Foxtons Group: Edison
Real estate - LSE - Mcap: £185m - Price: 61p - Update
Foxtons Group -
Further strategic progress towards targets
The latest quarterly trading update reconfirms the developing success of the 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.
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