Executive Summary

Executive Summary Dorah High School is a greenfield day-and-boarding secondary school under development in Tsholotsho District, Zimbabwe, by Sodindo Investments (Pvt) Ltd. Enrolment is projected to grow from 290 students in Year 1 to 940 by Year 4, driving revenue from US$642,930 to US$3,207,653 over the same period, with the school net-income positive from Year 1 and EBITDA margins expanding from 43.1% to 62.1% by Year 5. We are seeking US$5,500,000 in 100% equity investment (minimum 26% stake, no bank debt), to fund construction, furniture/fittings/equipment, transport, and opening working capital over a 17-month build programme closing in December 2027. The 30-hectare site at Gwentshe Village is already secured under a 99-year government lease. The school combines the dual ZIMSEC/Cambridge curriculum with a technical/vocational stream — woodwork, metalwork, fashion & fabrics, food science, mechanics and building — positioning it as the district's leading private secondary school within five years. Projected 10-year IRR is approximately 14.7%, with an illustrative Year 5 exit valuation of approximately US$9.96 million at a 5x EBITDA multip Investment Sought: US$5,500,000 in 100% investor equity — no bank debt, no interest expense, no covenant risk. Structure: A minimum stake of 26% of Dorah High School on offer, with the full investment drawn at closing (August 2026) and deployed over a 17-month construction and opening programme Dorah High School is developed and directed by Sodindo Investments (Pvt) Ltd, equally owned and led by two co-directors, Alfa Ncube and Hlanjiwe Gumbo, who also co-founded and co-direct Legend Clothing, a separate textiles business. Alfa Ncube (31) holds a diploma in Marketing from the Southern Africa Association of Accounting (2014). He worked in branding and advertising at MTN from 2015 to 2018 before returning to Zimbabwe in 2019 to build his own ventures — starting a bakery operation still running today, then diversifying into textiles with Legend Clothing, where he and Hlanjiwe Gumbo have been co-directors since May 2022. At Sodindo, he leads strategic decision-making, capital planning, and oversight of the school's development. Hlanjiwe Gumbo (25) began her business career at Legend Clothing in partnership with Mr Ncube and is in her second year of an Accounting programme at Bulawayo Polytechnic. Alongside her director roles at Legend Clothing and Sodindo Investments, she is positioned to take an active operational role once the school and accommodation centre commence operations. Together, the team brings entrepreneurial experience across manufacturing, retail and brand-building in Zimbabwe, complemented by formal training in marketing and accounting — a combination directly relevant to launching and operating a school as a financially disciplined, community-facing enterprise. Dorah High School is projected to be net-income positive from Year 1, with strong revenue and margin growth as enrolment scales toward capacity. Enrolment Growth: 290 students (Year 1) → 940 students (Year 4), with modest further growth through Year 5. Revenue Growth: US$642,930 (Year 1) → US$3,207,653 (Year 4), driven primarily by tuition and boarding fees. Profitability: EBITDA margin expands from 43.1% in Year 1 to 62.1% by Year 5, reflecting operating leverage as fixed costs (staff, facilities, overhead) are spread across a growing student base Net income turns positive from Year 1 and grows steadily through the forecast period Returns on Investment: Return on Investment (Net Income ÷ Total Investment) rises from 1.4% in Year 1 to 24.3% by Year 5 10-year projected IRR of approximately 14.7% Simple payback period of approximately 5.6 years from first capital drawdown Capital Structure: The school is funded entirely through equity (US$5,500,000 sought), with no bank debt — meaning projected profitability is not diluted by interest expense, and cash flow is fully available for reinvestment, distributions, or reserve building. Cost Base: Major cost lines include teaching and support staff salaries, food and boarding costs, facilities maintenance, and Head Office overhead (including NED Board sitting allowances), all scaling with enrolment while margins improve due to fixed-cost absorption. This profile — early profitability, no debt burden, and improving margins — reflects a financially disciplined build that prioritises sustainable unit economics over rapid, debt-fuelled expansion. Tsholotsho District currently has only four boarding schools, all government-run, ageing, and under-resourced — and none offer a technical/vocational stream alongside the dual ZIMSEC/Cambridge curriculum. This gap sits against rising demand from civil servants, private-sector professionals, NGO workers, and diaspora-supported families for quality, technically-oriented, English-medium education. Competitive Landscape: Tsholotsho High School and Nemane Adventist High School are the established boarding incumbents — both ageing, overcrowded, and lacking modern ICT/science facilities. Dorah High School is positioned to differentiate through modern purpose-built facilities, a technical/vocational offering unmatched in the district, and boarding provision that addresses the safety and quality gaps in existing options. Demand Drivers: School choice in this market is community-validated rather than advertising-driven — word-of-mouth and endorsement from community/traditional leaders materially influence enrolment decisions. Decision-making typically involves parents, guardians, and extended family (particularly diaspora relatives funding fees) rather than the student alone. Market Positioning: Dorah High School is positioned as the modern, affordable, dual-curriculum alternative to the district's ageing government schools — deliberately avoiding an "exclusive/elite" positioning that would undercut enrolment in this fee-sensitive market. Sizing the Opportunity: The enrolment ramp (290 students Year 1 → 940 by Year 4) is underpinned by this demonstrated, currently unmet demand, with approximately 970 inquiries targeted in Year 1 alone to fill the initial 290 places, based on an industry-typical 25–35% inquiry-to-enrolment conversion rate.