Currency in GBP
Last close As at 03/02/2023
▲ 2.00 (5.55%)
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 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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Foxtons Group’s core London market was robust throughout 2021 and the FY results highlighted the recovery, the contribution from recent acquisitions and the momentum carried over into 2022. Focus on M&A of lettings books and Build to Rent growth are likely to drive longer-term growth. Q322 trading was good across all three business lines. We raised our FY22 forecasts but retained estimates further out given the uncertainty and retained our 128p/share valuation. Foxtons acquired Gordon and Co and Stones on 26 May adding c 2,500 tenancies. It then appointed Guy Gittings from Chestertons as CEO from 5 September.
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