Comparison of Listed Stocks (Oct 08)

Simon Baker

November 3, 2008

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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.

  Share Price
Company Currency 30-Sep 31-Oct Change
Rightmove GBP £2.535 £1.930 -23.9%
REA $A $4.80 $4.41 -8.1%
Seloger Euro € 12.90 € 14.70 14.0%
Move US$ $2.12 $1.68 -20.8%
Loopnet US$ $9.83 $7.57 -23.0%
HouseValues US$ $2.65 $2.66 0.4%
Entreparticuliers Euro € 7.00 € 5.50 -21.4%
IPGA $A $0.13 $0.10 -23.1%

Seloger bucked the trend and increased its share price probably reflecting an oversell of the stock and the fact that they have put out their full year results and are on track to deliver their public forecast of revenues between EUR69m and EUR70m and EBITDA of between EUR36m and EUR37m, giving an EBITDA margin of between 52.2% and 52.8%, an increase of between 0.4 of a point and 1.0 point.

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)
Rightmove £309 $551 £235 $383 -30.4%
REA $611 $484 $561 $376 -22.3%
Seloger € 215 $303 € 245 $315 3.9%
Move $322 $322 $255 $255 -20.8%
Loopnet $351 $351 $270 $270 -23.0%
HouseValues $64 $64 $64 $64 0.4%
Entreparticuliers € 25 $35 € 19 $25 -28.3%
IPGA $13 $11 $10 $7 -35.0%

Over the last month the movement in exchange rates (especially the AUD/US$) has meant that the overall decrease in market cap has been greater for the group of listed stocks.

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
Rightmove £1.930 £6.000 -67.8% £1.615 19.5%
REA $4.41 $7.49 -41.1% $3.63 21.5%
Seloger € 14.70 € 46.50 -68.4% € 11.00 33.6%
Move $1.68 $3.47 -51.6% $1.49 12.8%
Loopnet $7.57 $23.90 -68.3% $6.45 17.4%
HouseValues $2.66 $3.98 -33.2% $1.50 77.3%
Entreparticuliers € 5.50 € 21.60 -74.5% € 5.10 7.8%
IPGA $0.10 $0.31 -67.7% $0.08 25.0%

The following observations can be made:

  • Rightmove
  • Rightmove

Revenue

The table below compares the revenue

At 31 Oct 12 Months to 30 June 2008
Company REV (m) REV x EBITDA (m) EBITDA x NPAT (m) NPAT x
Rightmove £69 3.4 £35 6.7 £23 10.5
REA $156 3.6 $37 15.3 $22 25.1
Seloger € 57 4.3 € 30 8.2 € 14 18.1
Move $286 0.9 -$7 -36.4 -$10 -24.5
Loopnet $71 3.8 $29 9.2 $21 12.8
HouseValues $60 1.1 -$13 -4.8 -$13 -5.1
Entreparticuliers € 13 1.5 € 4 5.4 € 3 6.9
IPGA $1 15.1 $0 -142.1 $0 444.8

The following observations can be made:

  • Move
  • The REA Group EBITDA and NPAT multiples are all significantly higher than their peers and this probably reflects the market’s belief in the long term strategic direction of the business
  • The Rightmove multiples are slightly lower than the peers probably relfecting the uncertainty of the UK housing market and its potential impact on estate agent numbers

Let me know what you think

Please note – these are the views of the author and are not meant to be construed as proper financial advice.

Simon Baker

November 3, 2008

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Acerca de Lucas Vargas:

  • Empezó en Grupo ZAP como el VP de Sales y en 2016 cuando la empresa tenía 60 empleados. Fue nombrado COO de VivaReal tomando el mando de Brian Requarth el Co-Fundador. VivaReal lanzó en Colombia y se trasladó a Brasil. En 2017 se hizo CEO del Grupo ZAP.
  • Ha trabajado en Mexico en PWC y en el Banco Santander
  • Tiene un Master de Business Administration de Harvard
  • En noviembre este año después de la fusión de OLX Brasil y Grupo ZAP fue nombrado el CEO del OLX Business Unit. Lidera la empresa junto con Andries Oudshoorn y Marcos Leite
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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nullam dapibus, dolor vitae fringilla pulvinar, ante nulla venenatis dui, eu venenatis tellus ante a purus. Morbi faucibus lacinia nunc ut sagittis. Pellentesque et maximus justo. Duis tortor erat, venenatis vel neque a, ultricies sagittis lectus. Pellentesque mattis sit amet nunc maximus maximus. In mollis, lorem eu iaculis vestibulum, mi nunc elementum orci, in dictum diam justo sit amet erat. Quisque aliquam a quam ac auctor.
Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.