Ann: Appendix 4E and Annual Report 2024, page-2

Pretty bullet proof business, low level of capital intensity, significant pricing power, and with plenty of product and geographical diversity.

Unsurprisingly, then, despite really tough macroeconomic conditions, this is another result of impeccable quality (noting that the growth was assisted by full ownership of webmotors, acquired in May 23), but the strong growth in the core Australian businesses continued (12.4% in second half, vs 12.8% in first half). What's more, the EBITDA margin in Australia rose to 55.5% in the second-half, from 52.7% in the first-half and 52.5% in JH23.

The US business (Trader Interactive) grew Revenue by 13% in the second-half,, and its EBITDA margin was 58.4%, up from 52.6% in JH23, but slightly down on DH23's 60.2%. TI's EBITDA is running at ~$165m Makes the implied acquisition consideration of $2.3bn (so EV/EBITDA multiple of 13.8x) look increasingly like it is a very sensible, and value-accretive, acquisition.

Hard to see what can de-rail this juggernaut.

(Just don't mention the valuation...)

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