DHG -5.59% was hit hard today as 1Q25 digital revenue growth of 9% y/y missed expectations which were nearer 15%. On a more positive side, they said October new listings growth has continued to accelerate, underpinning y/y depth revenue growth of 19% like-for-like. They also reaffirmed FY25 cost and Ebitda margin guidance is maintained, with costs increasing in the high single to low double-digit percentage range, and Ebitda margins expected to be stable, with margin expansion expected in FY26 and beyond.
- DHG is a long way behind REA, and the pathway to catch up is a challenging one. We own Zillow Group (ZG US) overseas who report tonight.
MM is neutral at best on DHG
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