Media - Integrated: Pulse check on volumes coming into FY results

About the author:

Author name:

By Steven Sassine

Job title:

Associate Analyst

Date posted:

10 August 2023, 10:00 AM

Sectors Covered:

Diversified Financials

• As we move into the full year results period, we take a quick stock-take of the classifieds players and how volumes are shaping up in 1Q24. The general themes are normalising job ad volumes (SEK), some capital cities showing early signs of recovery in new listings (REA) and inventories remaining robust overall (CAR). Whilst we expect volumes more broadly to remain volatile near term, we do anticipate yield being a key driver of growth underpinning the performance of these companies in FY24.
• We make several forecast changes across REA/SEK/CAR factoring in the latest volumes data (details overleaf). We make no changes to our recommendations.

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