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OnTheMarket (OTM) continues to make good progress in building its market share and improving its brand recognition both with agents and the public. The group now has over 11,000 agency branches under listing contracts – a 58% share of the total. This increased reach is driving higher levels of traffic to the portal and delivering good leads to agents. The challenge now is to convert these agents to paying clients and grow the proportion holding OTM shares. We continue to model the group moving into profit and becoming cash-flow positive in FY21. On an EV/revenue basis, backed by DCF modelling, the shares have good potential upside.

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