Foxtons Group - Medium-term targets come into view
The new strategic vision set out by the CEO is gaining significant momentum, driven by investment in staff and in best-in-class bespoke IT and data platforms, and implies that medium-term targets are now coming into focus. Market share is being gained in all divisions, which is likely to be boosted if the sales market stabilises in 2024. We have modestly raised forecasts and our valuation to 132p/share and believe that if interest rates stabilise or ease further, there are upside risks 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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