Carsales offers yield and growth

Its dominant local business should generate a growing stream of cash, and a clutch of early-stage overseas businesses put the cream on the top.

What a difference a year makes. In September 2008, Lehman Brothers filed for bankruptcy and financial markets were effectively shut. By September 2009, markets had very definitely reopened and got its float away at a prospective price-earnings ratio (PER) of 22 (a share price of $3.50), before watching it stretch to 34 in four months (a share price of over $5).


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