idea #20 Broadview Institute BVII

This came up on some screens for it's high ROA and low p/e.  It's in the "private education" sector, and lots of these businesses have been coming up on screens.  Same old story, valuation is attractive because of their uncertainty over student loans.  I decided to give this particular name a closer look.  I hoped it might have some competitive advantage that the bigger, more established players do not have, or that it's focus was on a higher growth area.  It's historical revenue growth has been higher than the big players because it focuses on nursing/medical.  It's "cohort default rates" are very low.  It sounds like a winner.

While all that is attractive, the valuation doesn't seem to justify that it trades only a few hundred shares a day and insiders own 60% of the shares.  There are plenty of insider interdealings noted on their proxy.  Maybe they will sell to Coco or Devry but otherwise it will be hard to let market forces make this stock more expensive if good corporate governance is absent.