We believe Winkworth is a more defensive investment than its rating implies, reflecting a perceived slowdown in London housing. Its franchised operation, with lower fixed costs, and continued growth into lettings and management should bolster it against possible sales volumes declines, and yet it trades at a steep discount to some peers. We believe threats to traditional firms from ‘virtual agents’ are overstated and the 181 year old firm can adapt to the challenge. We initiate wi
13 Sep 2016
Defensive mover
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Defensive mover
M Winkworth plc (WINK:LON) | 162 0 0.0% | Mkt Cap: 21.0m
- Published:
13 Sep 2016 -
Author:
Alastair Stewart -
Pages:
35
We believe Winkworth is a more defensive investment than its rating implies, reflecting a perceived slowdown in London housing. Its franchised operation, with lower fixed costs, and continued growth into lettings and management should bolster it against possible sales volumes declines, and yet it trades at a steep discount to some peers. We believe threats to traditional firms from ‘virtual agents’ are overstated and the 181 year old firm can adapt to the challenge. We initiate wi