Broker UBS says the return of students to Australia as border restrictions normalise means ASX-listed higher education provider IDP Education is set to benefit.

It said the government’s latest figures showed that 1.35 million visas had been processed since June 2022 for international students, temporary skilled workers and visitors.

IDP Education shares changed hands for $28.35 on Friday to give the group a market value of nearly $8 billion.

It provides student placement services to overseas students seeking vocational or academic training in Australia, alongside English language testing services for student accreditation.

The group posted a net profit of $102.8 million on revenue that was up 48 per cent to $793.3 million in financial 2022.

The broker has a $35 valuation on shares and a buy rating. It forecasts IDP to post a $173 million net profit on revenue of $1.06 billion in financial 2023.