IEL provides international student placement plus English language testing services, not an ideal business assortment during a pandemic. The company announced a 29% drop off in revenue for the half-year however trading is improving rapidly as the vaccine Is rolled out globally e.g. in the UK more than 30 million people have received at least one dose of the vaccine. This is a quality business we would like to accumulate at lower levels.
MM is neutral IEL around $25.
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