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CoStar Group Inc CSGP

Morningstar Rating
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Stock XNAS Rating as of
$90.30 −1.50 (1.63%)
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As of Cboe BZX Real-Time Price Open
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Company Report

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CoStar Earnings: Although Pricey, Matterport Acquisition Is a Home Run From a Strategic Perspective

Suryansh Sharma

Wide-moat-rated CoStar's first-quarter results were in line with our expectations as the firm reported non-GAAP EPS of $0.10, down 65% on a year-over-year basis compared with $0.29 per share in the first quarter of 2023. The year-over-year decline was expected and was largely due to the company's aggressive investments in the residential business. Management expects 2024 revenue to be in the $2.76 billion-$2.77 billion range, which represents year-over-year growth of around 13%. The firm has said that 2024 will mark the peak in the investment cycle for the residential business and that earnings should rebound strongly in 2025 as residential-related marketing investments recede and the firm starts to monetize Homes.com. We do not plan to change our $80 per share fair value estimate for the firm.

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Price vs Fair Value

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CSGP is trading at a 7% premium.
Price
$85.31
Fair Value
$84.00
Uncertainty
Medium
1-Star Price
$612.00
5-Star Price
$44.00
Economic Moat
Ymrl
Capital Allocation
Tgsgvhvzmx

Bulls Say, Bears Say

Bulls

A dominant market position has allowed CoStar Suite to maintain high renewal rates and above-inflation price increases, leading to strong revenue growth.

Bears

Emerging threats such as crowdsourcing and data-sharing arrangements have the potential to disrupt CoStar’s core business model.

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News

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Trading Information

Previous Close Price
$91.80
Day Range
$89.09–92.63
52-Week Range
$67.42–100.35
Bid/Ask
$90.06 / $90.32
Market Cap
$36.82 Bil
Volume/Avg
106,517 / 2.4 Mil

Key Statistics

Price/Earnings (Normalized)
71.81
Price/Sales
14.82
Dividend Yield (Trailing)
—
Dividend Yield (Forward)
—
Total Yield
—

Company Profile

CoStar Group is a leading provider of commercial real estate data and marketplace listing platforms. Its data offering contains in-depth analytical information on over 5 million commercial real estate properties related to various subsectors including office, retail, hotels, multifamily, healthcare, industrial, self-storage, and data centers. It operates many flagship brands such as CoStar Suite, LoopNet, Apartments.com, BizBuySell, and Lands of America, with more than 80% of its revenue classified as subscription-based. The company recently expanded its presence in Canada, the United Kingdom, Spain, and France.
Sector
Real Estate
Industry
Real Estate Services
Stock Style Box
Mid Growth
Total Number of Employees
6,152
Website
https://www.costar.com

Competitors

Valuation

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Metric
CSGP
EFX
CBRE
Price/Earnings (Normalized)
 71.8133.3022.89
Price/Book Value
 5.116.113.20
Price/Sales
 14.825.240.85
Price/Cash Flow
 59.4923.6621.04
Price/Earnings
CSGP
EFX
CBRE

Financial Strength

Metric
CSGP
EFX
CBRE
Quick Ratio
 11.860.561.08
Current Ratio
 12.010.671.17
Interest Coverage
 —3.979.57
Quick Ratio
CSGP
EFX
CBRE

Profitability

Metric
CSGP
EFX
CBRE
Return on Assets (Normalized)
 4.41%7.02%5.58%
Return on Equity (Normalized)
 5.39%19.43%15.08%
Return on Invested Capital (Normalized)
 2.65%10.10%9.71%
Return on Assets
CSGP
EFX
CBRE
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