$EDU

$EDU.AX update. Stock back at 64c and w/ continued improvement in PnL and soft-signalling re FY26, this looks cheap again (<3x EV/EBIT, ~10% yield on FY26E). To be clear I have no current position. The current valn implies (imo) v little value for anything beyond the current student cohort (prob 2+ more yrs of earnings at current); but again ONP surge likely changes the equation massively re immigration in the near-term. Still, assuming (as recent) solid capital allocation it looks a pretty decent bet. Prob re-enter if it gets to 55-60c range. In mid-60s its still decent (just not as good as other stuff, given the above risks).