REA Group's Remains Overvalued as 3Q Result Meets Expectations
Narrow-moat-rated REA Group's third-quarter result was broadly in line with our expectations, and we maintain our fair value estimate at AUD 47.00 per share. At current levels, we consider the shares to be materially overvalued. We expect the market is incorporating a higher long-term earnings-growth rate than the 12% EPS CAGR we forecast over the next decade.There's no question that REA Group's core Australian business continues to grow quickly, with underlying revenue up 16% on the prior comp...
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.
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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