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Foxtons Group (LSE: FOXT)

Last close As at 11/09/2024

GBP0.62

▲ −0.60 (−0.95%)

Market capitalisation

GBP190m

Foxtons Group is London’s leading and most widely recognised estate agency. It operates from a network of 60 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 — Valuation offers 100% upside

Real Estate | edison tv

Foxtons – executive interview

Real Estate | Flash note

Foxtons Group — FY24 underpinned by market share gains

Real Estate | Update

Foxtons Group — Medium-term targets come into view
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)

5.1

Forecast gearing ratio (%)

4

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.0) (8.5) 78.3
Relative (4.4) (8.4) 61.9
52 week high/low 71.0p/34.3p

Financials

Foxtons Group’s H1 results clearly highlight the success of the strategy the company embarked on at the start of last year. Although there is still work to be done, significant progress has been made and it now appears likely that the medium-term target of reaching operating profit in the range of £25–30m can be achieved. Although we have maintained our existing forecasts and valuation, we believe the risks appear to be to the upside, considering that the underlying macroeconomic data appear to be supportive, something that has been lacking for some time.

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 3.543 17.6 12.8
2023A 147.1 30.0 15.2 4.059 15.4 16.2
2024E 157.6 35.0 19.4 5.091 12.3 9.4
2025E 166.6 37.7 22.5 5.86 10.6 8.3

Research

edison tv

Real Estate

Foxtons – executive interview

Flash note

Real Estate

Foxtons Group — FY24 underpinned by market share gains

Real Estate

Update

Foxtons Group — Valuation offers 100% upside

Update

Real Estate

Foxtons Group — Medium-term targets come into view
Male hand showing, offering a new dream house at the empty field with copy space

Update

Real Estate

Foxtons Group — Firm evidence of restructuring success
Male hand showing, offering a new dream house at the empty field with copy space

Update

Real Estate

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

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

Update

Real Estate

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

Update

Real Estate

Foxtons Group — Growth-oriented review poised to be announced

edison tv

Real Estate

Foxtons Group – executive interview
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