Morningstar - Carsales.Com Limited (CAR) Carsales.com Is the Cheapest Australian Online Classifieds Portal

Report

Morningstar

Gareth James

EUR 101.80 For Business Accounts Only

Carsales.com Is the Cheapest Australian Online Classifieds Portal

We believe narrow moat-rated Carsales.com offers the best value among the Australian online classified platforms which include REA Group, Seek.com, and TradeMe Group. At the current share price of AUD 11.54, the shares trade 4% below our AUD 12.00 fair value estimate, whereas the peers trade at premiums of between 4% and 40% to fair value. We attribute the Carsales discount to a perceived lack of earnings growth, issues within its finance division, and the recent slowdown in Australian new car s...

19/06/2017 12 EN

Underlying

Carsales.Com Limited

Carsales.com's principal activities consists of: online advertising services, which include classified advertising and display advertising services; data and research services, which include software, analysis, research and reporting, valuation services, website development and hosting as well as photography services; finance and related services, which include the Stratton Finance Pty Ltd subsidiary that provides finance arrangements for vehicles, boats, and other leisure items, vehicle procurement and other related services to customers; and international services, in which Co. has operations in overseas countries through both subsidiaries and equity accounted associate investments.

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AU000000CAR3 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Gareth James

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Carsales.com Is the Cheapest Australian Online Classifieds Portal

CAR Group Ltd: 1 director

Carsales Entitlement offer

CARSALES.COM reduced its risk exposure resulting in an upgrade to Slightly Positive

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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