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cashman
Beginning Saver
Joined: 01 Oct 2004
Posts: 49
Cash Points ££ 140.00
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 Posted: Tue Apr 18, 2006 3:44 am Post subject: Rightmove makes bold stock market debut |
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Looks interesting, if not a little expensive ? -
Shares in Rightmove, Britain's biggest property website, are trading at more than 50 times last year's operating profits after jumping 20 per cent on their stock market debut this morning. In fact, the multiple is much, much higher if you look at the figures more closely. The 335p at which the stock was priced is equivalent to 49 times last year's operating profit of £8.7m. But that figure excludes IPO costs and investment in new service lines. Include the investment costs and the operating profit drops to about £7m, in which case 335p represents a multiple of about 67 times operating profits. Punchy stuff – even before you consider that the stock is now trading at 390p. At that level, the shares are worth closer to 80 times operating profits. |
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Quinn
Saving Enthusiast
Joined: 06 Feb 2005
Posts: 181
Cash Points ££ 2817.02
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| Posted: Tue Apr 18, 2006 3:47 am Post subject: |
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Rightmove compared to other property sites around the world, looks very expensive !
Two property sites worth looking at are realestate.com.au (ASX: REA) in Australia and Homestore (NASDAQ: HOMS) in the US.
www.realestate.com.au operates in Australia, New Zealand and in the UK through its ownership of rightmove's competitor www.propertyfinder.com. Looking at their reports, they appear to have the same revenues as rightmove and around 2/3rd the profit. However, they are valued at £200m versus rightmove at somewhere around £500m.
Homestore has revenues of around GBP 150m and breaks even. The business is in the throws of being turned around and appears to be tracking to good profits in the near future. The market cap is the same as rightmove - just under GBP 500.
Therefore given these comparisons and the highly competitive nature of the UK property market, rightmove definetly looks expensive |
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