Analyst Note| Gareth James, CFA |
This note replaces the original version, published May 13, 2021, which incorrectly assumed Carsales.com 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.