1-Star Price
PREMIUM
5-Star Price
PREMIUM
Economic Moat
PREMIUM
Capital Allocation
PREMIUM
We maintain our fair value estimate for narrow-moat Domain Holdings at AUD 3.80 per share, as we expect the buoyant real estate market conditions of last year to soften in 2022 and ultimately be unsustainable longer-term.
Domain is an Australian real estate services business that owns real estate listings websites and print magazines, and provides real estate-related services. Domain was formed as a home and lifestyle section of newspapers owned by Fairfax Media Limited (ASX:FXJ) in 1996, and an associated residential real estate website, www.domain.com.au, was launched in 1999. Domain’s real estate listings website has grown to become its core business and the second-largest residential real estate website in Australia, after REA Group's (ASX:REA) owned www.realestate.com.au. Newscorp (ASX:NWS) owns 60% of REA Group.
