Trade Me Remains Overvalued but Narrow Moat Not Threatened by Amazon; Worth Adding to the Watchlist
We have reviewed our investment thesis for narrow moat-rated Trade Me following the conclusion of the August reporting season, and retain our fair value estimate of NZD 4.20 per share. We’ve held a consistently bearish view on the stock for the past two years, largely because we believed the market was underestimating likely long-term capital expenditure rates for the company. Over the past year, Trade Me shares have fallen 15%, significantly underperforming the 1% increase in the S&P/NZX 50...Trade Me Group is a online marketplace and classified advertising platform that is engaged in the auctions and fixed price sales for new and used goods, as well as automotive, real estate and employment businesses. Co. is also engaged in the web businesses for accommodation, dating and group buying.
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