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UBS launches coverage of UK estate agents

Wed, 13th Jul 2016 09:21

(ShareCast News) - UBS initiated coverage of the UK estate agent sector on Wednesday, with Foxtons and Savills at 'buy', Countrywide at 'neutral' and Purplebricks at 'sell'.The Swiss bank, which expects UK wide housing transactions to fall 6% this year and 5% the next - with a 10 drop in London in 2017 - said online-only agents are structurally altering the landscape of the sector, and are gaining significant market share as consumer awareness and willingness to consider using them grows.UBS said conventional agents most able to differentiate themselves such as Foxtons and Savills justify a premium price and will be most successful in withstanding the changes.As far as Foxtons is concerned, the bank said the UK referendum result has added significant uncertainty, in particular for the London housing market, and it has factored in a declining market in the second half of this year and 2017 within its forecasts.However, in the medium term, it sees organic growth potential at the company, driven by a rollout of five to seven new branches per year.On the other hand, it reckoned Countrywide was most at risk from this shift, with pressure on commissions over the last six years indicative of its limited ability to respond to online competition.Still, it said the recent share price weakness in Countrywide on the back of the Brexit vote means the risks are capture in the valuation, hence the 'neutral' rating.On Purplebricks, UBS said the valuation looks stretched given executive risks on growth."With the business not yet in profit and on EV/sales of 18x we see valuation risks. The model has been proven fit for growth, but the self-employed nature of franchisees, as well as the large revenue cut that Purplebricks takes from its franchisees, for us creates question marks around scalability. There are also significant costs associated with growing a web-based company."At 0930 BST, Foxtons shares were up 3.3% to 131.50p, Savills was up 1% to 655p, Countrywide was up 1% to 263p and Purplebricks was down 1.1% to 127.35p.

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8 Mar 2018 10:36

WINNERS & LOSERS SUMMARY: Countrywide Shares Sink On Large Annual Loss

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8 Mar 2018 10:26

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8 Mar 2018 09:59

Britain's FTSE inches up in choppy trade; miners fall

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8 Mar 2018 09:51

UPDATE 1-Easing tariff fears buoy European shares; M&A, earnings in focus

* STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares down 3.8 pct * Countrywide sinks 20 pct (Updates prices, adds Helen March

8 Mar 2018 09:42

TOP NEWS: Countrywide Shares Fall On Axed Dividend, Annual Loss

LONDON (Alliance News) - Shares in Countrywide PLC fell sharply early Thursday after the company swung to a pretax loss, axed its dividend payout, and warned of further pain a

8 Mar 2018 08:41

Fading trade fears support European shares; M&A, earnings in focus

(For a live blog on European stocks, type LIVE/ in an Eikon news window) * STOXX 600 rises hesitantly * ACS gains after Atlantia confirms talks over Abertis * Abertis shares 8

8 Mar 2018 08:40

UPDATE 2-UK's Countrywide going 'back to basics' after profit plunges

* Core earnings fall 22.5 pct * Scraps 2017 dividend * Reducing HQ headcount * 2018 pipeline "significantly lower" * Shares fall 24 pct (Adds conference call,

8 Mar 2018 08:20

LIVE MARKETS-Opening snapshot: STOXX inches up

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8 Mar 2018 07:58

LIVE MARKETS-What's on the radar ahead of the open

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8 Mar 2018 07:44

UPDATE 1-UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE futures were up 0.08 percent ahead of the cash market open on Thursday. * G4S: The world's largest security group G4S said by

8 Mar 2018 07:36

British estate agent Countrywide posts 22.5 pct drop in FY core earnings

March 8 (Reuters) - Countrywide Plc, Britain's largest estate agency, on Thursday reported a 22.5 percent drop in full-year core earnings, hurt by poor performance in its

8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

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20 Jan 2017 09:36

BROKER RATINGS SUMMARY: Exane BNP Cuts Sainsbury's And Tesco

18 Jan 2017 09:48

Wednesday broker round-up

(ShareCast News) - Hochschild Mining: RBC Capital Markets reiterates Outperform with a target price of 290p. Pearson: Liberum reiterates Sell with a target price of 470p. IG Group: Barclays reiterates Overweight with a target price of 612p. British American Tobacco: Citi reiterates Buy with a targ

13 Jan 2017 07:41

Revenue up but volumes down at Countrywide

(ShareCast News) - Estate agent Countrywide reported a small increase total group income for the year to the end of December as it said earnings are expected to be in line with the current range of market expectations amid a challenging market and a slowdown in London. Total group income for the yea

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