Foxtons Group - Further strategic progress towards targets
The latest quarterly trading update reconfirms the developing success of the Foxtons strategic vision and implies that medium-term targets, particularly the adjusted annualised operating profit target of £25–30m, are now coming further into focus. We believe that market share is being gained in all divisions, which is likely to be boosted further as the Sales pipeline is growing comfortably ahead of the market. We have modestly raised forecasts and our valuation to 134p/share and believe that if interest rates ease further, there is upside potential to our forecasts.Foxtons Group is a holding company. Through its subsidiaries, Co. is engaged in providing residential property sales and lettings services through its network of branches. Co. provides independent mortgage advice and other related services through its mortgage broker, Alexander Hall Associates Limited. Co. has three business segments: sales, which generates commission on sales of residential property; lettings, which earns fees from the letting and management of residential properties; and mortgage broking, which receives commission from the arrangement of mortgages and related products under contracts with financial service providers and receives administration fees from clients.
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