Rightmove : Guidance for 2023 maintained but deterioration in the margin in 2024 and 2025 following an increase in investment
>Underperform rating reiterated - Target price adjusted to 550p - On Friday, Rightmove published H1 2023 results, that fell slightly short of our forecasts, followed by a conference call. Adjusted EBIT was £ 133m vs £ 140m, mainly due to costs that were a shade above our forecasts for the half-year period. ARPA (average revenue per advertiser) was up by 9% to £ 1,411 driven by the marked increase in ARPA for new homes (+23%). We are leaving our forecasts for 2023 unch...Rightmove operates as an online property portal. Co. provides consumers with a place to search and research U.K. property and by providing its customers a place to reach home hunters. Co.'s segments are: The Agency, which provides resale and lettings property advertising services on Co.'s platforms; and The New Homes, which provides property advertising services to new home developers and housing associations on Co.'s platforms. Co.'s customers are primarily estate agents, lettings agents and new homes developers advertising properties for sale and to rent. Co. also provides software, delivering data, market insight and tools that provides insight, analysis and risk assessment tools.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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