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Espectacular, ROE 50% , Financial Leverage 0.03
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The IDP Education Ltd
(ASX: IEL) share price has climbed 30% over the first half of 2017 as investors warm to the higher education group’s recent results and outlook as a higher education services business.
IDP Education’s core business is the provision of English Language Testing Services (IELTS) that students or workers take as part of work, visa, or higher education course requirements.
It also offers student placement services by finding courses suitable for students who wish to study overseas. This part of the business is growing strongly for example thanks to growing demand from Indian and Chinese students to study in destinations like Australia.
For the six-months ending December 31 2016 the group posted EBITDA of $36.4 million on revenues of $198.8 million, which represents growth of 12% and 5% over the prior corresponding half.
The company has also recently acquired a UK-based online student recruitment business named Hotcourses for around $50 million, with another small investment in a Chinese company that helps students prepare for the IELTS.
IPD shares are down 1.7% to $5.09 today, but still near a record high of $5.27 hit earlier in the week.
The share price of IDP Education Ltd (ASX: IEL) could be poised to rally to a fresh record high even after it staged a 25% rally since the start of this calendar year, if Morgan Stanley is to be believed.
The stock has been consolidating around the $5 mark for the past month and the broker thinks there is an 80% chance the international student placement services company will outperform the market in the next 60 days and run up towards its price target of $5.75.
Jump on for the ride! One of the key drivers for the bullish call is the broker’s belief that the strong structural industry tailwinds are sustainable given China’s ongoing transition to a high-income economy and Australia’s position to support this transition.
The company is stepping up its China operations through an agreement to buy 20% of HCP Limited, a Chinese company specialising in delivering English language test preparation materials via social media and a mobile app.
We will see an increase in the computerisation of such tests with the Australian government aiming to deliver a computer-based International English Language Testing System (IELTS) by the end of this calendar year. This could prove to be an inflection point for the stock, according to Morgan Stanley.
In spite of the tighter immigration control implemented by our government and the scrapping of the 457 visas, the broker sees limited impact to IDP Education’s bottom line. In fact, Morgan Stanley believes our government is promoting study as the preferred path to immigration.
These factors, including potential market share gains, should continue to support the company’s above-industry earnings growth.
“We see defensive earnings, unexposed to the domestic Australian economy and leveraged to a projected lower Australian dollar,” said Morgan Stanley.
“We believe the stock will trade towards our price target of $5.75, which implies that it holds its multiple and grows into its valuation.”
The lower Australian dollar is a big driver for international student growth as it will make our higher-educational institutions more cost competitive compared to those in other key western markets like the US and UK.
IDP Education India, the leading student placement service provider will organise a multi-destination education fair in Delhi on Saturday (February 18) at the Le Meridien from 11 a.m. to 5 p.m. for students aspiring to pursue higher education abroad.
The IDP Education Fair in Delhi will have representatives and faculties from US, UK, Canada and New Zealand who will come together to meet Indian students aspiring to study in their countries.
A total 60 leading universities and institutions from the United States, UK, Canada and New Zealand to assemble under one roof to help Indian students seeking admissions and provide counseling.
IDP Education is hosting a multi-destination education fair in India across 15 cities from February12.
Spread over a period of two weeks, the fair will kick-start from Jalandhar and conclude in Coimbatore on February 28.
IDP?s Education Fair will offer students the opportunity to explore various study options available across four countries. The fair will be held in the cities of Ludhiana, Chandigarh, Kolkata, Gurgaon, Jalandhar, Mumbai, Ahmedabad, Pune, Bangalore, Vijayawada, Hyderabad, Chennai, Kochi and Coimbatore in addition to Delhi.
Applications are open to over 160 leading IDP partner universities and institutions in the UK, USA, Canada and New Zealand for 2017 intakes for courses such as business management and finance, hospitality, IT, engineering and computer science, pharmacy, biological sciences, public and health administration, law, medicine and nursing, art and design, mass communication and many more.
Students can apply to the universities of their choice and get detailed information on scholarships, ranking, visa, etc. by IDP?s experienced education experts.
Mr. Harmeet Pental, Regional Director (South Asia, North America and UK), IDP Education, said, ?IDP Education is world?s leading student placement service provider and organizes education fairs across the IDP global network. With over 200 university partners across the 5 major global destinations, IDP is best placed to offer students the choice to find the course best suited to them. With an experience of over 45 years, IDP places one student every 20 minutes across the globe and has placed over 400,000 students worldwide.
Mr. Piyush Kumar, Country Director, India - IDP Education said, ?IDP India seeks to provide a platform to aspiring students to come and have a face-to-face interaction with the university representatives and get answers to all their queries related to studying abroad. One can also visit IDP office to pre-register for priority processing and detailed counseling with IDP?s well trained and experience destination counselors.
Our goal is to assist and guide the students and parents with the right advice through all the steps from initial exploratory stage of course and university selection to application submission to arrival on campus?,added Mr. Kumar.
IDP fair endeavors to help students make their dream of an education abroad come true. Students are advised to bring along their educational certificates in original along with photocopies.
IDP?s multi-destination education fair ? US,UK, Canada and New Zealand in Delhi provides an opportunity to have one-on-one interactions with 10 USA institutions, 31 UK institutions,11 Canadian institutions and 8 in New Zealand.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
It’s been an exciting journey – and one that continues. Take a look at the major milestones in our history.
AAUCS changes its name to the International Development Program (IDP).
IDP office opens in Jakarta, Indonesia.
IDP introduces counselling to prospective students planning to study in Australia.
IDP establishes office in Manila, Philippines.
IDP established in Singapore.
IDP organizes its first annual workshop Overseas Students: New approaches and practices, which evolves into the Australian International Education Conference (AIEC) one of the world's principal international education conferences.
IDP established in Thailand.
Launch of IELTS (International English Language Testing System) by IDP, British Council and University of Cambridge ESOL Examinations.
IDP established in Malaysia and Taiwan.
IDP established in China.
IDP established in India and Vietnam.
IDP Education Australia Ltd becomes a company wholly owned by Australian universities.
IDP established in Mauritius.
SEEK Ltd acquires 50% shareholding in IDP; the remaining 50% continues to be held by Australian university shareholders.
IDP launches its multi-destination strategy by establishing in the US and begins student placement in US universities.
New IDP office opened in Shenzen, China.
Three new offices opened in India: Coimbatore, West Delhi and Kolkata.
New IDP offices open in Middle East: Libya and Egypt.
IDP Education opens office in Cardiff, United Kingdom, in preparation for its entry into the UK higher education market.
IDP begins recruitment for Canadian and New Zealand universities.
New IDP office opened in Istanbul, Turkey.
New IDP office opened in Jordan.
New IDP office opened in Azerbaijan.
New IDP office opened in Bangladesh.
IDP Education lists on the Australian Stock Exchange (ASX).
New IDP office opened in Iran.
Three new offices opened in Visakhapatnam, Surat and Thane-West in India, increasing the in-country location count to 21 offices.