风险回报更新

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M

Update

July 31, 2026 05:30 PM GMT

Morgan Stanley & Co. International plc+

Rightmove Plc | Europe

Ed Young

Equity Analyst

Risk Reward Update

Rightmove Plc (RMV.L, RMV LN)

What’s Changed

Internet | United Kingdom

Rightmove Plc (RMV.L)

From

To

Price Target

495p

445p

Bull Case

680p

600p

Base Case

495p

445p

Bear Case

420p

380p

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for Rightmove Plc (RMV.L) has been updated

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

Fiscal Year Ending

EPS (p)**

Prior EPS (p)**

Underweight

In-Line

445p

457p

827-391p

12/25 12/26e 12/27e 12/28e

28.0

29.8

30.5

34.1

33.4

37.7

38.3

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Reason for change

We update our model following H126 results, trimming our FY26 to FY28 revenue

forecasts by <1% to reflect the reduction in FY26 revenue growth guidance to 6% to

8%. We now forecast revenue growth of ~7%/~9%/~9% across FY26/27/28. Our

FY26 and FY28 adjusted operating profit forecasts are broadly unchanged, while

FY27 increases by 3% as we now expect the Digital Services Tax to apply from FY28,

versus FY27 previously. We also increase our FY26/27 buyback assumptions by ~

£40m to reflect the planned return of over £400m through buybacks and dividends

over the next 12 months. Overall, our FY26/27/28 EPS forecasts move by -3%/+2%/2%.Taking these estimate changes together, and marking the risk free rate to

market, our WACC increases to 11.7% from 11.0%. We therefore reduce our price

target to 445p from 495p and remain Underweight. Our bull case price target falls

to 600p from 660p, while our bear case price target falls to 380p from 420p,

reflecting the sector wide derating.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

…