Cyclical Caution Warranted On Realogy
Realogy Shares Are A Golden Opportunity During The Market Correction
Alpha Gen Capital
Alpha Gen Capital
Thu, Aug. 4, 1:00 PM
Thu, Aug. 4, 10:25 AM
- Total company revenue of $1.66B was up 1% from a year ago, with higher volumes at Realogy Franchise Group and Title Resource Group, but a 3% decline in volume at NRT.
- Of NRT, CEO Richard Smith notes continued slowing in high-end markets and increased competitive recruiting pressures. "We are working diligently to improve agent retention at NRT as part of a broader strategy to increase the recruitment of top agents and agent teams."
- While the company expects transaction volume gains of 1-4% Y/Y in Q3, NRT volume is expected to be down 1-3%.
- Approved is the initiation of a $0.09 per share quarterly dividend (1.3% annualized yield). About 1M shares were bought back during quarter at an average price of $31.50 each.
- Previously: Realogy Holdings misses by $0.03, misses on revenue (Aug. 4)
- RLGY -12.4% to $26.81
Thu, Aug. 4, 7:31 AM
Wed, Aug. 3, 5:30 PM
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Mon, Jul. 25, 9:57 AM
- KBW buys the dip, upgrading Realogy (RLGY +2.2%) to Outperform from Market Perform.
- The stock has lost about 40% of its value over the past year.
Tue, Jul. 12, 9:54 AM
- The plunge in interest rates has to mean good things for real estate brokers? Stephens upgrades Realogy (RLGY +4%) to Overweight from Equal Weight after the stock's nearly halved over the past y ear.
Fri, May 13, 10:05 AM
- The roughed-up stock of Realogy (RLGY +2.5%) finds a sell-side friend in Compass Point's Fred Small. who upgrades to Buy from Neutral. The shares are trading at their lowest valuation since the 2013 IPO, but Small sees deleveraging and earnings growth in the future.
- His $40 price target is up from $35, and compares to the current $32.25.
Wed, May 11, 12:19 PM
- There's chatter of Marcato Capital Management having taken a stake in Realogy (RLGY +1.4%), while lightening up on positions in LPL Financial (LPLA +1.4%) and Avis Budget (CAR +1.4%) to help fund the new holding.
- Previously: Activist investor Marcato Capital discloses 6.3% stake in LPL Financial (Sept. 23, 2015)
- Previously: Avis Budget on the move after Marcato Capital boosts stake (Aug. 17, 2015)
Thu, May 5, 12:12 PM
- Q1 adjusted net loss of $17M improves by 29% from a year ago. Adjusted net loss per share of $0.12 improves 25%. Adjusted EBITDA up 10% to $77M.
- 1M shares bought back during quarter at average price of $33.45 each.
- Company is on track to reach $40M in annual savings, of which $25M should be realized this year.
- Q1 homesale transaction volume (transaction sides x ASP) up 6% Y/Y, with sides up 3% and ASP up 2%.
- For Q2, Realogy (RLGY -5.2%) expects homesale transaction volume gains of 3-7% Y/Y. Transaction sides are expected to be 3-5% higher, with ASP flat to up 2%.
- Previously: Realogy Holdings beats by $0.01, revenue in-line (May 5)
Thu, May 5, 7:26 AM
Wed, May 4, 5:30 PM
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Wed, Feb. 24, 8:23 AM
- 2015 adjusted net income of $219M up 27% Y/Y from 2014. Adjusted EPS of $1.49 up 26%. Free cash flow of $437M up 19%.
- Buyback program of up to $275M announced, good for about 6% of the float at today's price.
- Q1 guidance for homesale transaction volume gains of 6-9%. Homesale transaction sides up 3-5%, with average homesale prices up 3-4%. Cost savings of $25M this year, and a $40M run-rate beginning in 2017.
- Earnings call at 8:30 ET
- Previously: Realogy Holdings misses on revenue (Feb. 24)
- RLGY flat premarket
Wed, Feb. 24, 7:40 AM
- Realogy Holdings (NYSE:RLGY): Q4 Net income of $9M.
- Revenue of $1.33B (+3.9% Y/Y) misses by $40M.
Tue, Feb. 23, 5:30 PM
Wed, Jan. 6, 9:59 AM
- A 28% decline in the stock has balanced out the risk/reward on Realogy (RLGY -0.1%), says analyst Michael Dahl, upgrading to Neutral from Underperform, with price target of $36 (current price is $34.52).
- While Dahl continues to have concerns about demand trends, downside risk from sluggish growth and expense pressures have largely played out.
Dec. 22, 2015, 11:59 AM
- The NAR cited new regulations as leading to longer closing times and thus November's big miss in existing home sales.
- Piper Jaffray's Jason Deleeuw says while open purchase title orders at First American Financial (FAF +0.4%) were up 5% Y/Y, closings are about 10% below the normal level. He maintains his Street-low Q4 EPS estimates for both FAF and Fidelity National Financial (FNF +1.2%), noting the delays occurring while both carry more staff than normal.
- As for Realogy (RLGY -0.5%), Deleeuw sees a $10M-$15M risk to the Q4 earnings estimate of $178M, but the company should recapture what's lost in Q1.
- CoreLogic (CLGX -1.5%) generates its mortgage-related revenue from mortgage openings, and is thus at less risk from closing delays.
- Previously: New regulations may be to blame for sharp drop in home sales (Dec. 22)