Strong Melbourne and Sydney Listings Help REA Group’s 1H Beat Expectations. FVE Increased to AUD 56
We have increased our fair value estimate for narrow moat-rated REA Group to AUD 56.00 from AUD 51.00 following a stronger-than-expected first-half result. The key driver of the increase is higher Australian real estate revenue growth forecasts with our CAGR over the next decade increasing to 8.7% from 8.1%. Our long-term forecasts are largely unchanged, but our near-term forecasts reflect a continuation of current strong revenue growth. For example, we’ve increased our fiscal 2018 revenue growt...
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