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Morningstar's Ltd Stock Analysis

Currency in AUD
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Economic Moat


Capital Allocation

PREMIUM Looking Reasonable Value Following Good First-Half Result

Analyst Note

| Gareth James, CFA |

We have increased our fair value estimate for narrow-moat rated by 5% to AUD 22 per share following its first-half financial result. Although the result was strong, it was largely in line with our expectations. Our earnings forecasts are largely unchanged, and our fair value increase is due to the time value of money boost to our financial model.’s share price has fallen by 17% over the past two months, and, at the current market price of AUD 21.71, we now consider the shares to be fairly valued.

Read Full Analysis Ltd's Company Profile

Business Description is Australia's leading online portal to access the largest pool of buyers and sellers of motor vehicles. Established through the first-mover advantage, it has built up a sizable audience through the network effect. Despite efforts to derail the popularity of the Carsales website by larger, better-capitalised companies, such as News Corporation and Fairfax, Carsales remains the dominant site of choice for consumers. Its site records 3 times the combined page impressions of all its major competitors.

449 Punt Road, Level 4
Richmond, VIC, 3121, Australia
T +61 390938600
Sector Communication Services
Industry Internet Content & Information
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type