IEL/IDP Education

IDP Education (does student placements, and english second language certifications/training, amongst other things, out with updated guidance).

Any update that reads “broadly in line” with a footnote attached is, to me, a downgrade, especially given the throat clearing above about market conditions being poor.

Consensus arguably higher than “broadly” in any event. 26x forward PE is a lot for this kind of complexity.

Funnily enough, we were about to write a note on IEL, again largely because some fund managers we like were vocal on the stock. There’s no criticism implied in that (we’ve been hit with downgrades across Sonic, Telstra and Spark New Zealand, which is perhaps even more galling in that they are meant to be high quality defensives) and we follow the updates accordingly.

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