CAR Group Ltd

CAR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$16.00	Ymwyrqh	Qrjzxkfbk

Carsales Earnings: Acceleration in Nonauto Monetisation Drives Strong Result

Roy Van Keulen

Aug 14, 2023

We raise our fair value estimate for narrow-moat-rated Carsales by 9% to AUD 25 per share following the release of its fiscal 2023 results. The increase in our fair value estimate reflects the time value of money and upgrades to our assumptions for Carsales’ North American business, as it transitions to a more aligned pricing model faster than we previously expected. At current prices, Carsales shares screen as slightly overvalued.

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