Two Directors at OnThemarket bought/maiden bought 38,763 shares at between 53p and 55p. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
In this audio note, Zeus’ Robin Savage summarises the investment case for OnTheMarket. OnTheMarket results to January are at the top end of its January trading update, showing good growth, increasing profitability and high cash conversion. Listen to the audio note below, and read the full research here.
OnTheMarket “OTM” results to January are at the top end of its January trading update, showing good growth, increasing profitability and high cash conversion: • Group revenues rose 14% to 34.4m (trading update indicated £34.0m to £34.5m) key points - ARPA rose 12% to £210 per month - Average number of advertisers was down 2% to 13,086 branches or developments - Software income rose 67% to £1.1m, while other income was flat at £0.3m
19th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
16th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
This week Nick talks to Jason Tebb, CEO of OnTheMarket. Jason has a wealth of experience in property having previously founded his own estate agency business, Ivy Gate (backed by former Dragon, James Caan) and as Regional Managing Director at LSL Property Services PLC. He was also an area director at Chestertons, held various senior positions at Foxtons and has experience in both property development and funding sectors. Jason and Nick discuss Jason’s background and career, joining OnTheMarket...
OnTheMarket’s interims to July 2022 show encouraging growth: • 14% rise in revenue to £17.0m (last year 1H: £14.9m; 2H: £15.5m) - Agency revenue rose 7% to £14.4m (last year 1H: £13.5m; 2H: £13.5m) - New Homes revenue rose 73% to £1.9m (last year 1H: £1.1m; 2H: £1.4m) - Revenue from other advertisers was £0.2m (last year 1H: £0.2m; 2H: £0.1m) - Glanty increased its revenue to £0.5m (last year 1H: £0.1m; 2H: £0.5m) • While group adjusted operating profit fell 38% yoy to £1.3m (1H last year: £...
This quarter’s key observations • Subsector performance: Marketplaces was by far the best performing subsector from an aggregate share price perspective (up 19.9%) vs. an average –5.2% for the other five subsectors. UK Digital Media was the worst performing subsector with a -12.4% aggregate share price move. • Valuation trends: UK Managed Services saw the largest EV/ EBITDA derating (-2.1x) and is now on the lowest EV/Sales multiple (1.5x FY1) and second lowest average EV/EBITDA (11.3x FY1) a...
In this audio note, Zeus’ Robin Savage summarises the investment case for OnTheMarket. Foxtons, one of London's leading estate agencies with more than 50 interconnected branches across London, has signed an agreement to advertise its UK residential sales and letting properties at OnTheMarket.com.
Foxtons, one of London's leading estate agencies with more than 50 interconnected branches across London, has signed an agreement to advertise its UK residential sales and letting properties at OnTheMarket.com. Jason Tebb, CEO, commented: “We are delighted to welcome Foxtons to OnTheMarket. “We have been working hard to enhance our offer, adding products and services to deliver greater value to agents and consumers. “Being recognised by Foxtons is further proof that our strategy is working an...
OnTheMarket’s full year results to January 2022 are in line with the February trading update: • 32% rise in revenue to £30.4m (FY21: £23.0m); • 12% rise in Group adjusted operating profit to £2.7m (FY21: £2.4m); • Net cash on 31 January 2022 of £8.4m. Revenue growth was driven by 32% rise in monthly Average Revenue Per Advertiser “ARPA” to £188 (FY21: £142). The average number of advertisers (i.e. Estate Agents, New Home developments) was flat at 13.3k; total number of advertisers at year end r...
What’s new: Following its 31 January 2022 year end, OnTheMarket’s post year end update reveals revenue and profit ahead of expectations: FY(Jan)22 revenue £30.8m (Zeus estimate: £30.4m); FY(Jan)22 Group adjusted operating profit of £2.6m (Zeus estimate: £2.4m); Net cash on 31 January 2022 of £8.4m (Zeus estimate: £9.9m). OTM has extended its range of products and services to advertiser customers and OnTheMarket.com users, with commercial partnerships including Brickflow, Autoenhance.ai, Sp...
What’s new: OnTheMarket’s trading update reveals “Group’s operational performance has continued to be strong” with continued “focus on disciplined operational and cost management.” Key points include: FY(Jan)22 revenue “expected to be slightly ahead of market consensus” (Bloomberg: £30.45m) Cost of new website and brand launch “capitalised rather than expensed” FY(Jan)22 Group adjusted operating profit “will be at least £2.5m” Outlook: “The Directors believe the outlook for the Group is un...
What’s new: OnTheMarket “OTM” interims show 46% revenue growth and rise in EBITDA margin to 23%, which leads the Board to increase full year guidance: “revenues to be slightly ahead of expectations “adj profit to be substantially ahead of expectations to January 2022” In short, OTM’s interims, for 6 months to 31 July, show: 46% rise in Group revenue to £14.9m, with advertisers rising 5% in 1H to 13,362, and average leads per advertiser rising 26% to 132 per month 55% rise in adj EBITDA ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
What’s new: AGM update reminds shareholders OTM is focused on building a “differentiated, technology-enabled property business providing services to agents, housebuilders, advertisers and consumers that offers best in class products and platforms across the broader property marketplace.” Early indications of success include: 5 month growth in advertisers of 4.5% driven by 4.9% rise in agency branches 137 leads per advertiser in June 2021, which is 5.4% above average per month for the six m...
What’s new: full year results confirm OnTheMarket “OTM” delivered revenues and cash in line with guidance and operating profit just ahead. In short: 22.3% rise in subscription revenues to £23.0m (guidance: £23.0m); 21.7% EBITDA margin, with EBITDA rising to £5.0m; Adj profit of £2.4m (guidance: above £2.3m); £10.7m cash (guidance £10.7m).
What’s new: OnTheMarket “OTM” has exercised its call option to acquire the 80% of Glanty that it didn’t acquire on 21 December 2019. Glanty is the owner and developer of software products and services designed to reduce overheads, maximise efficiencies and increase revenues for estate and lettings agents.
What’s new: Following “strong performance over Christmas and through January, and subject to completion of the year-end audit”, management expect results to 31 January 2021 to be better than indicated on 14 December. In summary: Revenues circa £23m (previously expected to be “no less than £22.5m”); Zeus now expects 1H: £10.2m: 2He, £12.8m; Adjusted operating profit circa £2.3m (previously expected to be “no less than £1.5m”); Zeus now expects 1H: £0.8m; 2He: £1.5m; Net cash at 31 Jan 2021...
What’s new: On the day its new CEO, Jason Tebb, takes office, OnTheMarket announces that following “continued operational progress and strong consumer engagement, the Company now expects to deliver revenues and adjusted operating profit above market expectations for the current financial year to 31 January 2021”.
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