Morningstar - Domain Holdings Australia (DHG) Proposed Fairfax and Nine Merger Unlikely to Materially Benefit Domain

Report

Morningstar

Gareth James

EUR 100.00 For Business Accounts Only

Proposed Fairfax and Nine Merger Unlikely to Materially Benefit Domain

We don't believe the proposed merger of Fairfax and Nine Entertainment materially changes the earnings outlook for narrow-moat Domain. However, we have increased our fair value by 3% to AUD 3.10 to reflect the time value of money impact on our financial model since our last update. The current market price of AUD 3.32 implies a price/earnings, or P/E, ratio of 30 versus our fair value implied P/E ratio of 29 and we consider the shares to be slightly overvalued. As a comparison, REA Group trades ...

26/07/2018 14 EN

Underlying

Domain Holdings Australia

Domain Holdings Australia Limited is an Australia-based company. The Company is focused on offering an ecosystem of multi-platform property solutions. The Company delivers property marketing solutions for residential, new development and commercial properties, plus the latest market intel. The Company's portfolios include Domain, Commercial Real Estate, Allhomes, The Weekly Review, MyDesktop, Pricefinder, and Homepass. The Company's agent center offers a range of solutions including agent news, domain complete solutions, domain digital solutions, and domain magazine solutions. Its Weekly Review is a free premium lifestyle and property magazine and can be accessed in print, online and social.

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AU000000DHG9 Australian Securities Exchange

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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Proposed Fairfax and Nine Merger Unlikely to Materially Benefit Domain

Domain Holdings Australia Ltd: 1 director

DOMAIN HOLDINGS AUSTRALIA sees an upgrade to Slightly Positive due to a better fundamental star rating

Monthly LMI Update Independent Investment Research

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

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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