CSGP – Market expectations are for Uniform ROA to reach all-time highs, but management may be concerned about Apartments.com, LoopNet, and growth

• CoStar Group, Inc. (CSGP:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 77.3x Uniform P/E. At these levels, the market has bullish expectations for the firm, but management may be concerned about the potential of Apartments.com, LoopNet revenue, and their growth drivers
  
• Specifically, management may lack confidence in their ability to sustain revenue growth, grow LoopNet revenues going forward, and maintain low cancellation rates. In addition, they may have concerns about the accuracy of their leasing activity estimates for H2, their current customer mix, and the potential benefits of their increased marketing spend for Apartments.com and LoopNet. Furthermore, management may be exaggerating the potential market opportunity of Apartments.com, the macroeconomic resiliency of their business, and the potential of their innovative products to drive growth. Moreover, they may be concerned about the financial position of their clients, softness in their revenue, and their clients halting their purchase of marketing solutions