REA: A Great Business At A Really Great Price [Seeking Alpha]
News Corporation - Class B (NWS)
US:NASDAQ Investor Relations:
investors.newscorp.com/investor-relations
Company Research
Source: Seeking Alpha
SummaryCovid-19 will have a real impact, but normality will return eventually and REA's business will be as strong as ever.REA continues to have a dominant market position, resilient financials, and good growth potential.Low entry point provides a margin of safety.REA shares have been hit by depressed investor sentiment on the Australian property market after the Covid-19 outbreak and suffered a 27% fall from 21I find the current valuation as an attractive entry point for one of the top companies in Australia because of its strong network effect and the unique real estate advertising structure in the country.REA enjoys a dominant market position, benefiting from strong network effects, economies of scale, and high switching costs for its real estate agents. Its first-mover advantage, combined with prudent management and continued reinvestment in the business, has allowed it to build an almost unassailable network effect that is crucial to any Internet platform. It continues to command
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