REA is a quality business that’s enjoyed strong pricing power over recent years but even after its 31% correction MM is nervous towards property volumes as mortgage rates rise, if people decide not to move REA makes less money. Conversely as the economy reopens post COVID more people will be looking to relocate for work as WFH becomes less prevalent hence it’s a tough balancing act to value REA through 2022.
MM is neutral to positive REA under $140
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