It's been a sad week for IBEX Limited (NASDAQ:IBEX), who've watched their investment drop 11% to US$15.79 in the week since the company reported its second-quarter result. It looks like a pretty bad result, all things considered. Although revenues of US$133m were in line with analyst predictions, statutory earnings fell badly short, missing estimates by 31% to hit US$0.34 per share. Following the result, the analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

Check out our latest analysis for IBEX

Taking into account the latest results, IBEX's five analysts currently expect revenues in 2024 to be US$507.3m, approximately in line with the last 12 months. Per-share earnings are expected to increase 9.2% to US$1.82. In the lead-up to this report, the analysts had been modelling revenues of US$528.3m and earnings per share (EPS) of US$1.97 in 2024. It's pretty clear that pessimism has reared its head after the latest results, leading to a weaker revenue outlook and a minor downgrade to earnings per share estimates.

Despite the cuts to forecast earnings, there was no real change to the US$19.40 price target, showing that the analysts don't think the changes have a meaningful impact on its intrinsic value. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. The most optimistic IBEX analyst has a price target of US$22.00 per share, while the most pessimistic values it at US$17.00. Still, with such a tight range of estimates, it suggeststhe analysts have a pretty good idea of what they think the company is worth.

One way to get more context on these forecasts is to look at how they compare to both past performance, and how other companies in the same industry are performing. We would highlight that revenue is expected to reverse, with a forecast 2.3% annualised decline to the end of 2024. That is a notable change from historical growth of 7.5% over the last three years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 6.3% annually for the foreseeable future. So although its revenues are forecast to shrink, this cloud does not come with a silver lining - IBEX is expected to lag the wider industry.