Trade Me’s Fiscal 2018 Result Exceeds Expectations; FVE Increased to NZD 5.00
We have increased our fair value estimate for narrow-moat-rated Trade Me by 9% to NZD 5.00 per share following a slightly stronger fiscal 2018 financial result than we expected, which prompted us to increase our EBIT forecasts. Group revenue growth of 7.8% exceeded our 6.1% forecast, mainly due to stronger-than-expected second-half performances from the general items and other division, which includes advertising, insurance, and payments, which reversed weak first-half performances. The EBIT mar...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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