RTMVF - Rightmove: Dominant U.K. Property Portal Upgraded To Buy With 10% Annualized Return
- Rightmove shares have corrected 10% since September, providing an attractive entry point for one of the best listed businesses.
- Rightmove's financials have recovered from the negative impact of COVID-19, and it remains the dominant U.K. property portal.
- Customer count and average revenue have resumed growing in the core Agency segment, but performance is not yet at a cyclical high.
- With its network effect and whole-of-market view, Rightmove has continued to innovate its core offering and to expand into new lines.
- With shares at 670.1p, we forecast a total return of 37% (10.5% annualized) by 2024 year-end, in just over 3 years. Buy.
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Rightmove: Dominant U.K. Property Portal Upgraded To Buy With 10% Annualized Return