Trade Me’s Margins Continue to Fall but Mid-Single-Digit EPS Growth Remains Achievable
The key takeaway from Trade Me’s interim result was profit margins remain under pressure in the short term. Despite this, we continue to forecast a mid-single-digit EPS CAGR over the next decade. First-half EBIT growth of 2.8% was below our 6% forecast for the full year, and the EBIT margin of 54% was below our 56% full-year forecast. However, we don’t believe the differences are sufficiently material to warrant downgrading our forecasts at this stage. Our fair value estimate has increased 2% to...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.
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