$EDU.AX T3 enrollment print, again v strong but in context of changing immigration picture worth unpacking in detail. Two key takeaways (imo): - Ikon (HE segment) NSEs flat YoY, total enrolments +45% YoY...ie no decline yet - onshore (domestic) new enrols +80%, postgrad enrols +100%, now ~50% of new intake, ie reliance on offshore undergrads continues to decline At co-wide level, total enrols is prob peaking (near-term). Still, imo $EDU.AX trades at ~2.5x EV/EBITDA, maybe 4x FCF so you aren't paying much (anything?) for whatever the biz looks like in 3yrs... Remember avg course length is ~3yrs at Ikon and is rapidly diversifying...
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