Career Education Corp Valuation Analysis: Update

One of my favorite value-turnaround plays, Career Education Corp. (NASDAQ:CECO) recently reported full-year and fourth quarter 2013 results that beat Wall Street expectations. However, aside from beating Street expectations, these results showed that Career’s management is making solid progress in bringing the company back to health, underlining the company’s recovery potential. I first picked up Career Education Corp. (NASDAQ:CECO)’s turnaround story in October of last year, when the company’s shares were trading at around $3.10. Since then, Career has announced a game changing deal to sell its European operations for what was at the time, more than the entire market…