Upshifting into FY24

About the author:

Steven Sassine
Author name:
By Steven Sassine
Job title:
Associate Analyst
Date posted:
15 August 2023, 8:00 AM
Sectors Covered:
Diversified Financials

  • Carsales (ASX:CAR) released its FY23 result, which at NPAT level, on an adjusted basis was a beat versus consensus. Overall, it was a strong result in our view, particularly with the platform seeing double-digit revenue growth (constant currency) on a pro forma basis across all regions. CAR also provided some robust outlook commentary of “very strong revenue and EBITDA growth” which was well received, in our view, with the stock trading up ~7% on result day.
  • We increase our FY24F-FY26F EPS by ~7-10% factoring in the recent result and strong guidance commentary provided by CAR. Our DCF-derived price target increases to (login to view). Hold rating maintained.

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