Rightmove (RMV) traded in line with expectations during 2019. However, the group reported a 3 per cent decline in its membership base to 19,809, which it attributes to the loss of some smaller agency branches, which had endured cash flow issues because of longer transaction times amid ongoing macro uncertainty. Agency offices ended the year down by 6 per cent at 16,347.
Still, on the flipside, the tighter housing market drove housebuilders to advertise more of their properties on Rightmove’s platforms – with development numbers up 11 per cent to 3,462.
The group saw an improvement in traffic to its site, with visits up 2 per cent to an average of 135m a month. And, post-UK-election, 2020 has started "optimistically" for the property market. To that point, January was Rightmove’s busiest month ever – with more than 152m visits. This trend continued into February.
Broker Numis expects adjusted EPS of 21.1p in 2020, up from 19.6p in 2019.
| RIGHTMOVE (RMV) | ||||
| ORD PRICE: | 601p | MARKET VALUE: | £5.27bn | |
| TOUCH: | 601-601.4p | 12-MONTH HIGH: | 708p | LOW: 447p |
| DIVIDEND YIELD: | 1.2% | PE RATIO: | 31 | |
| NET ASSET VALUE: | 4.7p* | NET CASH***: | £19.9m | |
| Year to 31 Dec | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p)** | Dividend per share (p)** |
| 2015 | 192 | 137 | 114 | 43.0 |
| 2016 | 220 | 162 | 138 | 51.0 |
| 2017 | 243 | 178 | 15.7 | 5.8 |
| 2018 | 268 | 198 | 17.8 | 6.5 |
| 2019 | 289 | 214 | 19.6 | 7.2 |
| % change | +8 | +8 | +10 | +11 |
| Ex-div: | 30 Apr | |||
| Payment: | 28 May | |||
*Includes intangible assets of £22m, or 2.5p a share **2017 EPS and DPS restated for a 10-to-one stock split ***Includes lease liabilities of £12.2m | ||||
