CAR +6.99%: a new record high for the online auto-classified business today on the back of a strong FY23 and reasonable guidance. Revenue of $781m and EBITDA of $425m were broadly in line, however, NPAT up 43% to $278m was a 4% beat to expectations. International segments drove much of the company’s growth, particularly in the US and Brazil where the company has made considerable acquisitions over the last 18 months. Around half of the company’s earnings come from offshore with investments in the leading auto marketplace in the US, South Korea and Brazil. Similar to FY23 guidance, the company provided general commentary on the outlook, expecting “good growth in Revenue and EBITDA in FY24” which would be well ahead of consensus if it is anywhere near the growth achieved in FY23.
MM remains positive on CAR as it breaks to new highs
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