CAR +5.77%: a strong end to the year for the auto online classifieds business, buoyed by the tailwind of a tight supply of new cars. Revenue of $509m was above guidance, slightly ahead of consensus while net profit after tax (NPAT) was at the low end of the range at $161m, though still up 23% for the year. Their buying service, Carsales Select, how shown strong growth after launching 12 months ago. Profit was also boosted by their purchase of US-based Trader Select. The company only provided general guidance, saying they expect to deliver “good growth in adjusted revenue and adjusted EBITDA” for FY23 across the business with the international growth strategy, in particular, showing strong positive momentum into the new year.
MM is cautiously bullish CAR
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