PXA +8.08%: A good session for the property exchange network which reported strong growth in earnings.
- 1H25 Revenue $202.5 million, up +25% y/y and around 7% ahead of consensus.
- PEXA Exchange Earnings (Ebitda) of $88.4 million, up +9.7% y/y.
- Up to $50m on market buy-back announced, expected to commence mid March.
- No dividend
They reconfirmed FY25 guidance, though they expect the macro-economic and property market outlook to remain uncertain in both Australia and the UK, as each market digests recent monetary policy changes.
PEXA is leveraged to property volumes through their platform, and on this front, we think easing rates in the jurisdictions they operate will become a more supportive factor as the year progresses.
MM remains long & bullish PXA
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