Trade Me Result Overshadowed by Apax Acquisition
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...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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