Investment Thesis
CoStar Group provides commercial real estate data, analytics, and marketplaces (Apartments.com, LoopNet). SaaS subscriptions and marketplace network effects drive high-margin recurring revenue.
- Data Moat: Decades of property data underpin CoStar Suite.
- Marketplace Growth: Apartments.com and Homes.com scale with consumer traffic.
- International Expansion: European acquisitions extend data platform abroad.