It's 34.5 times FY18 NPAT and sale volumes are going to fall off a cliff over the next couple of years, it's already happening but there is a large backlog still in the system advertising. How many would be vendors will be selling in negative equity, short of losing their job? Very few. Not to mention the decline in apartment and house approvals that will translate into lower advertised listings in the future, the boom is over. Take a hint from the recent CEO and board member departures moving on internationally. Yes, a great company with dominant market position, but it can't escape less activity in the housing market.
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