As far as I know, with the demise of Nova, Gaba is the only publicly traded English conversation school in Japan, and finding information on how schools are doing is close to impossible. A commenter in a recent thread mentioned that Gaba's shares have lost 75% of their value since December 1, 2006.
In December 2006, when Gaba was listed on the Mothers stock exchange, its record high share price was ¥276,000. However, on March 11, it share price sunk to ¥63,000, representing a 77% loss in value since the shares started trading.
A recent article in Eigo kyoiku news notes that in the span of a few weeks in February, Gaba's share price fluctuated between trading highs and lows. When Gaba released a revised performance forecast on February 1 that cited an increase in new students due to bullish contract renewals and a jump in demand due to students trying to take advantage to the employment training assistance program before it was changed by the government, its share price spiked to its daily trading limit.
However, when it released financial results for the period ending in December 2007 on February 12, the share price plunged so drastically that trading was halted. Although it recorded sales were ¥8.77 billion, an increase of 14.6% compared to the previous year, operating income fell 42.5% to ¥821 million, and ordinary income fell 37.8% to ¥800,008,700.
Does this represent some sort of sell off? Judging by recent transactions, hardly, but the trend for the shares is certainly on the downslope.
Business will surely be slow in the aftermath of Nova's collapse, but rather than a sign of the company's impending doom, my guess is that the performance of the stock suggests that there isn't much value in selling cut-rate English lessons in prime locations.
GABA Records its Highest and Lowest Stock Prices between Feb. 1-14, 08 (2008/02/20)