My quick view: Strengths: - 50% ownership by Education Australia...

My quick view:
Strengths:
- 50% ownership by Education Australia which provides credibility from an education perspective.
- Strength of IELTS brand including JV with Cambridge
- growth driven from continued international student growth particularly from Asia

Risks:
- competitive threats and deregulation effects
- valuation - I still do not have a strong feel for this
- withdrawal of Seek given that they would have driven the business from a commercial/profit perspective. They do have independent Board members from a commercial perspective and it has been operating profitability for a number of years, but it would be interesting to see the composition/balance of Board in the future.

Overall, I do like the business and can see where the organic growth comes from. I like the education industry particularly given its exposure to Asia. There are a few question marks here and there and for me the biggest one probably related to pricing and thereafter where the commercial drive will come from given the ownership structure post IPO (important for longer term holders).

Any other thoughts appreciated.