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Foxtons London estate agent (FOXT)     

dreamcatcher - 20 Sep 2013 21:24



Founded in 1981, Foxtons started life as a two-person agency in Notting Hill. Over the years we are proud to have become London's leading estate agent.


Estate agency Foxtons Group has announced the successful pricing of its IPO of 169.4m shares of one pence each. The price has been set at 230p per share.

Based on the Offer Price, the market capitalisation of the Company will be approximately £649m on admission.

The Offer is expected to raise gross proceeds of approximately £390m, comprising a primary component of £55m and secondary sales of £335m. Secondary sales will consist of a partial sell-down by Adnams BBPM Holdings Limited (an entity controlled indirectly by funds advised by BC Partners), executive directors of the Company and certain other employees of the Group.

Conditional dealings will commence on the London Stock Exchange at 8.00 a.m. today under the ticker FOXT.

Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings in the Shares ("Admission") are expected to take place at 8.00 a.m. on 25 September 2013. At Admission the Company will have 282,176,468 Shares in issue.

http://www.foxtons.co.uk/



Chart.aspx?Provider=EODIntra&Code=FOXT&SChart.aspx?Provider=EODIntra&Code=FOXT&S

dreamcatcher - 27 Aug 2014 15:53 - 87 of 272

Foxtons a 'buy' despite second-half warning, says Canaccord

Wed, 27 August 2014


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Foxtons' first-half results were "impressive", according to Canaccord Genuity.

The real estate company reported a 16% increase in turnover to £372.8m with property sales commissions up 32% to £37.8m.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29% to reach £24.9m as EBITDA margins climbed by 330 basis points to 34.3%.

Canaccord gave the company a 'buy' rating, saying the EBITDA result was 2% above forecast.

"We value Foxtons with reference to its track record of generating high returns on invested capital, its ability to grow organically and its intention to return its free cash to shareholders.

"Our 382p May 2015 target price is based on a full-year 2015 price-to-earnings of 21x and a price to earnings growth of 1.0x. With 30% potential upside to our 382p price target and scope for a 4% dividend yield, we repeat our investment recommendation: Buy."

However, Canaccord noted the firm's warning about the second-half being affected by the spectre of higher interest rates and a clampdown on irresponsible mortgage lending.

dreamcatcher - 23 Oct 2014 07:15 - 88 of 272


Interim Management Statement

RNS


RNS Number : 0589V

Foxtons Group PLC

23 October 2014






Foxtons Group plc Interim Management Statement
23 October 2014

Housing transactions slow in Q3



Introduction

Foxtons plc (LSE:FOXT), London's leading estate agency, issues its Interim Management Statement for the period from 1 July 2014 to date, incorporating trading results for the quarter to 30 September 2014.



Overview

Performance in Q3 2014 was negatively impacted by a sharp and recent slowing of volumes in London property sales markets following an exceptionally strong nine month period to 30 June 2014 in which volumes reached their highest levels since 2007.

· Q3 Group turnover was £39.9m (2013: £41.1m). Group turnover for the nine months to 30 September 2014 was £112.7m (2013: £103.7m).

· Q3 property sales commissions were £16.4m (2013: £17.8m), down 7.8%, as a reduction in sales volumes more than offset price increases. Property sales commissions for the nine months to 30 September 2014 were £54.1m (2013: £46.3m), up 16.9%.

· Q3 lettings revenue of £21.9m was flat (2013: £21.9m). Lettings revenue for the nine months to 30 September 2014 was £53.7m (2013: £53.7m).

· Q3 mortgage revenue of £1.6m grew by 13.8% (2013: £1.4m). Mortgage revenue for the nine months to 30 September 2014 was £4.6m (2013: £3.4m)

· Q3 Adjusted EBITDA1 was £14.2m (2013: £18.0m). Adjusted EBITDA for the nine months to 30 September 2014 was up 4.9% to £39.2m (2013: £37.3m).

· Q3 Adjusted EBITDA margin2 was 35.6% compared to 43.7% during the same period last year which had also been the highest quarterly margin ever achieved by the company. Adjusted EBITDA margin was 34.8% for the nine months to 30 September 2014 (2013: 36.0%).

· The Group remains debt free and generated £13.9m of adjusted operating cash3 during Q3 representing an operating cash conversion rate4 of 98%.

Outlook

Although the longer term outlook for London property markets remains positive, the market is expected to continue to be constrained for some time due to political and economic uncertainty within the UK and Europe, tighter mortgage lending markets and mismatches between the price expectations of buyers and sellers. These external headwinds have exacerbated the rate of slowdown in sales transactions we noted at the time of our H1 results. Market volumes in Q3 have been more in line with the first half of 2013 and we now believe that market volumes in H2 2014 overall will be significantly below levels during the same period last year. Consequently, we expect full year 2014 adjusted EBITDA to be below the prior year figure of £49.6m.



Nic Budden, CEO commented:

"Despite the impact that market uncertainty is having on transaction volumes, we are continuing with our clear strategy, centralised business model and steady roll out programme which is delivering higher market share. Our seven new branches opened this year bring our network to fifty one, with all our sites secured for 2015. Foxtons remains highly profitable, cash generative and debt free, and therefore well positioned to deliver further cash returns to shareholders, building on the £28.1m of ordinary and special dividends paid since our IPO."

skinny - 04 Dec 2014 06:28 - 89 of 272

Worth watching after yesterday?

Chart.aspx?Provider=Intra&Code=FOXT&Size

dreamcatcher - 05 Dec 2014 23:06 - 90 of 272

5 Dec Canaccord... 228.00 Buy

cynic - 06 Dec 2014 08:29 - 91 of 272

foxtons is really aimed at the mid-market, and as the new stamp duty rules are only penal on houses of >£937k, they should be nett beneficiaries ..... the fly in the ointment is the low level of mortgage approvals, but foxtons also have a thriving letting side

mitzy - 08 Jan 2015 14:08 - 92 of 272

Best short in 2015..imo.

Chart.aspx?Provider=EODIntra&Code=FOXT&S

doodlebug4 - 20 Jan 2015 15:40 - 93 of 272

RNS Number : 6592C
Foxtons Group PLC
20 January 2015
Notice of Results
Foxtons Group plc
Foxtons Group plc will be issuing a trading update for the year ended 31 December 2014 on Tuesday 27(th) January 2015. Preliminary results for the year ended 31 December 2014 will be issued on Wednesday 11(th) March 2015.

goldfinger - 20 Jan 2015 16:13 - 94 of 272

mitzy - 08 Jan 2015 14:08 - 92 of 93

Best short in 2015..imo..........ends


well done mitzy.

Not short on the stock but my view is that it will fall lower.

doodlebug4 - 20 Jan 2015 17:32 - 95 of 272

Careful mitzy you could get burnt here if you're not careful.

dreamcatcher - 20 Jan 2015 20:30 - 96 of 272

Foxtons shares plunge 20% as London property market slows

Share price dips below float price as estate agent warns profits will fall amid tighter mortgage lending and uncertainty in market

The Guardian, Thursday 23 October 2014 17.09 BST


Before Foxtons’s warning, analysts had expected annual earnings of £57m. They now predict a figure around £48m.



http://www.theguardian.com/business/2014/oct/23/foxtons-shares-plunge-london-property-market-slows

dreamcatcher - 20 Jan 2015 21:43 - 97 of 272

London Housing Market Report - The report was last updated on 12 January 2015


http://data.london.gov.uk/housingmarket/

goldfinger - 20 Jan 2015 21:44 - 98 of 272

ohhhhhh indeed DC.

Mitzy must be rolling in it in his short.

dreamcatcher - 20 Jan 2015 21:46 - 99 of 272

London house prices to fall up to 5pc as sellers abandon the market

New stock is drying up as vendors sit tight until the general election, says RICS


http://www.telegraph.co.uk/finance/personalfinance/houseprices/11346743/London-house-prices-to-fall-up-to-5pc-as-sellers-abandon-the-market.html

dreamcatcher - 20 Jan 2015 21:55 - 100 of 272

For those shorting looks like the odds of heading further South are in their favour. Reading the above looks like a stagnant London market, certainly to after the elections.
I suppose there could be a small jump in the sp if the figures come in on target . Foxton's IPO was at the time of a boom in house sales and prices in London in 2013, may not see this again in those volumes in the near time. If the sp falls much further the sp will need a near on 50% rise just to get back to its ipo price.

cynic - 21 Jan 2015 15:43 - 101 of 272

just for general info .....

my contact at an upmarket agent in london says that both sales and lettings are surprisingly strong
peeps seem to have taken the view that there's little point in fretting about extra stamp duty, as it's a fact

FOXT
is very much lower range and their properties will not generally fall into the heavy extra stamp duty bracket
if peeps holding back from buying, then they are more than likely to rent

therefore, imo, the slump in FOXT shares is o'done even if the market doesn't think so

dreamcatcher - 21 Jan 2015 16:24 - 102 of 272

Thanks for the info. :-))

mitzy - 21 Jan 2015 17:04 - 103 of 272

Thanks for that cynic.

cynic - 21 Jan 2015 17:39 - 104 of 272

always a pleasure; it's good to get first-hand info from people in the field

doodlebug4 - 23 Jan 2015 13:16 - 105 of 272

Comment from a poster over the road;

"Re Foxtons and housing market, my son put his flat on the market @ 9.00am today with one of their outer London offices. First viewing literally now and 15 booked for over the weekend - now thats service and why people use them!"

goldfinger - 23 Jan 2015 13:19 - 106 of 272

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