REA has embraced falling bond yields and an improving housing market over recent weeks making fresh 52-week highs in the process. This is a quality business in our opinion with the only question being around valuation with the stock trading on Est. P/E for 2023 of almost 50x while it yields ~1.2% i.e. the classic profile of a growth stock.
- We remain bullish REA but will consider trimming our large 5% exposure around 5% higher.
MM is considering trimming our REA position in the $150 area
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