Insane that this is trading a valuation comparable to when the entire world was shut down.
If you compare this 6 months to the previous 6 months (January 2024 to June 2024) it's actually a significant improvement.
3.75% growth in revenues
expenses down 3.78%
whopping 84% growth in comprehensive income.
Sure y-o-y, as the report is presented it looks worse.
Revenues down 21.82%
Although, expenses also down 15.42%
Comprehensive income only down 4.78%
That's not actually bad considering the share price is down 43%
Is the sell off of 43% appropriate when the actual profits only slipped 4.78% ?
Are we actually in a better situation now than a year ago ? A year ago it was well known that global immigration policies were going to tighten and this year was incoming.
Now we are on the back end of the global policy tightening cycle, with management proving they are able to capture market share and execute an expense reduction program. Meaning when the inevitable happens and the world relaxes policy, IDP will emerge much stronger in the market place and leaner.
(20min delay)