Morningstar - REA Group Ltd (REA) Hometrack Acquisition Strengthens REA Groupâ€™s Moat but Not Materially So

Report

Morningstar

Gareth James

Hometrack Acquisition Strengthens REA Groupâ€™s Moat but Not Materially So

Narrow moat-rated REA Groupâ€™s AUD 130 million acquisition of Australian real estate data and analytics provider, Hometrack, doesnâ€™t materially impact our AUD 56.00 fair value estimate. At the current market price of AUD 81.73, we think REA Group shares remain materially overvalued. The acquisition is logical in that it will deepen REA Groupâ€™s real estate information offering in Australia which will strengthen the network effect-based economic moat to some degree. However, the acquisition price e...

02/05/2018 13 EN

Underlying

REA Group Ltd

REA Group is a multinational digital advertising company, based in Australia, that specializes in property. Co. provides a range of premium property listings as well as products for markets adjacent to property such as utility connections, and advertising solutions for property developers and display media advertisers. Co. operates residential, commercial and share property websites, realestate.com.au, realcommercial.com.au and flatmates.com.au, Chinese property site myfun.com, and iProperty Group which owns a number of property portals in Asia. Co. also maintains significant shareholdings in Move, Inc. in the United States and PropTiger in India.

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AU000000REA9 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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Hometrack Acquisition Strengthens REA Groupâ€™s Moat but Not Materially So

REA Group Limited: 1 director

Form 8.3 - The Vanguard Group, Inc.: REA Group Ltd

Form 8.3 - The Vanguard Group, Inc.: REA Group Ltd

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

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

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

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