Stock Analyst Note
Pexa Earnings: No Signs of Progress on UK Expansion but Downside Is Limited
We maintain our AUD 17.25 per share fair value estimate for wide-moat Pexa following its full-year results. The company reported modest improvements from the prior year, with group margins rising 3 points on a pro forma basis, which includes Smoove, or 2 points, when excluding Smoove. Margins for the Australian Exchange rose 1 point to 55%, despite ongoing investment into the platform.