Rightmove: 14% Annualised Return Even If No Recovery Until 2022 [Seeking Alpha]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Seeking Alpha
| United Kingdom Rightmove: 14% Annualised Return Even If No Recovery Until 2022 Mar. 23, 2020 8:00 AM ET About: Rightmove plc (RTMVF) RTMVY by: Librarian Capital Hedge fund analyst, long/short equity Summary We are upgrading Rightmove (the #1 U.K. property portal) from Neutral to Buy after the share price fell 41% in a few weeks. Covid-19 will have a real impact, but normality will return eventually and Rightmove's business will be as strong as ever. 2019 results show Rightmove continues to have a dominant market position, resilient financials, and good growth potential. Conservatively assuming revenues and valuation multiples do not recover until 2022, the annualised return would still be 14%. At 420.9p, with limited risk of a long-term capital loss, solid returns in a conservative scenario and potential positive surprises, we upgrade to Buy. This article was highlighted for PRO subscribers, 's service for professional investors. Find out how you can get the best content on here
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