H1 revenue grew 3% against tough comparators and operating profit increased by 13% y-o-y, reflecting good underlying markets and M&A in lettings. The announcement also highlighted the strong contribution from M&A, where we expect Douglas & Gordon (D&G) alone to contribute c 45% of FY22 profit, an aspect we believe is overlooked by the market. We retain our underlying assumptions and our 128p per share valuation.
11 Aug 2022
Foxtons Group - M&A contribution and potential overlooked
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Foxtons Group - M&A contribution and potential overlooked
Foxtons Group Plc (FOXT:LON) | 53.7 1.1 3.8% | Mkt Cap: 161.8m
- Published:
11 Aug 2022 -
Author:
Andy Murphy -
Pages:
8
H1 revenue grew 3% against tough comparators and operating profit increased by 13% y-o-y, reflecting good underlying markets and M&A in lettings. The announcement also highlighted the strong contribution from M&A, where we expect Douglas & Gordon (D&G) alone to contribute c 45% of FY22 profit, an aspect we believe is overlooked by the market. We retain our underlying assumptions and our 128p per share valuation.