The release of iCollege's (ICT) 4C has prompted me to relook at my valuation of this company.  I started looking at this six months ago and had a valuation well below the share price.  My brief comment to myself was "Probably worth a lot more but I don't want to own it".  However, every time I relook at this one it gets better and has me questioning my inherent bias against education providers. They look like they're sustainably cashflow positive and are growing at an impressive clip. I may need to look at doing a deep dive on this one. The DCF valuation is still pretty conservative relative to their current rate of growth with revenue growth averaging around 15% p.a. and 8% in the terminal year. ICT made an offmarket takeover offer for Redhill Education (RDH) and I don't yet have a view on that but would obviously need to before making any kind of investment. [Not held]