Shares in REA Group (ASX:REA) jumped more than 4% yesterday, taking the recovery in the past week to nearly 9% as investors realised the Murdoch-controlled real estate listings platform would not get hold of its UK peer, Rightmove, despite a series of sweetened offers.
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A long moan from News Corp, or was it REA (ASX:REA), late Wednesday about the iniquities of UK property listings group, Rightmove, telling REA (and News) to go away for the third time.
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Somehow, News Corp’s 61% subsidiary, REA Group (ASX:REA), doesn’t quite understand that takeover targets are under no obligation to engage with an indicative bidder. They can simply close the door, hang up the phone, or ignore emails if they don’t wish to engage.
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UK property listings and services company Rightmove has said "no" for a second time to a new non-binding offer from News Corp’s REA Group.
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The prospective cost for News Corp’s 61%-owned REA Group (ASX:REA) to buy Rightmove in the UK has just risen well above A$11 billion.
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Investors didn’t welcome the news on Monday—shock news, actually—that the Murdoch family-controlled REA Group (ASX:REA) was looking to acquire a similar business in the UK.
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American home sales hit a 30-year low, delivering bad news for News Corp and its 61% owned Australian US property listings REA Group.
Read MoreThe analyst upgrades the rating to Buy from Neutral. At the same time, the target falls to $130 from $155.
Read MoreMorgans lowers its target price for REA Group to $145.40 from $156.30. As the amended target price is still more than 10% above the prevailing share price, the broker raises its rating to Add from Hold.
Read MoreThe Neutral rating is maintained on downside risk to the consensus forecast in the medium term. The target price eases to $158 from $162.
Read MoreThe latest half year figures from News Corp’s digital house listings arm REA Group has confirmed that it’s the middlemen that make a lot of money – and not just the banks.
Read MoreMorgans lifts its target price to $160.4 from $139.4.
Read MoreNeutral maintained. Target rises to $152 from $148.
Read MoreNews Corp’s 61% owned property listing business REA Group is continuing to withdraw from involvement in Asian markets that once were seen as key to its future growth outside Australia.
Read MoreREA Group holds one of the most privileged positions in real-estate of any company in the world. Within its home market of Australia, ~65% of the adult population visit the website every month, a number that keeps growing!
Read MoreThe Hold rating is unchanged and the target is increased to $139.4 from $131.
Read MoreREA Group will acquire all of Mortgage Choice ((MOC)) via a scheme of arrangement. The offer is $1.95 a share. Credit Suisse’s rating is upgraded to Neutral from Underperform. Target is $136.70.
Read MoreNews Corp controlled REA Group is buying Mortgage Choice for $244 million, as the real estate listings company seeks to expand the size of its mortgage broking business.
Read MoreThere is increased confidence in the outlook for REA Group after the first half result although the valuation is unsettling, according to Eva Brocklehurst.
Read MoreREA Group’s quarterly result has seen a -3.3% revenue decline translate into a 7.7% earnings (EBITDA) increase on the previous corresponding period, enthuses Morgans.
Read MoreREA Group will be reporting its first-quarter result on November 6. UBS expects the first-quarter revenue to be $182m and materially better listings performance. Cost-outs are expected to be at the higher-end or exceed the group’s previous guidance for -5-10% reductions.
Read MoreCredit Suisse had expected a recovery in Sydney and Melbourne property markets would support volumes but suspects REA Group could lag Domain Holdings ((DHG)) because of its broader national exposure.
Read MoreUBS found the third-quarter update positive as the company will reduce costs by -20% and the slump in listings appears to be better than some bear case scenarios.
Read MoreThe Murdoch clan’s News Corp is being battered by the impact of the COVID-19 pandemic and measures governments in the US, UK and Australia have adopted to control the virus and limit infections and deaths.
Read MoreFool’s paradise? Sydney and Melbourne house prices again rose strongly in March but there were more signs of a slowdown following tough restrictions on how real estate agents can sell properties during the coronavirus pandemic.
Read MoreThe company has reduced earnings expectations for FY20, abandoning the likelihood of a strong rebound in premium ad volumes in the current half. An automatic price rise of around 8% has also been postponed.
Read MoreYesterday saw a host of downgrades and other poor news from ASX companies of all sizes – all understandable in the current terrible investment climate as the combination of the coronavirus pandemic and the idiotic price war in oil between Russia and Saudi Arabia wreck market confidence and share price.
Read MoreThe first-quarter result disappointed UBS. Group revenue fell -9%. However, the miss was partly driven by increased revenue deferrals.
Read MoreREA Group withstood a significant downturn in listings volumes in FY19 and, while FY20 is off to a slow start, a recovery is expected in the second half.
Read MoreFY19 results were below Credit Suisse estimates, primarily because of listings weakness in the Australian market. Asia was also affected by macro weakness and competitive pressures.
Read MoreThe shares are now trading well above Morgans’ valuation and the rating is downgraded to Reduce from Add. REA Group shares have risen 21% since the broker last reported on the stock in May.
Read MoreDNR Capital’s Jamie Nicol speaks with Informed Investor about REA Group (ASX: REA), a leader in the global digital property industry.
Read MoreUBS found the first half impressive, although believes the confirmation that growth is set to slow has probably driven underperformance in the share price. Moreover, this could suggest earnings risk in FY20.
Read MoreNews Corp has underlined the importance of its REA property website listings business by promoting its CEO, Tracey Fellows to run all of the company’s operations in this year from the US.
Read MoreThe fall out from last Friday’s trading updates from Nine Entertainment and Fairfax Media ahead of the release of the documentation for their planned takeover deal continued to batter the media sector yesterday on the ASX.
Read MoreNews Corp’s 61% owned online real estate arm, REA Group has revealed write downs in the value of its Asian assets totalling $180 million on a preliminary estimate.
Read MoreNow this will make the profit starved News Corp grin – REA Group (REA), its 62% Australian digital property play, has boosted earnings 37% and interim dividend by 38% for the six months to December.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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