Pearson Closes the Book on 2021

Having essentially preannounced its full-year results last month, there was little in the way of surprises in the Feb. 25 release from narrow-moat Pearson. Underlying revenue was up 8% year over year and operating profit up closer to one third. With positive momentum in much of the business, investors should generally be pleased. We do not expect to make any immediate adjustments to our numbers on the back of this release, nor to our GBX 870 fair value estimate, we view the current share price as highly attractive.