IEL Valuation, page-29

As an IELTS examiner and investor, I can only offer this. I have recently noticed a marked downturn in candidate numbers. I rode the SP up tick from low teens immediately after covid kicked off, exiting at around $27 some 6 months later. It was pure opportunism due to what I percieved as miss-pricing by the market. Now however, some 3 years later, even at just below $16, the SP I feel will hit a low of $12 ish with limited up-side thereafter. The industry is suffering. Foreign student numbers will, I believe, never return to what they were pre-covid due to the costs and geo-political reasons. With that, will be continued lacklustre IELTS candidate numbers justifying my predictions above. I could be very wrong , and hope I am. That said, I would not throw a single dollar at IEL right now. DYOR