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The bid seems to be stuck @ 100 (7 days+) even with share price moving up. As an amateur here, anyone know why?
sorry - predictive text!! Love him or hate him!!
https://www.youtube.com/watch?v=C4DqGqsGvlE
Look him or hate him, JW knows his stuff.
Couple of points to add - i believe current rev per agent is c£133 for OTMP (over £1k for RM) but this includes some free or discounted introductory offers. In a podcast i recently heard that just getting these onto fee paying accounts would almost double revenue to £40m (currently £23m without doing anything else).
I'm not so sure if RM was to move now - OTMP is so small in comparison.
RM approaching Zoopla would definitely be a no no. In say 2 years with OTMP growing and RM flatlining at best i can see it definitely being challenged. Boomin just seems to be an idea at the moment - website is just an information page
More potential good news in the budget next week - reintroduction of 95% mortgages is a great idea
https://www.bbc.co.uk/news/uk-56218952
RM buying OTM would be predatory and fall foul of the competitions ombudsman methinks.
But you are right, the groundswell for OTM is growing.
Just Boomin clouding the picture but I think that will fizzle and die within 2 years.
RM results out today - makes interesting reading.
Profits down c40% as they reduced fees over covid (from £1,000 down to c£700) but as of Dec 2020 they were back up over £1,000 - OTMP are c£100 by comparison. No wonder agents hate RM
Number of agents - RM has c19k and this has reduced in 2020 by a few hundred. By comparison OTMP has c14k.
If/when OTMP can get to a similar level of agents, and we are closing that gap every week , why pay so much for a comparable service?
Surely RM must be considering buying OTMP as it's clear where this is going.
https://www.hl.co.uk/news/2021/2/26/will-the-stamp-duty-holiday-be-extended-in-the-2021-budget
3 month extension to the stamp duty holiday is expected - should give the share price a short term boost
https://twitter.com/MurrayAlanLee/status/1348934420603039744?s=20
Anyone invested here needs to be aware of this movement
Is OnTheMarket set to become the number one portal choice for independent agents?
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Join OnTheMarket on a shareholder contract: Over 40% of all independent agents are shareholders in OnTheMarket and between them own about 65% of the portal which amounts to 6,000+ offices up and down the country. If another 2,000+ agents signed a shareholder contract with OnTheMarket, that would significantly increase marketing budgets and help the portal build increased awareness at a regional and national level, while providing excellent value leads and service to agents.
can't find any broker research for OTMP. Does anyone know what the forward projections are, particularly 2021 profit target?
RM has a £5.4bn market cap and a PE of 30.5 compared to OTMP's current £72m valuation .
However, RM reported a 43% profit decline in H1 2020 so their PE is really c50.
If we applied a PE to OTMP of 50 that would be c£100m valuation (assuming PAT of £2m).
However, using a forward PE for 2021 and assuming £5m profit (not sure if this is realistic - i'm assuming 20% margin on say £25m rev) we would be nearer £250m valuation - even with a conservative PE of 30 that's still £150m, twice the current value.
On top of that there is a lot of negativity towards RM (see link below), that can only bode well for OTMP.
Reaction to the great results has been muted to say the least - maybe an extension to Stamp Duty holiday in budget next week will get things going.
https://www.saynotorightmove.co.uk/
Almost every day now OTMP are posting "welcome to the portal" tweets on twitter, sometimes multiple times per day. This business is undoubtedly growing very quickly.
with a strengthening business now is the time to market themselves as being the second site to RM-and drop that atrocious advert .And to do all they can to get agents onside v RM and cast doubt on Zoolplas favouritism of Connells and Countrywide tie up.
Dipped my toe in here. Definitely one to watch grow over the next 5 years.
Its a good point Shandypants 0.8 million more profit over a couple of months and now signing up around 7 new agents per day.
Guess the seller yesterday was waiting for news to get out, hence the price not moving.
great RNS -maiden profit now £2.3m - only in Nov this was estimated to be £1.5m.
Clearly Dec and Jan have been great months so hopefully this momentum will continue through 2021.
Revenues up c 25% YoY and Cash also good despite the increase in advertising over xmas.
The only downside is the share price!!!
https://www.dailymail.co.uk/money/mortgageshome/article-9256589/Average-property-asking-prices-creep-Rightmove-says.html
Good timing. House prices still rising and RM websites visits up 45% in Jan so OTM should be similar, hopefully higher
Managed to grab another 20k shares, looking at OTM twitter feed looks like their signing multiply agents every day!
Right moves market cap is on the menu :)
https://propertyindustryeye.com/connells-agrees-long-term-partnership-with-zoopla/
"Loads of purchases, price not moving.
Large seller in the market it looks like."
I was right. Large sales of 110k and 121k showing this morning but dated yesterday.
I am out of the game now (ex-agent).
What are Connells doing with Zoopla that is so cosy?
A portal should not be aligned too closely with any agent.
Rightmove is just one of two key competitors.
Zoopla have chosen to align them selves somewhat with the Connells group who are acquiring CWD. Agents I speak to are not happy about the cosy relationship and some are now moving to OTM. Bad move by Zoopla -CWD/Connells/Zoopla are going it alone together create own site?
Thanks for that Shandypants2.
Wondered why all the purchases today. And the Teclet business is in for free.
Re-affirms why I bought this share 18m ago. Could see the increase in leads and decrease from Zoopla and RM.
I am holding.
https://twitter.com/SharePickers/status/1358463371339849734
JW still very keen - comparison with RM is compelling. Hopefully YE update this week
Loads of purchases, price not moving.
Large seller in the market it looks like.
YE was 31/1 so i expect a trading update soon - was 6th Feb last year.
I'm expecting a good performance for Dec and Jan (based on market being active and comments by RM).
An extension to the stamp duty holiday would be the cherry on the cake