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Why IDP Education shares are going gangbusters at a new record high Tom Richardson | April 12, 2019 | More on: IEL The IDP Education Ltd (ASX: IEL) share price printed a new record high of $15.45 today as it remains one of the best-performing shares on the S&P/ ASX200 (ASX: XJO) over the last couple of years.It hit the ASX boards in November 2015 at just $2.65 per share to mean it’s up 5.8x thanks to some strong revenue, profit, and dividend growth as a public business.I must admit to being wrong so far in my sense that it’s not an investment grade business based largely on the business model of earning fees from repeat English language or IELTS testing that makes up near to 60% of its revenue stream currently.A lot of its success is based on volume growth in the IELTs testing space, with bulls claiming the tailwind of ever more students requiring English language skills could support the business long into the future.On top of the profit growth the company has also enjoyed an earnings multiple re-rating as positive sentiment around the business peaks with it now trading on 47x annualised adjusted earnings per share of 33 cents (adjusted half year EPS came in at 16.6 cents).It has also paid 18.5 cents per share in dividends over the past year to place it on a trailing yield of 1.2%.According to the Wall Street Journal analysts have a median share price target of $14.35 on IDP shares, with a high estimate of $16. Four out of the eight analysts polled are sitting on the fence with a ‘hold’ rating, while 2 rate it a ‘buy’ versus ‘one’ sell rating.Personally, I’m more than happy to sit out IDP Education’s rise and definitely would not be tempted to buy shares at these kind of elevated valuations usually reserved for hot technology or software businesses.Our Top 3 Blue Chip Shares for 2019 – NOW AVAILABLE!You’re invited! For a limited time, The Motley Fool Australia is giving away an urgent new investment report detailing our 3 TOP BLUE CHIP SHARES to own in 2019.So if you like trustworthy, stable, high-performing companies that pay fat fully franked dividends – we’ve got you covered!Stock #1 is a beloved old Australian company turning its attention to high-margin businesses... and rapidly returning cash to shareholders with its hefty dividend...While Stock #2 is an online powerhouse that’s rapidly gaining market share all around the globe... poised for years (or even decades) of tremendous growth...Even better, Stock #3 offers a whopping 6.5% grossed-up dividend! Which beats the rates on term deposits right out of the water – and offers the potential for capital gains, too.You can discover all three shares inside our new report right now. To scoop up your FREE copy, simply click the link below right now. But you will want to hurry – this free report is available for a LIMITED TIME ONLY!Simply CLICK HERE FOR YOUR FREE REPORT!