Alpha Gen Capital
Mike Arnold • 10 Comments
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)
Dec. 26, 2014, 5:35 PM
Nov. 24, 2014, 10:23 AM
Jul. 15, 2014, 4:15 PM
- The online real estate space heats up some more with Realogy's (NYSE:RLGY) all-cash, $166M deal to buy ZipRealty (NASDAQ:ZIPR). The price works out to $6.75 per share vs. today's close of $3.02.
- The purchase adds ZipRealty's residential brokerage operations with 23 U.S. offices and its integrated real estate technology platform to Realogy's operations. ZIPR last year closed $2.7B in property sales, giving it $76M in revenue and $32M of gross profit. Realogy expects EBITDA contribution from the purchase to be about $20M annually within the next three years.
- Zillow (NASDAQ:Z) +0.3%, TRLA +0.4%, MOVE +0.3% AH
Jul. 7, 2014, 9:08 AM
- The stock is a cheap bet on the housing recovery, writes Barron's Leslie Norton of Realogy (RLGY), which has slid 23% YTD alongside concerns about a slump in real estate. Hit particularly hard was the company's mortgage unit after refinancing ground to a halt.
- Still, Realogy continues to generate plenty of cash - $734,.2M expected this year, and maybe $900M in 2015 - which management has pledged to use to pay down a heavy debt load now standing at $3.9B. The paper currently carries a junk rating, but if management's debt cut goals are reached at the end of next year, a re-rating to investment grade would pave the way for dividends and/or buybacks.
- Shares +2.7% premarket
May 5, 2014, 12:47 PM
Nov. 14, 2013, 11:33 AM
- Wells Fargo reports Realogy (RLGY +3.3%) execs downplayed the possibility their company or a rival would acquire an online real estate platform such as Trulia (TRLA -3.5%) during an investor meeting yesterday.
- Realogy pointed out such an acquisition would likely lead rival real estate brokers to pull their inventory from the acquired company.
- Previous: Trulia jumps following Realogy M&A rumor
Nov. 13, 2013, 3:13 PM
- A rumor that real estate services giant Realogy (RLGY +1.3%) is looking to acquire Trulia (TRLA +8%), perhaps for $52/share, has led Trulia's shares to spike in afternoon trading.
- Zillow (Z +3.9%) is also up strongly on the day. Both Trulia and Zillow were already rallying on what has been a good day for Internet momentum plays.
- 15% of Trulia's float was shorted as of Oct. 31.
Nov. 4, 2013, 9:18 AM
Oct. 7, 2013, 8:29 AM
- Goldman likes the brokerage business, upping Realogy (RLGY) to Buy saying worries about royalty rates and commission splits, broad housing concerns, and large stock sales are already priced into the stock. "We expect these issues to diminish over the coming quarters."
- How to buy Realogy? Take the cash from a sale of Toll Bros. (TOL), says Goldman, removing its Buy rating on the homebuilder. Despite the downgrade, Goldman still likes Toll's position at the high end of the market and sees room for material margin expansion as the company works through its land-development progress.
- TOL -2.4%, RLGY +0.4% premarket.
Oct. 2, 2013, 10:03 AM
- The franchisor of real estate brokerages opens for trade around $26, up 18% from the IPO pricing of $22 per share - itself higher than the expected range of $19-21.
- ReMax (RMAX) is a direct competitor to Realogy (RLGY -0.2%) - which is up 29% since going public one year ago. The owners of Re/Max have also no doubt observed the fast upward action of online real estate players Trulia (TRLA +4.6%) and ZIllow (Z +3.7%).
Apr. 10, 2013, 9:10 AM
Apr. 9, 2013, 5:56 PM
Apr. 9, 2013, 5:01 PM
Realogy (RLGY) -6.9% AH after issuing downside guidance, expecting to post Q1 sales of $950M-$960M vs. consensus analysts estimate of $997M. The parent company of Century 21 and Coldwell Banker also announces a secondary offering of 35M common shares by selling stockholders; RLGY will receive no proceeds from the offering.| Apr. 9, 2013, 5:01 PM