AU : IDP Education - Waiting for a rebound

IEL recently provided an update, highlighting some short-term issues regarding testing/student placement capacity reflecting COVID-19 impacts primarily in India. We downwardly revise our forecasts, reflecting short-term impediments to IEL’s recovery, but flag that pent-up demand is likely to flow through from FY22-onwards. ADD rating maintained; A$28. price target.

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