DHG -2.31%: the property classifieds company presented reasonable 1H numbers today, though shares hit ~10 month lows before recovering into the afternoon. Revenue of $202m was largely as expected, Earnings (EBITDA) was a 4% miss at $68m but profit (NPAT) of $29m met the market on the nose. Listing volumes for the half fell marginally, a strong recovery into the back end of the year but still lagging REA’s effort. Yields were marginally lower and there was a noticeable lack of penetration for their higher end Platinum offering which the market was slightly concerned with. Guidance was left unchanged for costs with the company looking for margins to improve with growing listings. There are early signs of improving volumes ex-Syd/Melb.
MM is bullish DHG around $3.40
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