The world, except for China, is now well and truly in the post-COVID era.
Even though the Omicron variant is still infecting, hospitalising and killing people around the globe, most nations seem to have moved past lockdowns and restrictions.
On Friday, for example, Australia nationally reduced the COVID-19 isolation period down to just five days and masks were no longer mandatory on domestic flights.
So with this mindset, can businesses that rely on the movement of people internationally finally breathe a sigh of relief?
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Double-digit growth for next 5 years
According to a couple of experts, international education and student placement provider IDP Education Ltd (ASX: IEL) is poised to grow now that the pandemic shackles are off.
First Sentiers deputy head of Australian equities David Wilson has rated the ASX share as a buy.
"You've got double-digit volume growth for the next five years at least in both the English language testing business, where they're the market leader by some margin," he said in a Livewire video.
"And in the student placement business, where they're also the market leader by some margin."
According to Abrdn head of Australian equities Michelle Lopez, the stock is a buy despite the lofty valuation, currently sitting at a price-to-earnings ratio of 77.5.
"When you think about IDP and the moat that they've developed over their two businesses, which are student placement and English testing, both of those businesses are unparalleled."
Looks expensive, but it's not really
To demonstrate how the PE multiple should not put off investors, Lopez cited the company's COVID-era acquisition of an education business in India.
"India has a 1.4 billion population, and 50% of that is under the age of 30. So their education sector and the earnings from education will be up three to fourfold until the end of the decade," she said.
"So for us, they're going to grow into the valuation, and it's a buy."
Wilson agreed that IDP Education would "grow into that multiple, no problems whatsoever".
"You're seeing them get that growth across into Canada, into the UK, into Australia, as economies open up. So they're in a really great place to drive longer-term growth."
Earlier in the week, the team at QVG Capital also agreed that IDP Education would justify its valuation in the years to come.
"We know near-term earnings are the wrong lens [to] view these companies."
The IDP Education share price has actually lost 19.2% so far this year.
