RLGY
Realogy Holdings Corp.
Finance/Real Estate, TMT
04/11/2013
Presented
| Date | 04/09/2013 |
| Price | $45.84 |
| Market Cap | $6.66B |
| Ent Value | $10.92B |
| P/E Ratio | 46.86x |
| Book Value | $14.89 |
| Div Yield | N/A |
| Shares O/S | 145.37M |
| Ave Daily Vol | 880,000 |
| Short Int | 2.46% |
Current
| Price | $4.67 |
| Market Cap | $0.52B |
| Realogy Holdings Corp. provides real estate and relocation services worldwide. The companys Real Estate Franchise Services segment franchise its real estate brokerage franchise systems under the Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sothebys International Realty, and Better Homes and Gardens Real Estate brand names to real estate brokerage businesses. As of December 31, 2014, this segments real estate franchise systems had approximately 13,500 offices; and approximately 251,300 independent sales associates worldwide. Its Company Owned Real Estate Brokerage Services segment owns and operates a full-service real estate brokerage business primarily under the Coldwell Banker, Corcoran Group, Sothebys International Realty, ZipRealty, and Citi Habitats brand names to assist home buyers and sellers in listing, marketing, selling, and finding homes. This segment also assists landlords and tenants through property management and leasing services. Its Relocation Services segment offers outsourced employee relocation services, such as homesale assistance, home equity advances to transferees, home finding and other destination services, expense processing, relocation policy counseling and consulting services, arranging household goods moving services, visa and immigration support, intercultural and language training, and group move management services to corporate clients for the transfer of their employees, as well as home buying and selling assistance to members of affinity clients. The companys Title and Settlement Services segment provides title, settlement, and vendor management services to real estate companies, affinity groups, corporations, and financial institutions. This segment also serves as an underwriter of title insurance policies in connection with residential and commercial real estate transactions. Realogy Holdings Corp. is headquartered in Madison, New Jersey. |
Highlights
The presenter believes RLGY is one of the least well-understood companies in the real estate industry, and is bullish on the outlook for transaction volume in the market and the company’s ability to pay down its relatively expensive debt over the next 12-24 months. Overall, he believes RLGY should be trading north of $75 per-share based on applying a 25x multiple to $3+ of EPS in 2015, and the stock should be able to reach his target price over the next 12-18 months based on the following factors:
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