2025财年业绩：逢低买入交易策略构建器
Giles Thorne * | Equity Analyst44 (0) 20 7029 8005 | giles.thorne@jefferies.comOliver Conroy * | Equity Analyst+44 (0)20 7029 8642 | oconroy@jefferies.comWeng Lum Khoo * | Equity Associate+44 (0)20 7548 4033 | wkhoo@jefferies.com Exhibit 1 - Results vs Consensus.2H25 results postviewAuto Trader segmentRevenue (£'m)TradeConsumer servicesManufacturer & AgencyOperating profit (£'m)% of revenueKPI'sAverage retailer forecourts in periodARPR in periodARPR leversPrice growth YoYStock growth YoYProduct growth YoYTotal ARPR growthAutorama segmentRevenue (£'m)Operating profit (£'m)% of revenueGroupRevenue (£'m)Operating profit (after central costs, £'m)% of revenueSource: Company data, Company compiled consensusExhibit 2 - Biannual growth trends.Key metricsAuto Trader segment revenueTradeConsumer servicesManufacturer & AgencyAuto Trader segment EBIT marginEBIT margin progressionRetailer ForecourtsARPRRetailer net adds (HoH)Retailer growth (YoY)Price YoYStock YoYProduct YoYCOVID measures YoYTotal ARPR growthARPR (%)Source: Company dataPlease see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionAuto TraderAuto Trader Group plc is a United Kingdom-based digital automotive company. The company is engaged in the business of buying and sellingvehicles via its website www.autotrader.co.uk. The company also has operations in Ireland and the brand www.carzone.ie.Company Valuation/RisksAuto TraderDCF-based. Risks: competition from new entrants; regulation; stock headwind (prolongs or worsens).Alphabet, Inc.Our $200 PT is based on 12x EV/EBITDA our forward NTM estimates, which is inline with the stock's 12x historical average given its superiorfundamentals relative to ad peers. Risks include impact from macro, regulatory overhang, margin pressure from ongoing investments, andimpacts from shift toward generative AI, mobile, in-app, and voice-to-core search.Amazon.com, IncValuation:Our $240 PT is based on ~15x 2026E EV/EBITDA.Risks:Ongoing need to invest keeps a lid on margin expansion; regulatory pressureleads to increasing costs; macroeconomic headwinds cause top-line growth to slow.Analyst Certification:I, Giles Thorne, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Oliver Conroy, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Weng Lum Khoo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Giles Thorne is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Oliver Conroy is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Weng Lum Khoo is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but var
