Rightmove shares edged up yesterday to yet another record high.
This was despite being downgraded by analysts at hedge fund Blue Sky Capital.
It said that its concerns were about valuation, and said Rightmove had “limited customer growth”.
Blue Sky Capital initially gave Rightmove shares a ‘Buy’ rating in March, since when the shares have returned 30% in eight months, easily out-performing the FTSE’s All Share index rise of 4%.
Rightmove’s share price has also risen 17% from early October.
However, Blue Sky Capital said that agents are facing a weak housing market, and developers are doing less well than a year ago.
The analyst said that during the first half of this year, Rightmove achieved an overall revenue growth of 9.8%. The new homes segment grew 29%, but the core estate agency segment by 5.5%.
However, while Blue Sky Capital thinks Rightmove can grow its earnings another 10% “over time”, it sees some near-term risks.
It has lowered the shares from ‘Buy’ to ‘Neutral’.
Despite the downgrade, Rightmove shares closed yesterday at about 611p, up some 1%.
Meanwhile, other property businesses also enjoyed a positive day on the stock market yesterday.
Countrywide shares went up over 9%, although from such a low base that it put only 0.4p on the price, which finished at about 4.8p.
Purplebricks’ share price put on almost 4%, closing at about 110p.
Even OnTheMarket shares, while still bumping along the bottom, managed to put on almost 1% to close at about 68.5p.
While Foxtons shares were unchanged at 66p, LSL shares were up 2% to close at 242p, and Belvoir closed 2% up at 125p.
The biggest winner was The Property Franchise Group (see separate story) with a 10% gain.
We were really impressed by Kremer Signs and how quickly they could get our boards printed and delivered to our board movement providers. All the staff that we dealt with are extremely friendly. I worked closely with Ryan Little and Sam Collins - both very helpful and quick at responding. Thank you for your help - we are super happy with our boards from Kremer Signs.
Georgie Lower
Great customer service
The process of ordering boards for my company New Door Real Estate was so easy from the get go with Kremer Signs! I was kept informed every step of the way by Nick and Ryan and I really couldn't fault them. Great customer service and the quality of the boards is brilliant. We're really happy with them!
Danielle Murray
Delivered in great time
Just wanted to say a big thank you to Kremer Signs (especially Ryan Little) for getting me set up with my dream for sale signs. As a very new independent estate agent, I was reassured with the great customer service and the fact I was looked after from start to finish. Really happy with the finished product which was delivered in great time too. Thanks again, I will be back for more (hopefully soon)!
Holly Price
Great job on our first ever boards
Kremer did a great job on our first ever boards to be produced, so many comments already on how they stand our from the crowd. effortless process, special shout out to Ryan who always kept in contact and helped through out the process. Many Thanks
Daniel Dobson
Huge thank you to Kremer Signs!
Huge thank you to Kremer Signs! Ryan Little has been very responsive and helpful from start to finish. Boards arrived on time and have been a much better quality than our previous boards. This along with the excellent customer service is a win win!!! We hope to continue to work with Ryan and the team going forward. Thank you!
