IEL – Macquarie rates the stock as Outperform

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Macquarie reviews modelling assumptions following additional disclosures in the annual report.

The broker believes the company’s global infrastructure and established relationships in student placement and English-language testing are relatively unique. This should provide a platform to leverage the strong underlying rates of industry growth that are expected.

Outperform retained. Target rises to$5.95 from $5.55.

Sector: Consumer Services.

Target price is $5.95.Current Price is $5.70. Difference: $0.25 – (brackets indicate current price is over target). If IEL meets the Macquarie target it will return approximately 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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