The Trade Me Group Ltd (ASX: TME) share price has opened higher this morning as the company unveiled the current CEO of Finn.no, Anders Skoe, as its new CEO to commence later in the year.
What did Trade Me announce this morning?
The company announced that Anders Skoe has been appointed as the new CEO of the company. Mr Skoe is currently the CEO of Finn.no and executive vice-president of Nordic Marketplaces in Norway.
Finn.co is a similar business to Trade Me operating across the automative, real estate and employment classifieds sectors and is a part of the large, Norway-based global marketplace and media company Schibsted.
Mr Skoe indicated that he will be moving to New Zealand with his family and joining the Trade Me team in late July, with current CEO Jon Macdonald to continue until Mr Skoe's arrival.
Mr Macdonald had been due to leave Trade Me at the end of 2018 but stayed at the helm at the request of the Board while the company went through a Scheme of Arrangement with Titan Acquisition Co New Zealand Ltd.
Should you buy Trade Me shares?
The Trade Me share price has climbed marginally higher so far this year to $6.04 per share at the time of writing, a year-to-date increase of just 2%.
With a P/E ratio of 24.8x earnings, I'm not sure that Trade Me is the best value play on the market, despite offering investors a 3.25% annual dividend yield.
The company's current valuation isn't too far from its $6.24 per share 52-week high which means that momentum carrying the share price higher is never out of the question.
At this stage, I'd prefer to look to the tech sector for future growth including the likes of Appen Ltd (ASX: APX) or Afterpay Touch Group Ltd (ASX: APT) which have soared 80-90% higher in an explosive start to the year.
For those who want to look elsewhere for growth, this top-rated stock could boost portfolio gains as it continues to soar in a $22 billion industry.
