…. Like most for-profit education companies, American Public Education’s stock price has suffered due to Department of Education threats against the industry. However, American Public Education has continued to produce strong earnings growth, and more importantly, is expected to continue producing future earnings growth in excess of 23% per annum. The company has no debt on its balance sheet, and can be purchased at a PEG ratio less than one. Therefore, we believe this small-cap company represents a strong candidate for future due diligence.