iProperty Group (ASX:IPP) reminds me of REA back in 2004, everyone was sceptical, where are the earnings they all said...don't worry they are coming said the...

iProperty Group (ASX:IPP) reminds me of REA back in 2004, everyone was sceptical, where are the earnings they all said...don't worry they are coming said the company....and they did, and the rest is history. IPP is a very similar story where first mover advantage is very valuable, and growing revenue is the be all and end all in the early days. Australia provided a good starting point for REA due to the relatively high internet penetration rates, but it did take time to build. IPP is in a similar situation where internet penetration in Asia is increasing, but rather than being in a single country, IPP is establishing itself in a number of high growth SE Asian countries so its costs are a little higher than REA in the early days, but they are following a similar Revenue and EBITDA trajectory. Our IPP initiation from April is available at (VIEW LINK)