Carsales: Result 2016

The market was excited by growth accelerating in Carsales’s core business but there’s evidence competition is intensifying.

One year ago, just after the 2015 results, we made a prediction: ‘Our estimate is Carsales will produce EPS of approximately 45 cents in 2016’. Lo and behold, in 2016 the automotive classifieds company produced earnings per share of exactly that number (actually 44.7 cents but who’s counting?).

We considered that sort of growth just adequate – and yet the share price has risen 31% since Carsales: Result 2015. This is a market that is willing to pay up for consistency.

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