17/09/2024 09:20

CAR Group Ltd (CAR) v REA Group Ltd (REA)

CAR and REA have performed strongly through 2024, gaining +18.3% and +12%, respectively. The primary reason CAR is currently outperforming is REA’s ~$11bn bid for UK-based Rightmove (RMV LN). As is the norm, the bid has already been rejected, and the market is now considering REA’s next move—the stock's pulled back almost 12% since the announcement.

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03/09/2024 09:56

CAR Group Ltd (CAR) $37.45

Digital auto marketplace CAR has rallied over 20% in 2024, although we are mindful that it reached our target area when we went long in April. Unlike many, CAR is having success expanding internationally, and as the proportion of their earnings comes from offshore, their overall growth rate will accelerate. If we were looking to buy today, we’d be targeting the $32-33 area.

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27/08/2024 09:58

CAR Group (CAR) $38.34

CAR rallied another +2.9% on Monday, also posting a fresh all-time high. The stock's dividend in mid-September isn’t a major factor, with a yield of just over 2%. We wouldn’t consider adding to our 4% position in CAR but anticipate a further 5-10% upside before considering taking some profit.

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13/08/2024 09:39

CAR Group (CAR) $35.14

Following its solid/inline FY24 result on Monday, CAR rallied +4.5%; as we said yesterday, we believe their flagged outlook for ‘good growth’, which MM believes, could prove conservative.  When we look at CAR’s relative valuation over the last five years, it may be on the expensive side of the ledger, but it's nowhere near stretched, i.e. it was trading on a higher valuation earlier in 2024 and especially in 2021.

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12/08/2024 17:00

CAR Group (CAR) $35.14

CAR +4.46%: A solid/inline FY24 result today, and while they stuck to their usual script around the outlook for ‘good growth’ we got the sense they could actually deliver ‘very good’ growth given how well the international businesses are doing, and the better outcome from the dealer network than feared in Australia.

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12/08/2024 09:45

Results

JB Hi-Fi (JBH): FY24 results this morning which are a beat on first pass – conference call 10.30am.

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17/07/2024 09:17

CAR Group Ltd (CAR) $35.39

Yesterday, Morgan Stanley upgraded CAR, just a few days after Goldman. The stock surged early on Tuesday before encountering profit-taking as the market drifted lower, but it still closed up in a relatively weak market.

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02/07/2024 09:41

CAR Group Ltd (CAR) $34.67

CAR fell 1.7% on Monday, continuing to rotate in the $35 area. We are fans of CAR, they’ve done a better growing overseas than SEK, and we added it to portfolio into weakness in April; if we see a period of weakness across growth stocks, we will consider adding to this holding back around $32, or ~8% lower.

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06/06/2024 09:14

CAR Group Ltd (CAR) $35.71

CAR rallied +3.4% on Wednesday. Volume was large, at 6x the 20-day average, but no news accompanied the activity—often a bullish sign. CAR is headed towards our target area, although there's still another ~10% to go. In hindsight, CAR probably ran ahead of tech buying in the US and this short-term advance could gather momentum in the coming sessions.

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17/05/2024 09:08

CAR Group Ltd (CAR) $36.10

We only bought CAR in mid-April after its 12% pullback, targeting fresh highs. So far, everything’s going according to plan, as the stock enjoys the tailwind of the reversal in fortunes unfolding in bond markets.

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