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 Carsales.com 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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