Agent-backed residential portal OnTheMarket’s (OTM) first results since admission to AIM slightly beat our assumptions and we are raising our projection for the year to January 2019. This is due to a reduction in our estimated marketing spend, while we have not changed our revenue assumptions, which reflect stronger than anticipated take-up by agents offset by lower average revenue per branch. We have also increased our YE 2019 cash projection. We maintain our Buy recommendation.
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- Published:
07 Jun 2018 -
Author:
Alastair Stewart -
Pages:
8
Agent-backed residential portal OnTheMarket’s (OTM) first results since admission to AIM slightly beat our assumptions and we are raising our projection for the year to January 2019. This is due to a reduction in our estimated marketing spend, while we have not changed our revenue assumptions, which reflect stronger than anticipated take-up by agents offset by lower average revenue per branch. We have also increased our YE 2019 cash projection. We maintain our Buy recommendation.