OnTheMarket - Spreading the word
OnTheMarket has released full-year results to January 2018, just prior to its listing. Of greater interest is the strong progress in recruitment of estate and letting agencies, with listing agreements now signed with over 8,500. This is driving good levels of traffic to the portal, which in turn should demonstrate its value to the agency customers ahead of the end of the discounting. We maintain our revenue forecasts, but have dialled back the anticipated marketing spend in view of the success to date. Our longer-term modelling indicates a return to profit in FY21. On EV/revenue and DCF modelling, the shares have good potential upside.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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