Rightmove (RMV)

Sector:

Real Estate

Index:

FTSE 100

549.60p
   
  • Change Today:
      7.00p
  • 52 Week High: 594.80
  • 52 Week Low: 462.90
  • Currency: UK Pounds
  • Shares Issued: 798.50m
  • Volume: 1,457,293
  • Market Cap: £4,388.53m
  • RiskGrade: 130

HSBC upgrades Rightmove to 'buy'

By Michele Maatouk

Date: Tuesday 02 May 2023

LONDON (ShareCast) - (Sharecast News) - HSBC upgraded Rightmove on Tuesday to 'buy' from 'hold' and lifted the price target to 645p from 530p as it said some of the early demand indicators show return of buyers' interest and argued that positive sentiment from agents is not priced into current multiples for the stock.
The bank noted that data from the UK housing market is showing early signs that the demand underhang may be starting to close.

"Some of these early indicators of demand, including new buyer enquiries, new instructions and sales agreed, are edging towards more-normal 2019 levels," HSBC said.

"According to Zoopla, demand levels are 16% higher compared to 2019 and Rightmove data shows sales agreed in March were similar to 2019 levels. Although it's too early to tell if the demand is sustainable and whether the demand from first time buyers will trigger a chain reaction, creating a ripple effect, the activity levels are in a better shape than at the end of 2022."

HSBC said it reckons 2023 "will test Rightmove's moats" and its ability to balance wage inflation at a time when there is pressure on agents' marketing budgets.

"Historically, Rightmove has shown a disciplined approach with a rejigging of the product structure every 18-24 months, with its last major update of Optimiser 20 (from Optimiser 15) in Q4 2019," it said. "Now that all of the estate agents have upgraded to Optimiser 20, we believe the potential for a new product in late 2023 or early 2024 is entirely plausible and could support ARPA growth next year.

"However, closure of low-stock agents will be a risk to watch out for as we progress though the year."

At 1440 BST, Rightmove shares were up 1.2% at 581p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Rightmove Market Data

Currency UK Pounds
Share Price 549.60p
Change Today 7.00p
% Change 1.29 %
52 Week High 594.80
52 Week Low 462.90
Volume 1,457,293
Shares Issued 798.50m
Market Cap £4,388.53m
RiskGrade 130

Rightmove Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
98.94% below the market average98.94% below the market average98.94% below the market average98.94% below the market average98.94% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
1.94% above the market average1.94% above the market average1.94% above the market average1.94% above the market average1.94% above the market average
2.33% below the sector average2.33% below the sector average2.33% below the sector average2.33% below the sector average2.33% below the sector average
Income
85.88% below the market average85.88% below the market average85.88% below the market average85.88% below the market average85.88% below the market average
87.1% below the sector average87.1% below the sector average87.1% below the sector average87.1% below the sector average87.1% below the sector average
Growth
3.47% below the market average3.47% below the market average3.47% below the market average3.47% below the market average3.47% below the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average

What The Brokers Say

Strong Buy 5
Buy 6
Neutral 1
Sell 5
Strong Sell 2
Total 19
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Rightmove Dividends

  Latest Previous
  Final Interim
Ex-Div 25-Apr-24 28-Sep-23
Paid 24-May-24 27-Oct-23
Amount 5.70p 3.60p

Trades for 28-Mar-2024

Time Volume / Share Price
16:35 746,832 @ 549.60p
16:35 1,508 @ 549.60p
16:35 1,566 @ 549.60p
16:35 4,396 @ 549.60p
16:35 222 @ 549.60p

Rightmove Key Personnel

CFO Alison Dolan
CEO Johan Svanström

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