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Corporate Action: We Recommend Subscribing for Shares via Its Renounceable Entitlement Offer (Corrected)

Analyst Note

| Gareth James, CFA |

This note replaces the original version, published May 13, 2021, which incorrectly assumed would amortise its 49% shareholding in Trader Interactive. This has been corrected, thereby increasing our earnings and dividend forecasts, particularly in fiscal 2023 and 2024. However, the change is immaterial to our fair value estimate. Also virtually unchanged are our near-term earnings and dividend estimates for fiscal years 2021 and 2022.

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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, 2021
Stock Type

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