First Impression: Carsales.com (CAR) 1H17

Bell Potter

Net operating cash flow up 5.6% to 53.2m | Outlook: “The second half has commenced well with January once again proving to be an attractive month for car buyers in the domestic business. Domestic adjacencies continue to build scale and breadth with a number of significant opportunities. Assuming these conditions continue to be stable we anticipate FY17 revenue, EBITDA and NPAT growth will remain solid in the domestic core business. International: Korea expected to see continued solid local currency revenue and earnings growth. Economy in Brazil remains challenging. We continue to make changes in Webmotors to improve performance, including replacement of the existing CEO.” | Today’s share price reaction: na- market opens 10.00 am (previous close $10.05).

CAR - First Impression.pdf


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