Rightmove "1H26 preview: New Home outlook is tough but Agency likely to..."

研报英文原文证据摘录

Rightmove "1H26 preview: New Home outlook is tough but Agency likely to..."

s could introduce uncertainty for Agency into 2027.

12/26E 31.60 31.43 -1 30.97

12/27E 34.80 34.12 -2 34.34

Forecast changes: slightly cut Group profits (-0.5% in 2026E and -1.0% in 2027E)

12/28E 38.93 38.64 -1 38.27

We reduce New Home developments by c6% in 2026E and 2027E and cut its ARPA by

c2%, leading to revenue downgrades of c5% and c8%, respectively. However, we Jo Barnet-Lamb

slightly increase Agency estimates, lifting revenue by 0.4% in both years on slightly Analyst

joseph.barnet-lamb@ubs.comhigher ARPA and membership, partially offsetting New Homes weakness. Overall, we

+44-20-7567 4599

lower Group underlying operating profit by 0.5%/1.0% in 2026E/2027E, leaving us

broadly in line with consensus for 2026 but slightly below in 2027. Yulia Kazakovtseva

Analyst

yulia.kazakovtseva@ubs.com

Minor 1H26 results downside risks; remains too early to own RMV

+44-20-7901 5507

Rightmove will report 1H26 results on 31 July. Driven by New Home we are -0.3% vs

Casey McEnteecons revenues and -1.9% on underlying operating profit. We remain largely relaxed on

Associate Analyst

longer term structural positioning for classifieds and believe RMV's medium term casey.mcentee@ubs.com

guidance is well underpinned. However, Rightmove are going through a necessary +44-20-7568 3964

reinvestment cycle, this also builds execution risks. This coupled with cyclical uncertainty

makes it too early to own the shares.

Valuation: DCF-based price target of 480p (481p previously)

Our PT is broadly unchanged at 480p (from 481p), as small forecast cuts are offset by

rolling forward the valuation date.

Highlights (£m) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 364 390 425 460 499 545 600 656