Foxtons Group (LSE: FOXT)

Currency in GBP

Last close As at 09/06/2023


0.20 (0.51%)

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.

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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 cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.3) (6.0) (5.5)
Relative 2.0 (2.0) (4.5)
52 week high/low 44.0p/27.4p


Foxtons Group’s Q1 trading update highlighted increased revenue per transaction and market share gains, evidence of early progress in rolling out the new strategy – characterised by upgrades to data infrastructure, investment in staff and a reinvigoration of the Foxtons brand. If the strategy succeeds, over the medium term Foxtons expects margins to expand by 500bp and operating profit to more than double. We retain our base case valuation of 59p/share and our preferred ‘bull’ case valuation of 124p/share, more than three times the current price.

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 19.4
2022A 140.3 27.8 13.7 3.543 11.1 8.1
2023E 137.8 26.7 13.5 3.586 11.0 8.9
2024E 146.5 30.0 17.8 4.597 8.6 6.8



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