Introduction
Rightmove (OTCPK:RTMVF) (U.K. ticker "RMV") shares have returned +13% (including dividends) since we published our Buy recommendation March, though down 10% from their peak in June, as shown below:
With the publication of RMV's 19H1 results last Friday (Jul 26), and growing uncertainties around Brexit in the U.K., we review the RMV investment case.
Results Headlines
On first glance, RMV's 19H1 results showed another set of strong headline performance, with revenues growing +9.8% year-on-year, EBIT +9.9% and EPS +12.8%, as shown below:
However, the revenue line actually contained several moving parts,