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Domain Holdings Australia  / Equity Bottom-Up

<ul><li>Trade deals, central bank meetings, earnings season (US & Europe) with first local releases later in the week, as well as the all-important June quarter CPI print domestically will set the mood and tone for the ASX200 this week.</li><li> ASX200 futures are pointing to a slightly weaker start, but the overnight, EU-US trade deal may boost sentiment.</li></ul>

Trade deals, central bank meetings, earnings season (US & Europe) with first local releases later in the week, as well as the all-important June quarter CPI print domestically will set the mood and tone for the ASX200 this week. ASX200 futures are pointing to a slightly weaker start, but the overnight, EU-US trade deal may boost sentiment.

Domain Holdings Australia Ltd - The Monday Report - 28 July 2025

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Domain Holdings Australia  / Event-Driven

<ul>
<li>Back on the 9th May 2025, <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> entered into a Scheme, at A$4.43/share (in cash), with CoStar, the same terms as the 27th March NBIO. </li>
<li>Apart from the standard Scheme vote, this needs FIRB to sign off.  <a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a> (60.05% shareholder) is supportive.</li>
<li>
The Scheme Booklet is now <a href="https://announcements.asx.com.au/asxpdf/20250630/pdf/06l8x6ntjgw6f7.pdf" target="_blank" rel="noopener">out</a>, with a Scheme Meeting on the 4th August, and expected implementation on or before the 27th August. The IE (FGrant Samuel) says "fair &amp; reasonable".</li>
</ul>


Back on the 9th May 2025, Domain Holdings Australia (DHG AU) entered into a Scheme, at A$4.43/share (in cash), with CoStar, the same terms as the 27th March NBIO. 
Apart from the standard Scheme vote, this needs FIRB to sign off.  Nine Entertainment Co Holdings (NEC AU) (60.05% shareholder) is supportive.

The Scheme Booklet is now out, with a Scheme Meeting on the 4th August, and expected implementation on or before the 27th August. The IE (FGrant Samuel) says "fair &amp; reasonable".


Domain (DHG AU): 4th August Vote On CoStar's Offer. Clean Deal

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> at A$4.43 per share, a 42.0% premium to the undisturbed price.</li>
<li>As CoStar is a US entity, FIRB approval should be forthcoming. The scheme vote is low-risk, as Nine (60.05% of outstanding shares) will vote in favour of it. </li>
<li>While attractive to precedent transaction multiples, the offer remains light compared to peer multiples. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%. </li>
</ul>



Domain Holdings Australia (DHG AU) entered a scheme implementation deed with Costar Group (CSGP US) at A$4.43 per share, a 42.0% premium to the undisturbed price.
As CoStar is a US entity, FIRB approval should be forthcoming. The scheme vote is low-risk, as Nine (60.05% of outstanding shares) will vote in favour of it. 
While attractive to precedent transaction multiples, the offer remains light compared to peer multiples. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%. 


Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal

<ul>
<li>On the 27th March 2025, <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>  <a href="https://announcements.asx.com.au/asxpdf/20250327/pdf/06h1rddr4ld6pw.pdf" target="_blank" rel="noopener">announced</a> a $4.43/share NBIO from Costar, and subsequently entered into an exclusivity and process deed.</li>
<li>Domain has<a href="https://announcements.asx.com.au/asxpdf/20250509/pdf/06jkzs19tnt4l0.pdf" target="_blank" rel="noopener"> now entered into a Scheme</a> with CoStar on the same terms. Including any dividends paid. Curiously, terms were not declared "best &amp; final" as stated in the NBIO.</li>
<li>Apart from the standard Scheme vote - expected mid-August, this needs FIRB to sign off. Potential implementation late-August. <a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a> (60.1% shareholder) is supportive.</li>
</ul>


On the 27th March 2025, Domain Holdings Australia (DHG AU)  announced a $4.43/share NBIO from Costar, and subsequently entered into an exclusivity and process deed.
Domain has now entered into a Scheme with CoStar on the same terms. Including any dividends paid. Curiously, terms were not declared "best &amp; final" as stated in the NBIO.
Apart from the standard Scheme vote - expected mid-August, this needs FIRB to sign off. Potential implementation late-August. Nine Entertainment Co Holdings (NEC AU) (60.1% shareholder) is supportive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a> announced a final non-binding proposal from <a href="https://www.smartkarma.com/entities/costar-group-inc" target="_blank" data-smartkarma-citation="entities:16907:1" rel="noopener">Costar Group (CSGP US)</a> at A$4.43, a 5.5% premium to the previous A$4.20 offer.</li>
<li>The scheme vote is low-risk as <a href="https://www.smartkarma.com/entities/nine-entertainment-co-holdings-ltd" target="_blank" data-smartkarma-citation="entities:708:1" rel="noopener">Nine Entertainment Co Holdings (NEC AU)</a> seems supportive. Nine suggested that the revised price would result in after-tax cash proceeds of A$1.4 billion.</li>
<li>While attractive to precedent transaction multiples, the revised offer remains light compared to peer multiples. Nevertheless, expect a binding proposal to be forthcoming. </li>
</ul>



Domain Holdings Australia (DHG AU) announced a final non-binding proposal from Costar Group (CSGP US) at A$4.43, a 5.5% premium to the previous A$4.20 offer.
The scheme vote is low-risk as Nine Entertainment Co Holdings (NEC AU) seems supportive. Nine suggested that the revised price would result in after-tax cash proceeds of A$1.4 billion.
While attractive to precedent transaction multiples, the revised offer remains light compared to peer multiples. Nevertheless, expect a binding proposal to be forthcoming. 


Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43

Australia

Domain Holdings Australia Limited offers multi-platform property solutions. The Company operates an online portal that delivers property marketing solutions for residential, new development, and commercial properties. Domain Holdings Australia serves buyers, sellers, renters, and investors in Australia.

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Domain Holdings Australia (DHG AU)

Domain Holdings Australia Ltd - The Monday Report - 28 July 2025

Trade deals, central bank meetings, earnings season (US & Europe) with first local releases later in the week, as well as the all-important...

FNArena

Domain (DHG AU): 4th August Vote On CoStar's Offer. Clean Deal

This is done. Trading super tight at 0.9%. As it has done since the onset. If not in and/or cannot take advantage of the franking credits, this one...

David Blennerhassett

Domain Holdings (DHG AU): CoStar’s A$4.43 Binding Proposal a Done Deal

Nine's support suggests that this is a done deal. At the last close and for an end-of-August payment, the gross/annualised spread is 1.1%/3.6%.

Arun George

Domain Enters Into Scheme With CoStar

With Nine's backing, this is a clean deal. Assuming implementation late August, pay up to A$4.25/share. This may trade tighter, for those investors...

David Blennerhassett

Domain Holdings (DHG AU): CoStar Returns with a Final NBIO at A$4.43

A binding proposal should be forthcoming. The revised and final offer is attractive compared to precedent transaction multiples. The vote is low...

Arun George

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