EarningsConfidence builds in FY25E earnings base after better-than-feared AU and UK regulatory news.
InvestmentIEL remains well placed to capitalise as conditions normalise, with IEL selectively investing for growth while SP competitors come under significant pressure.
PricingPricing is a helpful offset, likely higher than historical averages, driven by mix and SP commissions as IEL's value proposition resonates in a challenging visa environment.