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OnTheMarket (OTMP)

Business description

OnTheMarket is an estate agent-backed company, which operates a synonymous property portal. It is the third-largest UK residential property portal provider in terms of traffic.

Investment summary

OnTheMarket has recruited over 3,000 new agent branches since listing on 9 February. This takes its total to over 8,500 - encouraging progress in its plan to build market share in the UK online property portal space. Visitor traffic to the website has also picked up strongly, with 13.7m visits in April (March: 12m) and over 1m alerts set up. The £30m raised at listing is being invested in sales and IT, as well as funding a managed ramping-up of multi-channel marketing activity, including the major TV and poster campaign in May, in addition to sustained heavy digital marketing. The group will return a loss for FY19 and FY20, with profits modelled from FY21 onwards. Backed by long-term agent contracts, OTM has high levels of recurring income on a scalable platform.

Last updated on 07/06/2018

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2017A 17.8 3.3 1.0 (1.4) N/A N/A
2018A 16.0 5.4 2.7 7.4 23.4 N/A
2019E 18.0 (15.2) (16.8) (28.8) N/A N/A
2020E 35.0 (7.8) (9.4) (12.5) N/A N/A

Last updated on 07/06/2018

Latest research

Spreading the word

Update | Media | 07/06/2018

First day OnTheMarket

Initiation | Media | 09/02/2018

Latest video

Bitesize briefing – OnTheMarket

Industry outlook

The UK online property market is dominated by two portal providers, Rightmove and ZPG, the former being the clear market leader. While they generate high traffic, prices charged to participating agencies have risen, with no respite in sight prior to OTM’s arrival. In a market where the volume of transactions has been under pressure, achieving good visibility is even more important. Silver Lake's recent bid for ZPG highlights the value.

Last updated on 07/06/2018

Key management

Clive Beattie, CFO

Company address

PO Box 450
155-157 High Street
GU11 9FZ
United Kingdom
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