Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Dear James and Shawn Enjoy very much you daily reports and detailed analysis. After taking over Smoove, PEXA indicates that no further UK M&A is likely; and is now ready to be a serious player in the UK property market. Would like to know what your thoughts are on PEXA. Thanks for taking this question.
Hi Peter,
For those not familiar with PEXA it operates a digital property settlements platform. The company’s FY23 result that was mixed, but ultimately a FY loss of $21.8m which is not good but largely expected as they invest for future growth. However, the stock fell away after their guidance for FY24 implied more of the same.
At MM, we’re of the view that conditions should be improving, and they would be seeing some early indications of said improvement – not the case so far and this particular investment thesis may take longer to play out, however, their UK business will be a very good one and their platform in Australia is excellent. We like PXA at current levels and own it in the Emerging Companies Portfolio.
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