IEL Valuation, page-32

How long will it last? My guess is 3 or 4 years. Capital deployed in IEL might return something over that time but I personally would not expect much above inflation plus a couple of percentage points as a best case scenario. In the meantime, one’s capital could be earning a lot more elsewhere. Opportunity cost in other words. The Australian dollar relative to most Asian countries is high. A historic high against the Yen today as an example. This makes university placement and course fees, never mind accommodation, very expensive. Derived demand for IELTS testing will be commensurately lacklustre. Yes, IEL has a moat protecting itself from any meaningful competition, but without a clear growth path forward and nice tail winds to push things along, being a shareholder with visions of a SP north of $20 in the next 2 or 3 years, is, in my opinion, delusional.