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1. Company Snapshot

1.a. Company Description

Rightmove plc, together with its subsidiaries, operates property portals in the United Kingdom and internationally.It operates through Agency, New Homes, and Other segments.The Agency segment provides property resale and letting advertising services on its platforms.


It also offers tenant references and rent guarantee insurance services to landlords.The New Homes segment provides property advertising services to new home developers and housing associations on its platforms.The Other segment offers overseas and commercial property advertising services; and non-property advertising services that include third party advertising and data services.


It serves estate agents, lettings agents, and new homes developers.Rightmove plc was founded in 2000 and is based in Milton Keynes, the United Kingdom.

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1.b. Last Insights on RMV

Rightmove's recent performance has been negatively impacted by growing concerns over its AI-driven strategy execution and intensifying competition. Analysts have trimmed their fair value estimates, with a revised target of £6.23, citing a more cautious stance. Additionally, a marginal uptick in the discount rate and modest adjustment to revenue growth reflect these concerns. The company's valuation has also been affected by a series of price target cuts and rating downgrades, with JPMorgan revising its target from £6.27 to £5.55 and then to £5.00.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Average monthly mortgage payments fell £119 in the year to January

Feb -19

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UK real estate asking prices stay stable — but is it really a good time to buy?

Feb -16

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House prices 'stand still' in February at an average £368,019

Feb -16

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Average price tag on a home falls by £12 in February after record January jump

Feb -16

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Wasatch International Growth Exits Rightmove PLC, Impacting Portfolio by -2.67%

Feb -13

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Rightmove and NatWest announce three-year ‘mortgage in principle’ partnership

Feb -06

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What Catalysts Are Shifting The Narrative For Rightmove (LSE:RMV)?

Feb -06

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Software Stocks Slide Again as AI Threats Rattle Investors

Feb -04

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.26%)

6. Segments

Agency

Expected Growth: 8%

Rightmove plc's agency segment growth is driven by increasing online property advertising, rising estate agent subscriptions, and growing revenue from additional services such as data analytics and digital marketing. The company's strong brand, expanding market share, and strategic partnerships also contribute to its growth.

New Homes

Expected Growth: 10%

Rightmove plc's 10% growth in new homes is driven by increasing demand for online property platforms, rising UK housing market activity, and strategic partnerships with property developers and estate agents. Additionally, the company's investment in digital marketing and user experience enhancements have improved customer engagement and conversion rates, contributing to the growth.

Other

Expected Growth: 7%

Rightmove plc's 7% growth is driven by increasing online property advertising, rising agent subscription fees, and growing demand for premium listings. Additionally, the company's expanding presence in the UK property market, strategic partnerships, and investments in digital innovation are contributing to its growth momentum.

7. Detailed Products

Rightmove Plus

A premium listing package for estate agents, providing additional features and visibility on the Rightmove platform

Rightmove Essentials

A standard listing package for estate agents, providing a basic presence on the Rightmove platform

Rightmove Premium Listings

A paid upgrade for individual property listings, providing additional features and visibility

Rightmove Display Advertising

Targeted online advertising solutions for estate agents and property developers

Rightmove Email Marketing

Targeted email marketing campaigns for estate agents and property developers

Rightmove Data Services

Property data and analytics solutions for estate agents, property developers, and lenders

Rightmove Agency Services

A range of services and tools for estate agents, including website design and development

8. Rightmove plc's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Rightmove plc is medium because while there are alternative property portals, Rightmove's strong brand recognition and large customer base provide a competitive advantage.

Bargaining Power Of Customers

The bargaining power of customers for Rightmove plc is low because individual customers have limited negotiating power, and the company's dominant market position allows it to maintain its pricing power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Rightmove plc is low because the company has a diverse range of suppliers, and no single supplier has significant bargaining power.

Threat Of New Entrants

The threat of new entrants for Rightmove plc is high because the online property portal market is attractive, and new entrants could potentially disrupt the market with innovative business models or technologies.

Intensity Of Rivalry

The intensity of rivalry for Rightmove plc is high because the online property portal market is highly competitive, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 9.64%
Debt Cost 3.95%
Equity Weight 90.36%
Equity Cost 8.68%
WACC 8.23%
Leverage 10.67%

11. Quality Control: Rightmove plc passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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A-Score: 4.8/10

Value: 2.3

Growth: 6.0

Quality: 9.9

Yield: 2.5

Momentum: 2.0

Volatility: 6.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.34$

Current Price

4.34$

Potential

-0.00%

Expected Cash-Flows