Domain Holdings Australia Ltd Ordinary Shares

DHG: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$2.30	Grknh	Mnglk

Recovering Real Estate Market Doesn’t Justify Domain’s Share Price

Nov 10, 2020

We are reluctant to read too much into narrow-moat rated Domain’s first quarter trading update and we have maintained our fair value estimate at AUD 3.20 per share. Group revenue is down by 7%, on a year-to-date basis, digital revenue is up by 4%, and costs are likely to fall by 12% in the first half. However, the update only represents one quarter of trading and was significantly distorted by the Melbourne lockdown, the suspension of print operations in Victoria, JobKeeper Payments, and temporary cost-cutting.

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