Morningstar

REA Group Ltd

REA: XASX (AUS)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$989.00	Lycp	Sllssgcj

Mortgage Choice Acquisition Doesn't Strengthen REA Group's Economic Moat

Mar 29, 2021

Business Strategy and Outlook

We expect REA Group to continue to leverage its dominant position in the Australian online real estate listings market to increase revenue and profit margins and expand internationally. REA Group's core Australian listings business is extremely successful and has a significant lead over its main competitor, Nine Entertainment-backed Domain Holdings. For example, REA Group generates around 3 times Domain's revenue, which we attribute mainly to superior pricing power and higher revenue per listing.

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