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Idp Education Ltd ASX:IEL

Regulatory Risk Margin Expansion Operating Leverage Share Buyback

2 opened or increased9 held1 reduced or exitedlatest position by manager, past 12 months90 days: 1 increased, 0 reduced. 18 managers in total.

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202420252026

1 Aug 2025 to today

Commentary Showing 2 of 63

DateManagerActionSummary

6 Oct 2026Auscap Asset ManagementIncreasedAuscap Asset Management increased its position in IDP Education (ASX: IEL) because it believes the international student cycle in major markets is at, or close to, the bottom. Auscap's Tim Carleton notes that IDP recently rejected a $2.50-per-share takeover proposal from Blackstone, but believes the company's potential value is substantially higher than that offer. The manager states that its view of fair value is many multiples of the current share price and that it is not looking for a modest 20% to 30% takeover premium, positioning IDP as a deep value opportunity within the portfolio.

Article, price recorded $2.04

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30 Sep 2026Forager FundsHeldForager Funds holds IDP Education and views a takeover approach from private equity firm Blackstone as a reminder that the business retains strategic value despite several brutal years. Blackstone's $2.50 per share cash proposal valued IDP at nearly $700m and followed an earlier $2.30 offer, both rejected by the board as undervaluing the business. Tighter visa rules for international students in Australia, the UK and Canada have decimated placement volumes, which fell 27% last year, and IELTS testing has also weakened. Forager believes IDP still owns the leading global student placement platform, a valuable IELTS segment and a cost base being reset, noting a bid does not fix the cycle.

Quarterly Report, price recorded $2.02

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Articles

About Idp Education Ltd

Consumer Discretionary, Diversified Consumer Services

IDP Education (ASX:IEL), the international student placement and English testing company, has been hit hard by restrictive immigration policies. In August 2026, Forager Funds said IDP is managing a tough environment better, with impressive results and cash generation, but a deteriorating global outlook for international students has further dampened expectations. Paradice reported IDP was its largest detractor, falling 44% in a quarter despite strong half-year results, and Atlas noted it has fallen sharply from its peak. Pendal noted improved cash collection strengthened the balance sheet. IDP Education operates in the Consumer Discretionary sector within the Diversified Consumer Services industry, and Thesis Tracker has captured 60 comments from 18 fund managers, including Forager, Paradice, Atlas and Pendal Group. Founded in 1969 and headquartered in Melbourne, IDP places international students into universities in Australia, the UK, Canada and the US, and co-owns the IELTS English testing system.

Market cap: $618m
Price to earnings: 43.1x
Return on equity: 3.1%
Dividend yield: 5.2%
Price to book: 1.32x
Net margin: 1.5%
52-week range: $1.49 to $6.74

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Idp Education Ltd (ASX:IEL)?

Fund managers including Monash Investors, Oracle Advisory Group, Airlie Funds Management, QVG Capital, Antares Capital, Paradice Investment Management, Smallco Investment Manager, ECP Asset Management, Clime Investment Management, Seneca Financial Solutions, Maple-Brown Abbott, Auscap Asset Management, Forager Funds, Pendal Group, Elston Asset Management, Perennial Partners, Quest Asset Partners and Atlas Funds Management have invested in Idp Education Ltd (ASX:IEL).

What opportunities or catalysts do fund managers highlight for Idp Education Ltd?

Forager and Pendal highlight strong results, cash generation and improved cash collection strengthening the balance sheet, showing IDP is managing a difficult environment well.

What are the key risks to the Idp Education Ltd investment thesis, according to fund managers?

Fund managers highlight an anti-immigration environment and caps on international students across key destination countries, which reduced student volumes and drove large share price falls, according to Forager, Paradice and Atlas.

What does Idp Education Ltd (ASX:IEL) do?

Founded in 1969 and headquartered in Melbourne, Australia, IDP Education Ltd. specializes in international student placement services. The firm facilitates admissions for students into educational institutions across Australia, the UK, the US, Canada, New Zealand, and Ireland. IDP operates through three primary geographical segments: Asia, encompassing various markets including India and China; Australasia, covering Australia, New Zealand, and surrounding regions; and the Rest of World, representing its extensive global footprint across Europe, the Middle East, Africa, and the Americas. The company provides essential support for global student mobility and education access.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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