Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Foxtons Group’s core London market has been improving all year and the interim results highlight both the recovery and the contribution from recent acquisitions. Furthermore, the company announced a return to paying dividends in respect of the half year and given the strength of both trading and the balance sheet, revealed a £3m share buyback programme that should augment earnings. We retain our underlying assumptions but raise our valuation by 1p to 130p to reflect the share buyback.
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Foxtons Group’s core London market has been improving all year and the interim results highlight both the recovery and the contribution from recent acquisitions. Furthermore, the company announced a return to paying dividends in respect of the half year and given the strength of both trading and the balance sheet, revealed a £3m share buyback programme that should augment earnings. We retain our underlying assumptions but raise our valuation by 1p to 130p to reflect the share buyback.


Foxtons Group - Strong results, dividend and share buy back in H2

<p>Foxtons is at an inflexion point, in terms of both its underlying markets, which are recovering, and the next stage of its development. Revenues have fallen every year since 2016 but grew c 50% in Q1 and are now forecast to grow at a CAGR of 15% pa for the next three years, as sales are strong, lettings are picking up as the London market begins to normalise and Foxtons has been active with M&A. These positives are likely to be boosted by further M&A in lettings, as well as growth in ‘Build to Rent’ (BTR) and regional expansion. While our base case estimates imply a valuation below the current price, we value the shares at up to 129p based on our bull case scenario.  
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Foxtons is at an inflexion point, in terms of both its underlying markets, which are recovering, and the next stage of its development. Revenues have fallen every year since 2016 but grew c 50% in Q1 and are now forecast to grow at a CAGR of 15% pa for the next three years, as sales are strong, lettings are picking up as the London market begins to normalise and Foxtons has been active with M&A. These positives are likely to be boosted by further M&A in lettings, as well as growth in ‘Build to Rent’ (BTR) and regional expansion. While our base case estimates imply a valuation below the current price, we value the shares at up to 129p based on our bull case scenario.  


Foxtons Group - Clear growth plans drive upside potential

United Kingdom

Foxtons Group plc is a real estate broker that buys and sells properties for its clients.   The Company sells and rents properties in the United Kingdom.  Foxtons also provides property management services in the United Kingdom and Internationally.

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Foxtons (FOXT LN)

Foxtons Group - Clear growth plans drive upside potential

Foxtons is at an inflexion point, in terms of both its underlying markets, which are recovering, and the next stage of its development. Revenues...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foxtons Group - Strong results, dividend and share buy back in H2

Foxtons Group’s core London market has been improving all year and the interim results highlight both the recovery and the contribution from recent...

Edison Investment Research

Foxtons Group - Clear growth plans drive upside potential

Foxtons is at an inflexion point, in terms of both its underlying markets, which are recovering, and the next stage of its development. Revenues...

Edison Investment Research