Carsales.com Limited (CRZ)
Views and News
Essentials
By far the dominant online automotive, motorcycle, marine and wider classifieds business in Australia, providing both industry and private online advertising and data research services across focused websites. Revenues, EBITDA, profit, dividends and cash flow all show high 5-year growth. Its Chairman and CEO founders still drive that growth and evolution.
Half-year Performance & Estimates - CRZ
| Year-end June | 1H12A | FY12A | 1H13A | FY13A | 1H14A | FY14E | FY15E |
|---|---|---|---|---|---|---|---|
| Sales, $m | 88.1 | 184.3 | 102.2 | 215.2 | 112.5 | 237.0 | 265.0 |
| EBITDA, $m | 47.0 | 101.3 | 53.4 | 119.9 | 63.7 | 138.4 | 155.8 |
| EBIT, $m | 47.0 | 98.0 | 53.4 | 117.4 | 63.7 | 135.9 | 153.0 |
| Report NPAT, $m | 33.1 | 71.6 | 37.6 | 83.6 | 44.0 | ||
| Adj. NPAT, $m | 44.0 | 96.4 | 110.8 | ||||
| Reported EPS, ¢ | 14.00 | 31.00 | 16.00 | 35.00 | 18.00 | ||
| Adjusted EPS, ¢ | 18.00 | 40.80 | 46.90 | ||||
| EPS %FY/Growth | 45% | 46% | 13% | 13% | 17% | 15% | |
| Dividend, ¢ | 11.3 | 30.5 | 12.7 | 28.3 | 14.7 | 32.75 | 37.00 |
| Franking, % | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| EBITDA Margin | 0 | 55% | 52% | 56% | 57% | 58.4% | 58.8% |
| NPAT Margin | 0 | 39% | 37% | 39% | 39% | 40.7% | 41.8% |
| ROE, % | 0 | 56% | 29% | 55% | 26% | ||
| EBIT/Interest | 0.0 | -75.9 | 10.0 | -87.7 | 49.65 | ||
| Net Debt / Equity | 0 | -0.32 | -0.32 | 0.26 | 0.22 | ||
| CashFlow/Sh, ¢ | 12.7 | 31.8 | 15.6 | 38.6 | 18.3 | 41.0 | 44.2 |
| Y/E Shares, m | 233.3 | 233.7 | 235.8 | 236.2 | 237.8 |
| Notes |
| Data sourced from IRESS Market Technology Limited. EPS Growth compared with the pcp is shown in most columns except the first half years which show their percentage of full year EPS. In a handful of cases, unadjusted share splits, or changes between positive and negative values, may give strange changes in ratios. |
Recent News Highlights
As at 31/12/2012 : see details at www.carsales.com.au (new window? Shift+Click)
| 31/12/2012 New Fees to Auto Dealer Customers for Leads from 1 February, reflecting AGM Guidance |
| 20/12/2012 ACCC to Oppose CRZ's Proposed Acquisition of TradingPost; CRZ remains committed to grow quicksales.com.au |
| 07/12/2012 CRZ to Join S&P/ASX 100 Index on Quarterly Rebalancing, Effective 22 December |
| 25/10/2012 AGM 2012 & Presentation |
| 19/10/2012 ACCC Concerned Over Carsales' Proposed Acquisition of TradingPost |
| 17/09/2012 2012 Annual Report |
| 15/02/2012 Results 1H12: strong and good guidance |
Russell Research in the media
Stock Picks for Sunday Herald Sun - 30 June 2013
Buy: Carsales.com (CRZ)
Dominating in Australia with over 20 percent annual earnings growth, it is following Seek with acquisitions in Brazil and Asia. Expect 3.7 per cent franked yield.
Stock Picks for The Bull.com.au - 24 June 2013
BUY Carsales.com Limited (CRZ)
Enjoying the strong car market, it dominates Australian online browsing with sound growth in display advertising, dealer and data services. More than 20% earnings growth and a net cash position supports expansion in related areas and general classifieds. It's acquiring a 30% stake in Brazil's leading auto website and 19.9% in an Asian site. Expect benefits from both. Look to a 3.7% franked yield and continuing share price upside.
Stock Picks for The Bull.com.au - 23 July 2012
Buy: Carsales.com (CRZ)
By far the dominant online automotive, motorcycle, marine and wider classifieds business in Australia. Revenue, EBITDA, dividends and cash flow all show high five-year growth. This innovative company offers strong management.
Company Overview
Profile
Carsales.com
Rating: ♥
Category: Best Stock ; Large
Action:
Website: www.carsales.com.au
| ASX code: | CRZ |
| Closing Price, 20/06/14: | $ 10.740 |
| Market Capitalisation: | $ 2,554 million |
| 52 Week High: | $ 12.61 |
| 52 Week Low: | $ 8.69 |
| Sector: | Internet Software & Services |
| Index: | S&P/ASX 100 Index |
Summary of Fundamentals
| Year-end June | FY12A | FY13A | FY14E | FY15E |
|---|---|---|---|---|
| NPAT, $m | 71.6 | 83.6 | 96.4 | 110.8 |
| Reported EPS, ¢ | 31.00 | 35.00 | ||
| Adjusted EPS, ¢ | 83.52 | 40.80 | 46.90 | |
| EPS Growth, % | 29% | 169% | -51% | 15% |
| P/E Ratio, x | 34.65 | 12.86 | 26.32 | 22.90 |
| Dividend, ¢ | 30.5 | 28.3 | 32.75 | 37.00 |
| Franking, % | 100% | 100% | 100% | 100% |
| Div. Yield, % | 2.84 | 2.64 | 3.05 | 3.45 |
Notes
| Our Adjusted EPS is used for the last year and forward estimates and as basis for EPS Growth and P/E Ratio. We currently use Reported data for all historic NPAT, for the prior year EPS and as base for last year EPS growth. |
| Data & Chart sourced from IRESS Market Technology Ltd. |
One Year Chart
As at 23 June 2014
Other Highlights
| Sector: | Internet Software & Services |
| Return on Equity, FY13 : | 55% |
| Net Debt to Equity, FY13 : | 26 % |
| EBIT / Interest Cover, FY13 : | -87.7 x |
| Gicscode: | 45101010 |
| First Listed: | 10-Sep-09 |
Business Activities
Carsales.com Limited (CRZ) is one of Australia's leaders in automotive classified advertising, offering Online Advertising and Data Research Services.
Glossary:
| ♠ | "A Core Stock" - reliable long-term yield & growth |
| ♥ | "We like it" - a seasoned performer, growth & yield |
| ♦ | "A tough scout" - creating a potential breakthrough |
| ♣ | "A steady performer" - giving reliable yield or growth |
| Best Stocks | Portfolio of selected attractive investments |
| Potential | Stocks that may have good improvement prospects |
| Speculative | More risky usually smaller stocks with spec. upside |
| Midcaps | In RR Midcap Index, $ 70m to 1,500m market cap. |
| Large Stocks | Larger Stocks upwards of $ 1,500m market cap |