In case you missed it, Aussie Most Read Publications 16 Jun to 22 Jun 2026

Research evidence excerpt

In case you missed it, Aussie Most Read Publications 16 Jun to 22 Jun 2026

s the Australian classifieds space has generally been robust in May, despite company-specific

macro headwinds and AI-related negative sentiment towards the space. In our view, this is a positive reflection on the strong

brand position of each business in their respective markets which we expect will drive a sustaining competitive advantage as

end-customer search behaviour shifts, and a positive read on end-market demand-side activity.

| Revisiting Retail (Don Carducci)

Household outlook turning over

We moderate our expectations across NCK, BLX and TPW given the more challenging housing outlook ( discussion within ).

Announced domestic policy changes present as an additional headwind to future housing turnover, compounding an already

weak consumer backdrop. Headline multiples across all three names have moderated and reflect the more subdued trading

environment.

Life360 (Bob Chen) (360 AU, OW, PT A$32.00)

May App Data points to strong 2Q run-rate

Active user and app download data for Life360 in May are pointing to a re-acceleration in activity following a soft start to the

year, +20% at the group level (US +16% y/y; International +24% y/y). We leverage Sensor Tower data for monthly MAU and

app download data. Historically, Sensor Tower has slightly overstated (vs. 360 reported) absolute values, but the rate of growth

has been a good indicator in recent periods. As a reminder, 360 reduced CY26 MAU growth guidance to 17-20% (from 20%)

and reported 1Q MAU +17% y/y, reflecting several one-off traffic impacts. While this implies a record 3/4Q (given 2Q MAU adds

will be in-line with the pcp, +16% y/y), data for May suggest the rate of growth is re-accelerating vs. April, which will be key to