Rightmove: 10% Growth In 19H1 Shows Resilience; Reiterate Buy [Seeking Alpha]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
NASDAQ:AMEX Investor Relations:
plc.rightmove.co.uk/investors
Company Research
Source: Seeking Alpha
Rightmove: 10% Growth In 19H1 Shows Resilience; Reiterate Buy Summary Rightmove shares have returned +13% (inc. dividends) since our Buy recommendation in March, though down 10% from their peak in June. 19H1 results last week showed another set of strong headline performance – with revenues and EBIT both growing +10% year-on-year. The U.K. housing market remains weak, with agents number falling 4.6% year-on-year, and data points to a further deterioration in H2. However, we expect pricing and innovations to again help offset agency number decline; revenues should still grow slightly, even in a recession. At 533.4p, Rightmove has a resilient 3.6% FCF Yield (1.2% in ), growing with inflation in a downturn, back to 10% growth p.a. after. Buy. Introduction Rightmove ( OTCPK:RTMVF we published our Buy recommendation March RMV Share Price Performance (2019 YTD) Source: Bloomberg Markets (31-Jul-19). With the publication of RMV's 19H1 results last Friday (Jul 26), and growing uncertainties a
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