The tight London lettings market has resulted in a significant increase in rental rates to values that exceed pre-pandemic levels, which has further benefited Foxtons as it has concentrated M&A activity in this area. It has also witnessed positive trends from strategic initiatives to focus on higher-value properties in both the Lettings and Sales divisions, as well as investment in Financial Services. We have raised our FY22 estimates, but have retained FY23 and FY24 forecasts, given the economic uncertainty, and maintained our 128p/share valuation.
03 Nov 2022
Foxtons Group - Strong markets and strategic initiatives shine
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Foxtons Group - Strong markets and strategic initiatives shine
Foxtons Group Plc (FOXT:LON) | 54.6 -0.5 (-1.8%) | Mkt Cap: 164.5m
- Published:
03 Nov 2022 -
Author:
Andy Murphy -
Pages:
5
The tight London lettings market has resulted in a significant increase in rental rates to values that exceed pre-pandemic levels, which has further benefited Foxtons as it has concentrated M&A activity in this area. It has also witnessed positive trends from strategic initiatives to focus on higher-value properties in both the Lettings and Sales divisions, as well as investment in Financial Services. We have raised our FY22 estimates, but have retained FY23 and FY24 forecasts, given the economic uncertainty, and maintained our 128p/share valuation.