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/

Oh indeed indeed. Ruskies running riot.

Think I should have put rightmove up to compare.

Here we are a bit cheaper but not much in it..........

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

they're both good in their own way .... my preference for FOXT is, as much as anything, based on the fact that they are focussed on london and its periphery, which is unquestionably where the growth is

Probably go PLOP tomorrow like most overvalued stocks.

Anyone have the beta for it??.

N/A or ------ I have found goldfinger.

Digital Look normally carry them but dont have one yet.

Hope traders are setting about getting ready for a big down day on the market tomorrow.

Get some hedges in place.

Perhaphs Gold will do well for a while.

i already had a small dow short, but when i went to bed, the markets were still shut so couldn't add

Countrywide another competitor here I had forgotten about, lets look at the numbers....

Pleasantly suprised cheapest of all three on the thread.....

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

SEE CHART THREAD.

thanks sticky - i'll try to look tomorrow but out until pm

Estate agency Foxtons (LON:FOXT) has been rising this wave ever since it floated last summer, but Canaccord suggests it may be time for a pause.

“Foxtons shares are now trading at 20%+ above our 320p target price and 69% above the price at IPO (230p). “

“While the economy recovery is supporting the residential housing market recovery, we remind investors that the Foxtons’ investment case is based on its branch network: the expansion is limited by available resources.“

At 390p Foxtons is trading on 30 times 2014 EPS (3.3% earnings yield) and 26 times Canaccord’s forecast for 2015 EPS (3.9% earnings yield). Its target of 320p is based on 21 times earnings



http://www.proactiveinvestors.co.uk/columns/broker-spotlight/15593/broker-round-up-astrazeneca-foxtons-rentokil-aureus-ferrex-15593.html

Foxtons in expansion push as profits rise 50% amid house prices surge

By Alex Hawkes, Financial Mail On Sunday

PUBLISHED: 22:21 GMT, 8 March 2014 | UPDATED: 22:21 GMT, 8 March 2014



Upmarket estate agent Foxtons is to reveal that profits rose more than 50 per cent last year on the back of London’s booming property market.


City analysts expect the chain, once known for its fleet of Union Jack-covered Minis, to say on Tuesday that turnover rose 13 per cent to £136million in 2013 and that profits hit £38million, up from £25million in 2012.


The results will be the first since Foxtons’ stock market listing. Investors were offered shares at 230p in September last year, with the price soaring on the first day to 280p. They closed on Friday at 383p, valuing the group at £1.1billion and chief executive Michael Brown’s stake at £87million.





Well-placed: Foxtons aims to open five to ten more branches a year in London


Dozens of top staff made a fortune when the agency listed, having built up equity stakes during the group’s private ownership. Foxtons is also expanding.


It aims to open five to ten more branches a year in London, having earmarked 60 new sites. This would add to the 42 it already has in the capital, and two in Surrey.


Half of its turnover comes from lettings and the other half from sales. Despite suggestions of a bubble in the property market, analysts at investment bank Credit Suisse said in December that they expected estate agents to do well for a prolonged period.

‘The market has by no means fully recovered, which provides estate agents with a rare transaction-driven earnings growth tailwind, which we believe may last four years,’ the bank said in a note to clients.

It added that housing transactions collapsed during the credit crunch, but are recovering and could hit 1.1million in 2017 – 60 per cent above current levels.


Figures due on Thursday from the Royal Institution of Chartered Surveyors are likely to underline the growth in the UK housing market.


Of the trade body’s members, a balance of 53 per cent said they had seen prices rise in January and February figures are likely to be similarly strong. Halifax said last week that house prices had risen by 7.9 per cent in the year to February.

figures certainly shouldn't disappoint

Foxtons Group reported revenue up 16% to £139.2m in the year to end-December (2012: £120m).

· Group Adjusted EBITDA was up 29.6% to £49.6m (2012: £38.3m)
· Group Adjusted EBITDA Margin was up 380 bps to 35.7% (2012: 31.9%)
· Profit before tax was up 56.6% to £38.9m (2012: £24.9m)
· High levels of cash generation creating a closing cash balance of £23.4m.
· Total dividend proposed is 5.44p per share (comprising 1.70p final and 3.74p special) equivalent to £15.4m.

Operational highlights
· A successful IPO in September 2013.
· A well balanced business with 47.7% of Group revenues being generated through lettings.
· Sales volumes up 22.5%
· Lettings volumes up 6.7%
· 7 new branches opened during 2013, bringing the total at year end to 44 branches.
· All new branches performing in line with expectations.
· Continued improvement in the performance of the Alexander Hall mortgage broking business.

Michael Brown, CEO, said:

"It's a pleasure for me to report a strong start to Foxtons life as a public company. Our successful IPO in September 2013 leaves the Group debt free......

We have seen a good start to 2014 with a strong short term sales pipeline. We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year. However, we remain confident that our organic expansion strategy together with our strong lettings business will enable us to continue to grow revenue even in a flat sales market. Our new branches are maturing well and we are on track to open a further seven branches by the end of this year, with 5 of them scheduled to open in the first half of 2014".

Canaccord Genuity Hold 378.30 375.20 320.00 320.00 Reiterates

Numis Add 378.30 375.20 - 420.00 Retains

Credit Suisse Outperform 378.30 375.20 322.00 430.00 Reiterates

Credit Suisse celebrates 'structural growth story' at Foxtons

Tue, 11 March 2014


Credit Suisse has lifted its target price for London-focused estate agency chain Foxtons from 322p to 430p after upgrading its forecasts following the company’s ‘impressive’ fourth quarter.

The bank maintained its ‘outperform’ rating on the stock.

Group adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 29.6% to £49.6m in 2013. This implies EBITDA of £12.3m for the fourth quarter which was ahead of Credit Suisse’s estimate by 48%.

Meanwhile, Foxtons said it achieved an operating cash conversion of 83.1% last year, reaching 87% by the fourth quarter, up from 68% in the third quarter and just 46% in the first half.

“Cash dynamics are improving much more quickly than we had anticipated, supported by strong increases in house prices and volumes across the London property market,” Credit Suisse said.

As such, the broker has raised its EBITDA forecast for the company in 2014 by 10% to £59.29m.

“Foxtons is a structural growth story owing to its branch expansion program (another seven targeted for this year). We do not expect the London housing market to normalise within five years, owing to current high house price-to-income ratios.”

The bank said that cash dynamics fully support Foxtons’ premium to its peers in the sector and that the market “underappreciates” its cashflow generation ability.

The stock was up 0.5% at 376.89p by 11:29 on Tuesday.
----------------------------------------------------------------------------------------
Foxtons on track for more branch openings despite flat market in capital

By Giles Gwinnett

March 11 2014, 10:46am
This is the equivalent of handing £15.4 mln back to shareholders and comes despite, what the group calls a 'flat' market in the UK capital



Foxtons (LON:FOXT) is on track to open a further seven branches by the end of 2014 as the London- focused estate agent posted rising profits last year.

The firm floated last September and reported for the year to end Deceber 2013, pre-tax profit up 56.6% to £38.9mln (2012: £24.9mln) on revenues which were up 16%.

The group plans a total dividend of 5.44p per share (comprising 1.70p final and 3.74p special).

This is the equivalent of handing £15.4 mln back to shareholders and comes despite, what the group called a "flat" market in the UK capital.

Chief executive Michael Brown said: "We have seen a good start to 2014 with a strong short term sales pipeline.

"We expect the availability of housing stock for sale to be a key determinant of the level of growth in property sales transactions during the remainder of the year.

"However, we remain confident that our organic expansion strategy together with our strong lettings business will enable us to continue to grow revenue even in a flat sales market.

"Our new branches are maturing well and we are on track to open a further seven branches by the end of this year, with 5 of them scheduled to open in the first half of 2014".

Shares edged up 0.35% to stand at 376.50p.

am considering buying back the lump I sold yesterday

Interim Management Statement - Qtr1-2014

RNS


RNS Number : 7071F

Foxtons Group PLC

29 April 2014






Foxtons Group plc Interim Management Statement
29 April 2014

Introduction
Foxtons plc (LSE:FOXT), London's leading estate agency, issues its Interim Management Statement for the period from 1 January 2014 to date, incorporating trading results for the quarter to 31 March 2014.

Highlights

Early performance in 2014 has been encouraging with continued growth in both Group turnover and Adjusted EBITDA(1) compared to the same period last year.

· Q1 Group turnover was £34.1m, an increase of 19.2% on the same period in 2013.

· Q1 property sales commissions were £17.6m, up 41.1% on prior year driven by significant volume growth in new and existing branches and increasing property prices.

· Q1 mortgage revenue of £1.4m grew by 53.5%, albeit from relatively low levels in the previous year.

· As expected, Q1 Lettings revenue of £15.0m was broadly flat as the sharp upturn in the sales market has compressed lettings demand and rents.

· Q1 Adjusted EBITDA(1) of £10.9m increased by 44.0% as a result of strong revenue growth and the substantial operational leverage inherent in Foxtons centralised business model. Q1 Adjusted EBITDA(1) margin improved significantly over the same period last year.

· The group continues to create strong cash flow and remains debt free.

New branches

Foxtons has opened three new branches so far this year (Greenwich, Beckenham and Earls Court) all of which are performing in line with our expectations. There are four more planned, two in May (Stoke Newington and Harrow) and two in the autumn.

Garry Watts, Chairman, commented:

We are pleased to report an excellent start to 2014, continuing the trend seen in the second half of 2013. Turnover is well up on the comparative period and margins have been further enhanced as we continue to benefit from the roll out of our centralised business model.

As we have made clear previously, the outlook in the longer term will primarily be determined by the availability of housing stock, however, as of today our pipeline is well ahead of last year and gives us confidence in the results for the half year to 30 June 2014.

Reality settling back in!

1 May Canaccord... 382.00 Buy

Foxtons: Credit Suisse shifts target price from 429.87p to 430p and retains an outperform rating.

wow!