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Free Cash Flow And Deleveraging Is The Word At Realogy Holdings
- Realogy Holdings operates at meaningful scale in the residential brokerage business.
- The business model includes high-margin, consistent franchise revenue streams from its agent network.
- Free cash flow is being used to delever the balance sheet, allowing value to accrue to the equity.
Wed, Sep. 24, 11:52 AM
- LevelRE offers a 1% commission for sellers. If a buyer's agent is used, a seller would pay 4%. The 1% includes the listing of a seller's house on popular websites like Zillow and Realtor.com. LevelRE also offers consulting services (such as what price to list the house), which are refundable if the home doesn't sell, and sends professional photographers to shoot the home for free.
- "We're actually surprised it's taken this long," says Todd Siegel, who plans for LevelRE to disrupt real estate the way Expedia and Orbitz did for travel.
- The company has received $3M in funding and is putting together another round this fall.
- RLGY +1.2%
Wed, Sep. 24, 10:30 AM
- Launching coverage on housing-related names, Piper Jaffray starts Corelogic (CLGX +1%), Fidelity National Financial (FNF +0.4%), and Realogy Holdings (RLGY +0.1%) at Overweight.
- Fidelity competitor First American Financial (FAF) is initiated at Neutral, as is the tracking stock for Fidelity's various portfolio investments, Fidelity National Financial Ventures (FNFV -0.5%).
Mon, Sep. 22, 7:14 AM
Mon, Aug. 11, 1:14 PM
- Alongside the consolidation of its current local operations with about 20K residential properties under management, NRT LLC (a subsidiary of RLGY) purchases Dallas GFT - a property management firm in that city with about 1.6K rentals under management.
- "By combining our local property and asset management services into one national division, we are making a strong commitment to strategically growing our leadership position in this sector."
- Source: Press Release
Sat, Aug. 9, 8:55 AM
- The stocks of both Zillow (NASDAQ:Z) and Trulia (NYSE:TRLA) have already fallen about 15% since their merger deal - dubbed Godzulia by the bulls - was announced, writes Bill Alpert, perhaps reflecting worry their "heft might be computer-generated imagery."
- Though the market cap of the companies nearly equals the marketing budget for all U.S. realtors, they have yet to monetize much of their hefty Web traffic, and while bulls like to think their combo will make for an advertising "must buy," the two have both been quietly offering deep discount to chains like Realogy (NYSE:RLGY), suggesting any thesis about pricing power may need to be rethought. "We have the audience," says Zillow boss Spencer Rascoff in response. "Eventually, the advertising dollars will follow the audience."
- There's no doubting impressive growth in traffic. From a few million monthly visitors in 2008, Zillow's traffic rose to 25M browsing from desktops and another 28M from mobile devices in June. Revenues have grown nicely as well, but not at as fast a pace as traffic, and earnings have been even harder to come by - at least if you count expenses the way GAAP does. "Clearly, there's still work to be done because Zillow and Trulia haven't proved yet that they can grow their Web traffic and ad sales profitably."
Mon, Aug. 4, 7:40 AM
- Adjusted EBITDA of $269M falls 3% Y/Y primarily due to the slowdown in mortgage refinancing.
- Home sale transaction volume gains of 3% for the quarter exceeds earlier guidance, primarily thanks to higher prices (up 7%). The number of transactions fell 3% at the Realogy Franchise Group and 5% at company-owned brokerage operations.
- Guidance: Q3 comparisons are going to be tough owing to the fast action in Q3 a year ago. Home sale sides are expected to be down 4-6% Y/Y and prices up 4-6%. As a result, home sale transaction volume is expected to be -2% to +2%.
- RLGY flat premarket
- Previously: Realogy Holdings beats by $0.03, beats on revenue
Mon, Aug. 4, 7:14 AM
Sun, Aug. 3, 5:30 PM
Tue, Jul. 15, 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
- Source: Press Release
Mon, Jul. 7, 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
Mon, May. 5, 12:47 PM
Mon, May. 5, 7:34 AM
- Net revenue of $1B (up 5% Y/Y)
- Adjusted EBITDA of $53M (down 25% thanks to slow mortgage originations)
- Home sales transaction volume up 10%, with the number transactions off 3%, but average sales price up 13%.
- Guidance: Q2 volumes -2% to +2%. "As we have moved into our spring selling season, thus far the level of open activity we expected has not materialized, particularly as it relates to home sale transaction sides."
- Source: Press Release
- Previously: Realogy Holdings misses by $0.11, misses on revenue
- RLGY no trades premarket
Mon, May. 5, 6:47 AM| Comment!
Sun, May. 4, 5:30 PM
Tue, Feb. 25, 7:14 AM
Tue, Feb. 25, 12:05 AM
RLGY vs. ETF Alternatives
Realogy Holdings Corp is a provider of residential real estate services in the U.S. The Company is a franchisor of residential real estate brokerages with some of the most recognized brands in the real estate industry.
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