IEL is a global leader in student placement and language testing, the stock and company continue to perform strongly and it made fresh all-time highs this week following its excellent half year result. While they delivered a more than 50% decline in earnings courtesy of COVID its 10.9c eps was simply way ahead of analysts’ expectations showing the flex they have in their cost base.
This is undoubtedly an excellent business with a solid balance sheet but its valuation is rich and we have to adopt neutral view ~$28 especially with the risks looming on the horizon.
MM is neutral IEL.
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