Trade Me Remains Overvalued Despite Exceeding Expectations in the First Half
Narrow-moat Trade Me reported a strong first-half result with a 16% increase in underlying net profit after tax, or NPAT, which was slightly ahead of our expectations. We have increased our earnings forecasts accordingly, resulting in a 3% increase in our fair value estimate to NZD 4.00 per share. However, at the current market price of NZD 5.00, we still believe the shares are overvalued. We remain concerned by the threat posed by large international competitors such as Facebook, Amazon, and Al...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.
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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