Carsales.com's Strong Fiscal 2018 Performance Likely to Continue. FVE Increased to AUD 14.50.
Narrow-moat-rated Carsales.com reported a good fiscal 2018 financial result but one which was broadly in line with our expectations. Although the 19% increase in revenue was higher than our 17% forecast, EBITDA growth of 16% was lower than the 20% we expected. The result was also distorted somewhat by the change in accounting policy for SK Encar following the increase in Carsales.com's ownership to 100% from 49% in January 2018. Although the result was good, we don't believe it warranted the 10%...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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