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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Foxtons Group slightly over-achieved expectations for FY25 despite external factors affecting demand. Our valuation moves from 120p to 115p as a result of these external pressures. Foxtons completed two acquisitions in January further underpinning the drive to expand in faster growing commuter markets. That said, there remains significant financial headroom to facilitate further M&A, which appears likely given the forthcoming Renters’ Rights Act.</p>

Foxtons Group slightly over-achieved expectations for FY25 despite external factors affecting demand. Our valuation moves from 120p to 115p as a result of these external pressures. Foxtons completed two acquisitions in January further underpinning the drive to expand in faster growing commuter markets. That said, there remains significant financial headroom to facilitate further M&A, which appears likely given the forthcoming Renters’ Rights Act.

Foxtons Group — More M&A, but external issues are headwinds