In this month's comparison we can see that the down turn in the global market is continuing to have an impact on the listed property portal sites with most seeing their share prices down month on month. The companies with a the biggest decline were move.com, loopnet.com, rightmove.co.uk and entreparticuliers.fr. Some of these sites hit 12 month lows.
One site to buck the trend was seloger.fr in France who recorded a 14% share price increase following the announcement of its financial performance for the first 9 months of the year.
Finally, it should be noted that while the share prices decrease for these companies, the underlying fundamentals continue to improve as they are mostly market leaders and they continue to have revenue increases while maintain strong margins.
The remainder of the article looks at the overall month on month changes in share price, market cap and the key ratios.
Month on Month Share Price Movement
Most listed property portal stocks decreased in value with rightmove, loopnet, move and entreparticuliers all losing a further 20% and 25% of their value. This is as much a reflection on the overall market dynamics and the continued overall fall in global stocks.
|Seloger||Euro||€ 12.90||€ 14.70||14.0%|
|Entreparticuliers||Euro||€ 7.00||€ 5.50||-21.4%|
What was interesting is that major stock REA was relatively unaffected by the market changes and this pobably reflects the business model where REA is the only internationally diversified business.
Movement in Market Cap (Currency Movement Adjusted)
The table below shows the movement in the market cap of the listed companies (in US $) and this has been adjusted for the movements in currencies over the last month.
|30/09/2008||31/10/2008||US $ Market Cap Change|
|Company||Market Cap Local (m)||Market Cap in US$ (m)||Market Cap Local (m)||Market Cap in US$ (m)|
|Seloger||€ 215||$303||€ 245||$315||3.9%|
|Entreparticuliers||€ 25||$35||€ 19||$25||-28.3%|
Seloger is the stand out and has remained flat in its currency adjusted market cap.
Share Price Comparison to 52 Week High / Low
The table below shows the current share price compared to the 52 week high and low.
|52 Week High||52 Week Low|
|Company||31 Oct Share Price||Share Price||Share Price Change||Share Price||Share Price Change|
|Seloger||€ 14.70||€ 46.50||-68.4%||€ 11.00||33.6%|
|Entreparticuliers||€ 5.50||€ 21.60||-74.5%||€ 5.10||7.8%|
The table below compares the revenue, EBITDA and net profit multiples of all listed companies based on the most recent financial performance information. All companies, with the exception of Entreparticuliers, have financial information up to the end of June 2008.
|At 31 Oct||12 Months to 30 June 2008|
|Company||REV (m)||REV x||EBITDA (m)||EBITDA x||NPAT (m)||NPAT x|
|Seloger||€ 57||4.3||€ 30||8.2||€ 14||18.1|
|Entreparticuliers||€ 13||1.5||€ 4||5.4||€ 3||6.9|
Please note - these are the views of the author and are not meant to be construed as proper financial advice.