The online portal of choice for matching buyers and sellers of vehicles, generating strong returns.
Narrow-moat-rated Carsales.com’s interim result was strong but in line with our expectations and we haven’t materially changed our earnings forecasts. We’ve increased our fair value slightly to AUD 13.90 from AUD 13.70 to reflect the time-value-of-money impact on our financial model but, at the current market price of AUD 13.90, we consider the shares to be fairly valued. Our fair value implies a relatively high fiscal 2018 price/earnings ratio of 25 but which is justified by our EPS CAGR of 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.
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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