SiteMinder Ltd

SDR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$32.00	Pmdbv	Kmsnndwrz

SiteMinder Earnings: Cruising Toward Positive Earnings

Roy Van Keulen

Aug 27, 2024

We maintain our AUD 10 per share fair value estimate for narrow-moat SiteMinder. The company released fourth-quarter results last month, so the full-year result included limited new information. The shares screen as materially undervalued. The market does not seem to fully appreciate how the company’s scale-based advantages translate into the high winnability of a large market opportunity.

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