We have upgraded our earnings forecasts for REA Group (REA) after a first half result that was stronger than it looked on the surface. Our EPS forecasts are upgraded by 1.2% in FY18, 3,8% in FY19 and 5.8% in FY20. REA's 16% uplift in Australian depth ad revenues speaks volumes about the power of the company's franchise with consumers and real estate agents. In the toughest residential advertising listings market in at least four decades, REA produced double-digit revenue growth.