Since our positive October 2022 initiation note, Auto Trader’s share price has increased by over 50%, outperforming the FTSE 350 by more than 25% on a total return basis. We moved to a neutral recommendation following the FY24 results in June after the share price exceeded our valuation estimate. However, we now revisit our valuation analysis for Auto Trader and our assessment of its long-term earnings growth potential, concluding that the Group has a substantial runway to expand average revenue ....