Trade Me's Economic Moat Rating Downgraded from Wide to Narrow
We have downgraded Trade Me's economic moat rating from wide to narrow following a thorough review of the competitive landscape and moat ratings of our global Internet coverage list. We maintain our fair value estimate at NZD 3.90 per share as the impact of the downgrade is largely offset by the time value of money since our last update. At the current market price of AUD 5.68, we believe the shares are overvalued and that the fiscal 2017 P/E ratio of 25 more than incorporates likely EPS growth....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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