Trade Me price guide reduced

Trade Me admitted earlier this month at a Macquarie conference that the stoush with estate agents over last November’s price changes was still going on and that it had lost around 10% of property listings. This has prompted some negative comment in the press, and with the General Items business also reportedly weak, earnings per share now look likely to be slightly less than last year’s 19.8 NZ cents, compared to the 21.0 NZ cents expected when we upgraded the stock in Trade Me: Interim result 2014 and Upgrade on 19 Feb 14 (Buy – $3.54). The situation with...

Trade Me admitted earlier this month at a Macquarie conference that the stoush with estate agents over last November’s price changes was still going on and that it had lost around 10% of property listings. This has prompted some negative comment in the press, and with the General Items business also reportedly weak, earnings per share now look likely to be slightly less than last year’s 19.8 NZ cents, compared to the 21.0 NZ cents expected when we upgraded the stock in Trade Me: Interim result 2014 and Upgrade on 19 Feb 14 (Buy – $3.54).

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