The online auto-classified business CAR hit a new all-time high in mid-August after delivering a strong FY23 result and solid guidance. The company has shown an impressive ability to grow internationally while maintaining margin, they’ve had success in the US and Brazil, which has improved the market’s confidence in their ability to grow profitably outside Australia, an objective that has eluded many. In a market that rewards quality and punishes mediocrity, or worse, we see no reason to doubt the stock’s ability to trade well above $30.
- We like CAR for a break to fresh all-time highs, although it’s hardly a big call with the stock less than 3% below this milestone.
MM is short-term bullish toward CAR
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