Moody's Ratings (Moody's) has completed a periodic review of the ratings of RealPage, Inc. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 24 November 2025 in which we reassessed the appropriateness of the ratings in the context of...
Auto Trader, the UK’s leading automotive marketplace, has released FY25 results that were broadly in line with Zeus’s revenue expectations and slightly ahead on EBIT and EPS. The Group has continued to increase average revenue per retailer (ARPR) and EPS, with significant runway, in our view, for future product development to drive these higher. FY25 results were impacted by reducing average days to sell vehicles, meaning retailers could sell more units using fewer advertising slots. This dynami...
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Since our positive October 2022 initiation note, Auto Trader’s share price has increased by over 50%, outperforming the FTSE 350 by more than 25% on a total return basis. We moved to a neutral recommendation following the FY24 results in June after the share price exceeded our valuation estimate. However, we now revisit our valuation analysis for Auto Trader and our assessment of its long-term earnings growth potential, concluding that the Group has a substantial runway to expand average revenue...
Moody's Ratings (Moody's) today affirmed RealPage, Inc.'s (RealPage or the company) B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating (PDR). RealPage's senior secured first lien term loan and senior secured first lien revolving credit facility ratings were downgraded to B3 fro...
Auto Trader’s interim results show a solid performance on nearly all its financial and operating metrics. The underlying UK used car market is robust, with the number of retailers using the platform at record levels, and the Group continues to find ways of increasing average revenue per retailer (ARPR), which increased by 6.3% in the first half. Based on guidance in the outlook statement relating to retailer stock volume on the platform, Zeus lower FY25 revenue estimates by 1.5%. We also increas...
>Neutral rating reiterated - Yesterday evening, Auto Trader published its H1 2024-25 results followed by a conference call. Earnings topped our expectations, with EBIT coming in at £ 188.4m vs our forecast of £ 170m but undershot the consensus estimate of £190m. We were more conservative on H1 earnings. We have revised down our full-year forecasts in the wake of this release, which has prompted us to lower our target price to 800p from 850p previously. All told, we re...
>Opinion Neutre réitérée - Auto Trader a publié hier ses résultats semestriels pour l’exercice 2024/25 et a tenu sa conférence téléphonique dans la foulée. Les résultats sont ressortis supérieurs à nos attentes avec un EBIT de 188,4 M£ alors que nous tablions sur 170 M£ alors qu’ils sont inférieurs aux attentes du consensus qui tablait sur 190 M£. Nous étions plus conservateurs sur les résultats du S1. Nos attentes annuelles sont revues en baisse suite à cette publica...
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