how much Endeavour is worth now?, page-11

According to the 31 December 2014 balance sheet, the goodwill is $88,519,000. This would include the recent sale of ASM & ACAE of $15,000,000. I assume most of this sale would be goodwill.

Therefore, after completion the net goodwill left on the balance sheet is approx $73,519,000.

We know they acquired Endeavour for $84,000,000 (again mainly goodwill I assume) and the company has already stated that it is likely they will achieve in excess of that amount should it sell. (according to Media anyway). Therefore straight up there is an additional $10.5m in net assets that are not reflected in the balance sheet.
Back in 2014, Google tells me they acquired Real Institute for $54m. What is it worth now? Presumably all Goodwill that has also been written down. If they sold ASM & ACAE and more than cost, is it possible that Real Institute is worth close to $54m. Lets assume it’s only worth half what they paid $27m.
There are still other colleges they own, so being conservative lets assume Nil value for these.
Based on my back of the envelope uneducated guess, there is further goodwill of $10.5m + $27m = $37.5m not disclosed on the balance sheet (no doubt due to some whacky accounting standard).
Therefore assuming proceeds pays down debt (sure there will be a chunk to advisers etc). The net balance sheet shouldn’t change too much.
However, adding on the discrepancy above of $37.5m, then the net asset position is possibly $51m. Current market cap is $20m.
Disclaimer, I am not an accountant and have made up the numbers or extracted from unreliable google searches so don’t rely on the above as an indication this is a good investment! (DYOR).