CAR Group Ltd

CAR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$71.00	Ykgncyl	Zkwczxjxyh

Carsales.com’s Fair Value Estimate Increased to AUD 18 Following Strong First-Half Result

Feb 18, 2021

Narrow-moat-rated Carsales.com’s first-half result broadly aligned with our expectations for a resilient fiscal 2021 and we largely maintain our earnings forecasts. Nonetheless, we increase our fair value estimate by 3% to AUD 18.00 per share reflecting the time value of money effect on our financial model. However, the Carsales.com share price has performed well in recent months and, at the current price of AUD 21.75, is overvalued.

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