Foxtons Group (LSE: FOXT)

Last close As at 27/03/2024

GBP0.53

−0.20 (−0.38%)

Market capitalisation

GBP160m

Foxtons Group is London’s leading and most widely recognised estate agency. It operates from a network of 57 interconnected branches offering a range of residential-related services, which are split into three separate revenue streams: sales, lettings and mortgage broking.

Foxtons is almost entirely focused on the London market where both the lettings and sales markets are recovering as London and the rest of the UK head towards a ‘new normal’. Foxtons’ Greater London region contains 13% of the UK population and by value accounts for 33% of sales and 38% of UK lettings.

Latest Insights

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Real Estate | Update

Foxtons Group — Medium-term targets come into view

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Foxtons Group — Firm evidence of restructuring success

Real Estate | Update

Foxtons Group — Strategic momentum and M&A adds to value

Real Estate | Update

Foxtons Group — Strategic progress versus targets evident

Male hand showing, offering a new dream house at the empty field with copy space

Sector

Real Estate

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Chris Hough

    CFO

  • Guy Gittins

    CEO

  • Nigel Rich

    Chairman

Balance Sheet

Forecast net debt (£m)

3.6

Forecast gearing ratio (%)

3

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.4) 16.0 35.9
Relative (9.3) 13.1 27.0
52 week high/low 60.1p/34.3p

Financials

The new strategic vision set out by the CEO is gaining significant momentum, driven by investment in staff and in best-in-class bespoke IT and data platforms, and implies that medium-term targets are now coming into focus. Market share is being gained in all divisions, which is likely to be boosted if the sales market stabilises in 2024. We have modestly raised forecasts and our valuation to 132p/share and believe that if interest rates stabilise or ease further, there are upside risks to our forecasts.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 140.3 27.8 13.7 3.00 17.6 10.8
2023A 147.1 30.0 15.2 2.88 18.3 13.7
2024E 157.6 35.0 19.4 3.68 14.3 8.0
2025E 166.3 37.7 22.5 4.45 11.8 7.0

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