0
34.3
27.4
(% of Net Sales)
43.1
54.3
53.4
52.6
52.5
Depreciation & Amortization
4
8
11
14
15
EBIT
13
34
47
65
86
% chg
216.3
163.5
38.7
37.5
31.3
(% of Net Sales)
33.1
44.2
43.1
43.5
44.7
Interest & other charges
1
7
5
5
5
Other Income
0
4
6
8
6
(% of Net Sales)
1.2
4.9
5.5
5.5
3.0
PBT (reported)
12
31
48
68
86
Tax
4
10
16
22
28
(% of PBT)
36.3
31.6
32.4
32.4
32.4
PAT (reported)
8
22
33
46
58
PAT after MI (reported)
8
22
33
46
58
ADJ. PAT
8
22
33
46
58
% chg
212.4
176.7
51.6
41.4
26.3
(% of Net Sales)
19.8
27.8
29.7
30.8
30.4
Basic EPS (`)
3.1
6.4
9.1
12.8
16.2
Fully Diluted EPS (`)
3.1
6.4
9.1
12.8
16.2
% chg
212.4
107.5
42.1
41.4
26.3
March 25, 2013
11
Tree House | Initiating Coverage
Balance sheet (Standalone)
Y/E March (` cr)
FY2011
FY2012
FY2013E
FY2014E
FY2015E
SOURCES OF FUNDS
Equity Share Capital
24
34
36
38
38
Reserves& Surplus
99
223
365
425
489
Shareholders’ Funds
123
256
401
463
527
Total Loans
48
51
41
41
41
Long term Provision
-
0
0
0
0
Other long term liabilities
0
1
1
1
1
Net Deferred Tax Liability
1.8
3.3
3.3
3.3
3.3
Total Liabilities
172
312
447
509
573
APPLICATION OF FUNDS
Gross Block
72
131
191
231
251
Less: Acc. Depreciation
10
17
29
42
57
Net Block
62
114
162
188
194
Capital Work-in-Progress
52
14
21
21
13
Lease adjustment
-
-
-
-
-
Goodwill
-
30
28
27
25
Investments
3
31
12
12
40
Other non-current assets
34
85
121
165
211
Current Assets
36
64
131
136
142
Cash
29
48
99
92
89
Loans & Advances
3
5
10
13
17
Inventory
1
4
9
12
15
Debtor
2
6
12
16
21
Other current assets
2
2
2
0
Current liabilities
14
25
29
40
52
Net Current Assets
22
39
102
95
91
Misc. Exp. not written off
-
-
-
-
-
Total Assets
172
312
447
509
573
March 25, 2013
12
Tree House | Initiating Coverage
Cash flow statement (Standalone)
Y/E March (` cr)
FY2011 FY2012 FY2013E FY2014E FY2015E
Profit Before Tax
12
31
48
68
86
Depreciation
4
8
11
14
15
Other Income
(0)
(4)
(6)
(8)
(6)
Change in WC
13
(0)
(17)
(3)
(2)
Direct taxes paid
(4)
(10)
(16)
(22)
(28)
Cash Flow from Operations
24
25
21
49
65
(Inc.)/ Dec. in Fixed Assets
(88)
(73)
(101)
(83)
(56)
(Inc.)/Dec. In Investments
(2)
(28)
19
0
(28)
Other Income
0
4
6
8
6
Cash Flow from Investing
(89)
(97)
(76)
(75)
(78)
Issue of Equity/Preference
7
10
104
38
0
Inc./(Dec.) in Debt
37
6
(10)
0
0
Dividend Paid (Incl. Tax)
0
(3)
(4)
(4)
(4)
Others
40
78
17.3
(15.0)
13.3
Cash Flow from Financing
83
91
107
19
9
Inc./(Dec.) In Cash
19
19
51
(7)
(3)
Opening Cash balance
10
29
48
99
92
Closing cash balance
29
48
99
92
89
March 25, 2013
13
Tree House | Initiating Coverage
Key ratios
Y/E March
FY2011
FY2012
FY2013E
FY2014E
FY2015E
Valuation Ratio (x)
P/E (on FDEPS)
104.0
37.6
24.8
17.5
13.9
P/CEPS
68.9
27.6
18.4
13.5
11.1
P/BV
6.6
3.2
2.0
1.7
1.5
Dividend yield (%)
-
0.4
0.5
0.5
0.5
EV/Net sales
21.0
10.1
6.7
5.0
3.8
EV/EBITDA
48.7
18.6
12.6
9.4
7.2
EV / Total Assets
4.8
2.5
1.7
1.5
1.3
Per Share Data (`)
EPS (Basic)
3.1
6.4
9.1
12.8
16.2
EPS (fully diluted)
3.1
6.4
9.1
12.8
16.2
Cash EPS
4.6
8.7
12.2
16.7
20.4
DPS
-
0.2
0.2
0.2
0.2
Book Value
48.5
76.0
111.5
128.7
146.5
DuPont Analysis
EBIT margin
33.1
44.2
43.1
43.5
44.7
Tax retention ratio
0.6
0.7
0.7
0.7
0.7
Asset turnover (x)
0.4
0.4
0.4
0.4
0.5
ROIC (Post-tax)
9.3
12.3
11.2
12.4
14.3
Cost of Debt (Post Tax)
1.7
8.7
8.5
8.5
8.5
Leverage (x)
0.1
(0.1)
(0.2)
(0.1)
(0.2)
Operating ROE
10.3
11.9
10.7
11.8
13.3
Returns (%)
ROCE (Pre-tax)
7.5
10.9
10.6
12.8
15.0
Angel ROIC (Pre-tax)
14.6
18.0
16.6
18.3
21.1
ROE
6.3
8.4
8.1
10.0
11.1
Turnover ratios (x)
Asset TO (Gross Block)
4.3
0.6
0.6
0.6
0.8
Inventory / Net sales (days)
8
12
21
25
47
Receivables (days)
41
18
30
35
35
Payables (days)
156
130
130
130
130
WC cycle (ex-cash) (days)
1
1
10
7
3
Solvency ratios (x)
Net debt to Equity
0.1
(0.1)
(0.2)
(0.1)
(0.2)
Net debt to EBITDA
1.0
(0.7)
(1.2)
(0.8)
(0.9)
Int. Coverage (EBIT/ Int.)
10.4
5.3
9.1
12.5
16.5
March 25, 2013
14
Tree House | Initiating Coverage
Advisory Team Tel: (91) (022) 39500777
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Ratings (Returns):
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
Reduce (-5% to -15%)
Sell (< -15%)
March 25, 2013
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Tree House | Initiating Coverage
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March 25, 2013
16