External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 8th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets.</li><li>We expect 2% increase in revenue to $1,468m (Bberg consensus: $1,443m), and a 4% increase in EBITDA to $809m (consensus: $813m) incorporating 18.5% opex growth and the midpoint of guidance for share of associate losses.</li><li>Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Following recent industry data releases we have reviewed our FY24/25 forecasts and anticipate a strong FY24 performance at the result on 8th August, driven by potential listings growth above REA commentary for a 5-7% range (BPe: 8%) and positive geo mix (BPe: 2.5%) from outperformance in key Syd/Mel markets.We expect 2% increase in revenue to $1,468m (Bberg consensus: $1,443m), and a 4% increase in EBITDA to $809m (consensus: $813m) incorporating 18.5% opex growth and the midpoint of guidance for share of associate losses.Our revised estimates for FY24 EPS (BPe: 352cps) and DPS (BPe: 193cps) are in-line with consensus following upgrades of 8%/4%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

REA Group (REA): Compounding growth – upgrade to Buy

Australia

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

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