PEXA Group Ltd

PXA: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$15.33	Rbn	Zbhnqpdlr

Pexa Earnings: No Signs of Progress on UK Expansion but Downside Is Limited

Roy Van Keulen

Aug 21, 2024

We maintain our AUD 17.25 per share fair value estimate for wide-moat Pexa following its full-year results. The company reported modest improvements from the prior year, with group margins rising 3 points on a pro forma basis, which includes Smoove, or 2 points, when excluding Smoove. Margins for the Australian Exchange rose 1 point to 55%, despite ongoing investment into the platform.

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