A big premium no doubt, however a price well down on the peak MC had traded at in prior years.
I would argue it was the profit decline and share price weakness that created the opportunity in the first place, but it does appear the MC board drove a hard bargain.
If you have an edge in acquiring customers, a brokerage business is extremely attractive. It is otherwise capital light and essentially clips the ticket on activity.
I think REA have a good edge in driving customers to MC so I'm fine with them bolting on, albiet less attractive than the core, businesses that enhance the absolute profitability of REA.
They have a massive audience, so why not try to funnel that into a mortage pre approval while your searching for a property? Sounds good to me.
anyway, yes capital allocation is a common critique of the company. India is currently a big drag so that in a sense is a leap of faith.
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