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Foxtons Group (LSE: FOXT)

Last close As at 21/11/2024

GBP0.55

▲ 0.40 (0.73%)

Market capitalisation

GBP168m

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 — Further strategic progress towards targets

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
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

Forecast gearing ratio (%)

4

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (10.7) (16.9) 27.8
Relative (7.5) (14.8) 18.2
52 week high/low 71.0p/42.7p

Financials

The latest quarterly trading update again reconfirms the developing success of the Foxtons strategic vision and implies that medium-term targets, particularly the adjusted annualised operating profit target of £25–30m, are now coming further into focus. We believe that market share is being gained in all divisions, which is likely to be boosted further as the Sales pipeline is growing comfortably ahead of the market. We have modestly raised forecasts and our valuation to 134p/share and believe that if interest rates ease further, there are is upside risks potential 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 3.54 15.6 N/A
2023A 147.1 30.0 15.2 4.06 13.6 N/A
2024E 159.7 35.2 19.6 5.15 10.7 N/A
2025E 168.9 38.1 22.9 5.95 9.3 N/A

Research

Update

Real Estate

Foxtons Group — Valuation offers 100% upside

edison tv

Real Estate

Foxtons – executive interview

Real Estate

Update

Foxtons Group — Further strategic progress towards targets
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