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Morningstar’s Analysis

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PREMIUM’s FVE Increased to AUD 21.00 on Improving Outlook

Analyst Note

| Gareth James, CFA |

We have increased our fair value estimate for narrow moat rated by 8% to AUD 21.00 per share following its fiscal 2021 financial result. The fair value increase is driven by a combination of slightly higher long-term earnings forecasts, due to an improving long-term outlook, and the time-value-of-money boost to our financial model. In summary, is making steady progress towards becoming a global automotive platform and continues to open new revenue sources via innovation. Fiscal 2021 was characterised by the strongest underlying NPAT growth rate and margin for eight years, despite the tough trading environment, reflecting the strength and quality of the company.

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Company Profile

Business Description is Australia's leading online portal to access the largest pool of buyers and sellers of motor vehicles. Established through the first-mover advantage, it has built up a sizable audience through the network effect. Despite efforts to derail the popularity of the Carsales website by larger, better-capitalised companies, such as News Corporation and Fairfax, Carsales remains the dominant site of choice for consumers. Its site records 3 times the combined page impressions of all its major competitors.

449 Punt Road, Level 4
Richmond, VIC, 3121, Australia
T +61 390938600
Sector Communication Services
Industry Internet Content & Information
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type