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/

early tree shake now sp moving ahead again

cynic lost ground recovered sp now in the blue at 316p

Foxtons Group (LON:FOXT)

Foxtons Group announced its interim management statement for the period from 1st July 2013 to date. The company stated its turnover for the three months ending 30th September 2013 rose 17.9% y-o-y to £41.1m. This was supported by 28.7% growth in property sales and 8.7% & 63.6% growth in Lettings and mortgage revenues, respectively. Adjusted EBITDA for the period was strong mainly due to higher revenue, timing of new branch openings and robust cost control. The company opened five new branches in the first half of 2013; two additional branches were opened in October 2013. Property sale in London remained relatively flat so far in 2013 primarily due to a shortage in the supply of property for sale and low mortgage availability. Moreover, trading during the fourth quarter has started positively however, adjusted EBITDA is expected to be impacted by the operating costs of the two new branches and by the higher on-going costs of operating as a listed company.

Our view: Following the successful completion of the IPO in September, Foxtons has made a strong start as a public company. The company continued to follow its organic growth strategy and posted an encouraging performance during the third quarter across its business verticals. The IPO helped the company to build a strong debt free balance sheet. In spite of subdued London property sales transactions, Foxtons is expected to have a high cash generative growth strategy, which is not heavily dependent on recovery in the sales market and could result in healthy top-line growth during the fourth quarter. We assign a Buy rating for the stock.



http://www.proactiveinvestors.co.uk/columns/beaufort-securities/14578/beaufort-securities-breakfast-today-including-nostra-terra-oil-gas-magnolia-petroleum-howden-joinery-and-foxtons-group-14578.html

18 Nov Canaccord... 320.00 Buy

In Shares - Foxtons is set to benefit from its focus in London, a market where demand continues to outstrip supply. A forward price/earnings ratio of 21.9 for 2014 to 2018 based on consensus earnings per share number of 13.4p, looks rich at first sight but estimates for 35% earnings per share growth and a decent yield suggest appearances may be deceptive.

6 Dec Canaccord... 320.00 Buy
6 Dec Credit Suisse 322.00 Outperform

time for a little ramp i think :-)

with the latest economic numbers showing that the uk recovery is (still) primarily focussed in SE, FOXT is an obvious choice to cash in on the strong housing activity that will ensue - actually, it already is

Agree, Could do a lot worst.

steady on old chap! ..... fossy will be chasing you with a big stick for agreeing with me if you don't watch out :-)

I was actually agreeing with the sentiments in DC's post... So don't flatter yourself sunshine -):

that was from nearly 2 months ago!

...Well I'm not the quickest granted -):

hey sticky, did you do as I told you a week or so back?
zippy-de-doo-dah :-)

wakey wakey sticky ...... been telling about this one for ages - sp currently 395

figures out 11/3 apparently

Nothing wrong in changing your mind, well done. :-))

cynic - 21 Sep 2013 11:38 - 5 of 54

i really do not like Foxton's ethics and ethos - far too sharp and aggressively pushy - so would never use them nor buy their shares

the first part remains true, but as in legal actions, what price principles? :-)

At the end of the day its made you money. :-))

quite so, and hence my previous comment

But look at the lofty P/E............

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

no one forcing you to part with your money
it'll be interesting to see how good the numbers and forward statement are, following which the market will no doubt react
quite possibly or even probably some profit-taking, but the what?

meanwhile, the shenanigans in ukraine could blight all markets