Group 1: REA Group Overview - REA Group is a Melbourne-based real estate advertising company, primarily known for its realestate.com.au platform, and is majority-owned by News Corp [2][3] - The company operates property websites in around 10 countries, with the Australian site receiving over 55 million visits monthly, and Australian operations account for the majority of its revenue [3][4] - REA generates revenue through property listings and has a smaller financial services arm offering mortgage broking [3] Group 2: Competitive Advantages - REA Group benefits from network effects and economies of scale, giving it greater market power compared to its main competitor, Domain [4] - The company owns assets across various segments of real estate, including listing, advertising, mortgage broking, and house sharing, enhancing its competitive position [4] Group 3: ZIP Co Overview - Zip Co, founded in 2013, specializes in buy-now-pay-later (BNPL) services, allowing customers to make purchases and pay in interest-free installments [5] - The company operates globally, partnering with over 79,300 retailers and serving more than 6 million customers, and expanded into the US market by acquiring Quadpay in September 2020 [6] Group 4: Share Price Valuation - REA Group shares currently have a price-to-sales ratio of 17.90x, above its 5-year average of 17.41x, indicating a potential increase in share price or a decline in sales [8] - ZIP shares trade at a price-to-sales ratio of 6.51x, compared to its 5-year average of 5.81x, also suggesting that its shares are trading above historical averages [9]