Foxtons Group (LSE: FOXT)

Currency in GBP

Last close As at 30/11/2023


0.05 (0.11%)

Market capitalisation


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

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


Real Estate

Equity Analyst

Andy Murphy

Andy Murphy

Director, Financials & Industrials

Key Management

  • Chris Hough


  • Guy Gittins


  • Nigel Rich


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


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


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



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