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Foxtons Group (LSE: FOXT)

Currency in GBP

Last close As at 30/11/2023

GBP0.44

▲ 0.05 (0.11%)

Market capitalisation

GBP133m

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 — Strategic momentum and M&A adds to value

Real Estate | Update

Foxtons Group — Strategic progress versus targets evident

Real Estate | Update

Foxtons Group — Early signs of strategic success

Real Estate | Update

Foxtons Group — New CEO targets recurring income streams
Male hand showing, offering a new dream house at the empty field with copy space
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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)

5.7

Forecast gearing ratio (%)

4

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 19.2 17.9 42.3
Relative 15.8 18.5 44.5
52 week high/low 45.1p/29.0p

Financials

In Q323, all three of Foxtons’ divisions outperformed their respective markets, taking market share – the direct result of management action to avoid the same mistakes made during previous downcycles where costs were cut, a position from which it would subsequently struggle to recover. Foxtons’ new strategy focuses growth on non-cyclical revenue streams and decouples performance from sales market cycles. The latest value-enhancing acquisition leads to a net upgrade in estimates in FY24. We therefore raise our ‘base’ case valuation from 59p/share to 62p, which implies more than 60% upside, and our preferred ‘bull’ case valuation from 124p/share to 127p.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 126.5 25.1 10.0 (0.52) N/A 21.7
2022A 140.3 27.8 13.7 3.543 12.5 9.1
2023E 145.1 26.7 13.5 3.668 12.0 10.8
2024E 157.6 31.7 19.0 4.908 9.0 6.9

Research

Update

Real Estate

Foxtons Group — Strategic progress versus targets evident

Update

Real Estate

Foxtons Group — Early signs of strategic success
Male hand showing, offering a new dream house at the empty field with copy space

Real Estate

Update

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

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

Thematics

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