About Countrywide plc
Countrywide plc, the UK's largest integrated property services Group, including the largest estate agency and lettings network, operates more than 1,300 associated branches across the UK.

Countrywide plc's network of expertise helps more people move than any other business in the UK and is a leading provider of estate agency, lettings, mortgage services, land and new homes, auctions, surveying, conveyancing and corporate property management services.

Countrywide plc's award-winning service has earned the business 142 high-profile industry awards in the last five years, with customers voting Countrywide Best Large Chain - National category, at the 2013 ESTA awards. Other awards include our Land & New Homes team was named the UK's Best New Homes Agent at the Estate Agency of the Year Awards 2012 and Countrywide Surveying Services and Countrywide Conveyancing Services won the award for Best Anti-Fraud Measure at the Mortgage Finance Gazette Awards 2012.

Chart breakout today.

Foxton and Rightmove floats makes these look cheap imo.

As the London price rises start to spill out to the rest of the country will these get chased up like Foxtons and Rightmove?

Comparisons to come later.

If we look at the big three Listed Estate Agents we come up with the following data to make comparisons with.


Foxtons Group PLC

FORECASTS

2013 2014
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Canaccord Genuity Ltd
06-12-13 BUY 37.10 10.80 47.10 13.00
Numis Securities Ltd
07-11-13 ADD 37.40 9.10 47.00 13.10 16.80

2013 2014
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 37.24 10.00 47.05 13.05 16.80
1 Month Change 0.00 0.00 0.00 0.00 0.00
3 Month Change -0.00 0.02 0.00 -0.00 0.00

GROWTH
2012 (A) 2013 (E) 2014 (E)
Norm. EPS 16.13% 36.74% 30.50%
DPS % % %

INVESTMENT RATIOS
2012 (A) 2013 (E) 2014 (E)

EBITDA £36.71m £45.21m £51.92m
EBIT £33.11m £41.37m £46.95m
Dividend Yield 0.00% % 4.21%
Dividend Cover x x 0.78x
PER 54.54x 39.89x 30.57x
PEG 3.38f 1.09f 1.00f
Net Asset Value PS -22.30p p p

Broker Forecasts

Date Company Name Broker Rec. Price Old target price New target price Notes

06 Mar 14 Foxtons Group PLC Canaccord Genuity Hold 395.45 320.00 320.00 Downgrades

06 Dec 13 Foxtons Group PLC Credit Suisse Outperform 395.45 322.00 322.00 Upgrades

07 Nov 13 Foxtons Group PLC Beaufort Securities Buy 395.45 - - Initiates/Starts



Rightmove PLC

FORECASTS

2014 2015
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Peel Hunt LLP
28-02-14 SELL 110.26 83.53 29.10
Panmure Gordon [R]
28-02-14 BUY 119.00 94.40 30.00 135.00 109.00 34.00
Canaccord Genuity Ltd
28-02-14 HOLD 102.00 129.00
Exane BNP Paribas
28-02-14 BUY 112.00 85.73 26.64 131.00 102.92 32.00
Numis Securities Ltd
28-02-14 BUY 118.00 91.40 32.00 129.80 100.60 36.00
Investec Securities
02-01-14 HOLD 114.70 87.92 34.26 129.10 102.81 40.08

2014 2015
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 115.23 89.96 30.70 129.97 103.52 35.18
1 Month Change 1.39 0.96 0.55 -1.03 -1.32 2.20
3 Month Change 1.92 0.55 1.10 -2.98 -2.37 2.20

GROWTH
2013 (A) 2014 (E) 2015 (E)
Norm. EPS 22.48% 23.60% 15.06%
DPS 25.00% 22.80% 14.58%

INVESTMENT RATIOS
2013 (A) 2014 (E) 2015 (E)
EBITDA £m £117.84m £135.00m
EBIT £m £112.00m £131.00m
Dividend Yield 0.91% 1.11% 1.28%
Dividend Cover 2.91x 2.93x 2.94x
PER 37.85x 30.62x 26.62x
PEG 1.68f 1.30f 1.77f
Net Asset Value PS p 5.50p 2.40p

Broker Forecasts


Date Company Name Broker Rec. Price Old target price New target price Notes

05 Mar 14 Rightmove PLC Barclays Capital Overweight 2,739.00 - 3,025.00 Reiterates
05 Mar 14 Rightmove PLC Deutsche Bank Hold 2,739.00 2,700.00 2,700.00 Reiterates
04 Mar 14 Rightmove PLC Nomura Buy 2,739.00 2,900.00 3,000.00 Reiterates
03 Mar 14 Rightmove PLC Canaccord Genuity Hold 2,739.00 3,000.00 3,000.00 Reiterates
28 Feb 14 Rightmove PLC Numis Buy 2,739.00 3,270.00 3,360.00 Upgrades

28 Feb 14 Rightmove PLC Westhouse Securities Neutral 2,739.00 2,570.00 2,570.00 Reiterates
21 Feb 14 Rightmove PLC Jefferies International Hold 2,739.00 - - Reiterates


Countrywide PLC


FORECASTS

2014 2015
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Panmure Gordon [R]
04-03-14 BUY 98.70 35.00 10.00 136.00 47.70 14.00
Peel Hunt LLP
04-03-14 BUY 104.57 37.28 6.90
Numis Securities Ltd [R]
26-02-14 ADD 99.40 38.10 10.90 130.10 49.60 16.50

2014 2015
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)
Consensus 99.08 37.68 10.00 132.79 48.74 15.36
1 Month Change 0.00 0.01 0.00 -0.03 0.01 0.01
3 Month Change 0.38 2.68 0.00 -3.21 1.03 1.36

GROWTH
2013 (A) 2014 (E) 2015 (E)
Norm. EPS 28.15% 115.28% 29.35%
DPS % 400.00% 53.62%

INVESTMENT RATIOS
2013 (A) 2014 (E) 2015 (E)

EBITDA £m £119.37m £151.82m
EBIT £m £m £m
Dividend Yield 0.32% 1.60% 2.46%
Dividend Cover 8.75x 3.77x 3.17x
PER 35.74x 16.60x 12.84x
PEG 1.27f 0.14f 0.44f
Net Asset Value PS p p p

Broker Forecasts


Date Company Name Broker Rec. Price Old target price New target price Notes
21 Feb 14 Countrywide Plc Jefferies International Buy 647.25 - 750.00 Reiterates
15 Jan 14 Countrywide Plc Credit Suisse Outperform 647.25 705.00 730.00 Reiterates
14 Jan 14 Countrywide Plc Numis Add 647.25 - 690.00 Reiterates

CHART SHOWING RELATIVE PERFORMANCE OVER LAST 6 MONTHS.

From the above data and chart Ive come to the conclusion that CWD is behind the curve and will probably start to catch up with the other predominantly southern based Estate Agents.

If you compare by P/E ratios CWD is certainly far cheaper going forward but this is not the only tool we should measure the performance by.

Rightmove seems to be the more established and perhaphs business growth is slowing relative to the other 2 competitors.

Anyone else with any thoughts on the investment case here?????????

Moving up nicely this afternoon.

thanks sticky ...... i was a bit dozy and forgot to check out while the market was open ..... i'll put them on my watchlist for possible action in the morning

Cyners certainly cheaper on P/E basis and Foxton and Rightmove floats makes these look cheap imo.

As the London price rises start to spill out to the rest of the country will these get chased up like Foxtons and Rightmove?

i may sell 50% FOXT and put that into CWD

Sounds sensible, as Foxtons may have a breather.

Thanks for taking the time for the comparisons gf.

No probs Im in healthy profit already and Ive just done a communications exercise (wink) around the various B/Boards with this post.

Havent had the time to do one like this for a few year.

It was either this or a half day fishing catching nowt.

lol, I'm in Tenerife for ten days. Sick of the rain at home. :-))

Very nice DC, jammy so and so.

COUNTRYWIDE PLC

Chart Breakout today on good volume.

Lower indicators looking positive.

Lol gf, only trouble is everyone has the same idea, packed.

Off to a positive start to the day.

Steady as she goes.

thanks for the heads up sticky ...... have bought in albeit only this morning; still, it's marginally in profit already

ohhhhhh good.

Not bad on a down day for the market so far.

this one has suddenly got excited (+23p) on no news at all
the stock is fairly thinly traded, so most probably something of nothing, but worth keeping an eye on