Foxtons Group (LSE: FOXT)

Last close As at 18/05/2024

GBP0.67

−1.20 (−1.75%)

Market capitalisation

GBP204m

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

View More

Real Estate | Flash note

Foxtons Group — FY24 underpinned by market share gains

Real Estate | Update

Foxtons Group — Medium-term targets come into view

Real Estate | Update

Foxtons Group — Firm evidence of restructuring success

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

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 28.2 11.8 72.3
Relative 18.9 2.3 58.4
52 week high/low 68.4p/34.3p

Financials

Q1 revenue grew 9%, supported by growth in all three divisions, as strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. It implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which is likely to be further boosted if the sales market continues to stabilise. We maintain our valuation of 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 22.4 13.8
2023A 147.1 30.0 15.2 2.88 23.3 17.5
2024E 157.6 35.0 19.4 3.68 18.3 10.1
2025E 166.3 37.7 22.5 4.45 15.1 8.9

Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free