Don't think for one second because you are paying less money that you are not being profited from just as much. It's a mute point really but I'm willing to bet L3/Cae actually make less per student than others in terms of gross margin. Their advantage comes with the quantity. They (Cae globally) can pump out upwards of 50+ cadets per month when times are good. A quick check on companies house will tell you CAE made £1mill operating loss 2015/2016! No doubt due to lack of students in 2014/5.