Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Free Cash Flow And Deleveraging Is The Word At Realogy Holdings

Realogy Holdings (NYSE:RLGY) is the largest player in the US residential brokerage business by a variety of measures. It owns a collection of brands well-known across the country including: Coldwell Banker, Century 21, ERA, Sotheby's International and Better Homes in its franchised real estate brokerage business. RLGY is also involved in relocation services, owned/operated real estate brokerages, mortgage and settlement services. Stated differently, RLGY is involved in various, related adjacency's in the residential real estate market, as seen here:

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After its IPO in October 2012, RLGY shares have oscillated in a fairly range bound pattern despite rapidly growing free cash flow and an improving balance sheet. After peaking near $55 last year, today RLGY shares...

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