RPGRY - Rightmove: This Could Be The Right Time To Buy Shares
2024-04-29 07:38:40 ET
Summary
- Rightmove plc has strong pricing power and is one of the highest quality franchises in the UK stock market.
- Rightmove plc has delivered a decent total return over the past year, outperforming the iShares MSCI United Kingdom ETF but underperforming the S&P 500 index.
- The company faces challenges such as reliance on the UK market and housing affordability, but its low valuation presents a potentially attractive investment opportunity, especially with expected interest rate reductions.
It has been more than a year since we started covering Rightmove plc ( RTMVF )( RTMVY ), the UK's leading property portal. We thought shares were fairly valued, but started with a "Buy" rating given the quality of the business and its strong pricing power. The total return has been quite decent, with the shares outperforming the iShares MSCI United Kingdom ETF ( EWU ), although they have significantly underperformed the S&P 500 index ( SPY ). The company recently shared its financial results for fiscal year 2023, and we are analyzing them to update our rating, if appropriate....
Rightmove: This Could Be The Right Time To Buy Shares