Hi Swage_17, thank you, and I am sorry for the late reply.
Yes, IEL has a student placements segment as well. According to 1H24, there is about a 50/50 split between those two. Australia accounts for around 36% of total placements.
But if we want the complete picture, we should understand immigration policies in the US, UK, and CA and the number of students by country who require English ability tests. If others are growing, that should offset our decline.
IEL Valuation, page-80
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