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Undervalued
Morningstar Quantitative Rating as of 11 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 37.44 Fair value 46.35 One-star price 57.37
Morningstar Quantitative Rating as of 11 NOV 2026.
Morningstar Quantitative Rating as of 11 NOV 2026. The slider runs from the five-star price (37.44) to the one-star price (57.37).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 29.51 |
| Price - 12 month high | 74.80 |
| Price - 12 month low | 27.25 |
| Pricing date | 10 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 1.51 |
| Market capitalization | 1,232.43 |
| 12 Month High price date | 11 DEC 2025 |
| 12 Month Low price date | 1 OCT 2026 |
| Volume - avg. trading volume for the last 3 months | 1.09 |
| Price - 1 Day % Change | -5.66% |
| Price - 13 week price percent change | -13.38% |
| Price - 26 week price percent change | -29.64% |
| Price - 5 Day % Change | -5.87% |
| Price - 52 week price percent change | -58.33% |
| Price - YTD price percent change | -57.44% |
| Price % Change Month To Date | -1.21% |
| EPS excluding extraordinary items - most recent fiscal year | 0.090 |
| EPS excluding extraordinary items - trailing 12 month | -0.500 |
| EPS Normalized - most recent fiscal year | 1.480 |
| Revenue/share - most recent fiscal year | 10.165 |
| Revenue/share - trailing 12 month | 12.147 |
| Book value per share - most recent fiscal year | 20.312 |
| Book value per share - most recent quarter | 18.745 |
| Book value (tangible) per share - most recent fiscal year | 6.085 |
| Book value (tangible) per share - most recent quarter | 3.676 |
| Cash per share - most recent fiscal year | 3.194 |
| Cash per share - most recent quarter | 2.668 |
| Cash Flow per share - most recent fiscal year | 2.774 |
| Cash Flow per share - trailing 12 month | 2.227 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.000 |
| EBITD per share - trailing 12 month | 0.774 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 0.090 |
| EPS Basic excluding extraordinary items - trailing 12 month | -0.500 |
| EPS including extraordinary items - most recent fiscal year | 0.090 |
| EPS including extraordinary items - trailing 12 month | -0.500 |
| Free Cash Flow per share - trailing 12 month | 1.500 |
| P/E excluding extraordinary items, most recent fiscal year | — |
| P/E Normalized, most recent fiscal year | 36.20 |
| Price to sales - most recent fiscal year | 2.45 |
| Price to Tangible Book - most fiscal year | 8.10 |
| Price to Free Cash Flow per Share - most recent fiscal year | 19.84 |
| Price to Cash Flow per share - trailing 12 month | 13.37 |
| Price to Book - most recent fiscal year | 1.59 |
| P/E excluding extraordinary items high, trailing 12 months | 604.67 |
| P/E excluding extraordinary items low, trailing 12 months | 116.56 |
| Net Debt, LFI | -227.00 |
| Net Debt, LFY | -838.00 |
| Dividend Yield - 5 Year Average | — |
| Dividend Yield - indicated annual dividend divided by closing price | — |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.00% |
| Free Cash Flow - most recent fiscal year | 438.00 |
| LT debt/equity - most recent fiscal year | 1.62% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 9.36% |
| LT debt/equity - most recent quarter | 1.70% |
| Total debt/total equity - most recent quarter | 11.35% |
| Free Cash Flow - trailing 12 month | 353.00 |
| Payout ratio - trailing 12 month | — |
| Revenue - most recent fiscal year | 2,583.00 |
| Revenue - trailing 12 month | 2,858.00 |
| EBITD - most recent fiscal year | 315.00 |
| EBITD - trailing 12 month | 182.00 |
| Earnings before taxes - most recent fiscal year | 25.00 |
| Earnings before taxes - trailing 12 month | -107.00 |
| Net Income available to common - most recent fiscal year | 23.00 |
| Net Income available to common - trailing 12 months | -113.00 |
| Earnings before taxes Normalized - most recent fiscal year | 417.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 0.82 |
| Net Profit Margin % - 1st historical fiscal year | 0.89% |
| Net Profit Margin % - trailing 12 month | -3.95% |
| Operating margin - 1st historical fiscal year | -1.24% |
| Operating margin - trailing 12 month | -2.73% |
| Pretax margin - trailing 12 month | -3.74% |
| Pretax margin - 1st historical fiscal year | 0.97% |
| Operating Margin - 5 year average | -2.76% |
| Pretax Margin - 5 year average | -2.27% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 18.58% |
| Free Operating Cash Flow/Revenue, TTM | 12.35% |
| Net Profit Margin - 5 year average | -2.39% |
| Return on average assets - most recent fiscal year | 0.41% |
| Return on average assets - trailing 12 month | -2.07% |
| Return on average equity - most recent fiscal year | 0.47% |
| Return on average equity - trailing 12 month | -2.48% |
| Return on average assets - 5 year average | -0.95% |
| Return on average equity - 5 year average | -1.35% |
| Net Income/employee - most recent fiscal year | 3,254.10 |
| Revenue/employee - most recent fiscal year | 365,449.92 |
| Revenue growth rate, 5 year | -5.01% |
| EPS growth rate, 5 year | — |
| Growth rate% - dividend, 3 year | — |
| Revenue/share (5 yr growth) | -7.39% |
| Growth rate% - Revenue, 3 year | 9.67% |
| Growth rate% - EPS, 3 year | — |
| Book value per share growth rate, 5 year | 0.60% |
| Capital Spending growth rate, 5 year | 19.73% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 21.30% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
We have owned Zillow (ZG) previously, initially buying around US$46 in mid-2024 before exiting ~US$54.50 in February 2026, as the “SaaSpocalypse” gathered momentum and we chose to reduce exposure to higher-risk growth names amid a rapidly changing market backdrop. With Zillow now back around US$33, we are interested again.
We are making several changes to the International Equities Portfolio
Last night was interesting for Zillow with the stock travelling on a roller coaster, bouncing aggressively off of its intra-day lows but still finishing down more than 8%. The volatility that saw the stock down ~13% at its worst was caused by Google testing a new real estate advertising platform, which could rival Zillow's services. Similarly, CoStar tumbled ~9% as the space braced for fresh competition from the tech goliath.
Zillow remains one of our high-conviction positions in the International Equities Portfolio, even as the share price has corrected in recent months. We’ve owned the stock since mid-2024 (around $46), and while it has been volatile—typical for high-growth, high-valuation names—the fundamental story remains intact.
ZG US reported its 2Q results on Thursday (7th August) that were mildly ahead of consensus expectations, and guidance was inline for 3Q revenue, and broadly in line in terms of earnings. The stock initially traded higher, before pulling back in the few sessions since.
Real estate platform ZG is a business we still really like despite a 30% pullback in the share price. We’ve often written it up as a top pick for the International Equities Portfolio, having initially bought mid-way through 2024 at ~$46. Like many high-growth, high-valuation stocks of late, the share price has come under significant pressure.
Property platform Zillow reported quarterly results last month that were ahead of expectations, though 1Q25 guidance disappointed due to the tough property conditions in the US
Property platform Zillow reported 4Q24 results after hours yesterday that were ahead of expectations, though 1Q25 guidance was below, sending the shares down ~19% on open before they recovered around 50% of the drop.
Subscribers will be familiar with the local ~$33bn REA Group, which operates realestate.com.au. An incredible 12 million Australians are said to visit the site every month. Zillow is a similar-sized US equivalent, which, by definition, is fishing in a much larger pond. This month's results showed that Zillow is back on track:
The property platform similar to REA Group (REA) is doing exceptionally well in a difficult US housing market, Q3 results showed overnight, sending the stock up 25%.
MM is now bullish ZG US ~$30
MM is selling ZG US in the International Equities Portfolio, taking profit around $56.
MM is long and bullish towards Zillow
MM is long Zillow in the International Equities Portfolio.
MM remains long & bullish ZG US ~$US80
MM remains bullish on ZG ~US$59
MM is long and bullish toward ZG
MM remains long & bullish ZG US
MM is long and bullish ZG US
MM remains long & bullish ZG US ~$US70
Zillow Group Inc is a real estate technology company offering a digital platform that connects real estate customers with sellers, agents, loan officers, and other real estate-related professionals. With its tools and resources, Zillow helps real estate professionals grow their businesses, and for renters and housing providers, it offers a marketplace along with a set of end-to-end products and services to streamline applications, leases, payments, and more. The group operates various brands such as Zillow, Zillow Home Loans, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop, and Zillow Closing. Its ecosystem spans the entire home journey from shopping to renting, buying, selling, and financing real estate.
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