Morningstar has a hold recommendation on Trade Me following the release of its full-year results for the financial year ended June 30, 2014, and expects the share price to reach a fair value of $3.60.

“Trade Me’s underlying net profit after tax was 5 per cent ahead of expectations. NPAT was flat compared to last year, despite a solid 9.7 per cent growth as margins declined due to faster expense growth.