Share Name Share Symbol Market Type Share ISIN Share Description
Purplebricks Group LSE:PURP London Ordinary Share GB00BYV2MV74 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +3.60p +0.86% 424.40p 423.00p 425.00p 430.00p 418.80p 420.00p 751,403 16:35:18
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate 46.7 -6.0 -1.0 - 1,158.47

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DateSubject
21/1/2018
08:20
Purplebricks Daily Update: Purplebricks Group is listed in the Real Estate sector of the London Stock Exchange with ticker PURP. The last closing price for Purplebricks was 420.80p.
Purplebricks Group has a 4 week average price of 391p and a 12 week average price of 290.25p.
The 1 year high share price is 525p while the 1 year low share price is currently 155p.
There are currently 272,965,410 shares in issue and the average daily traded volume is 638,131 shares. The market capitalisation of Purplebricks Group is £1,158,465,200.04.
20/1/2018
09:42
ltcm1: rog poor old Buywell was having a Diane Abbot moment with that 4m figure. But if we must discuss it I think there are about 4m BTL props in total so the figure is around 800,000, which is still wildly high. 400,000 might be a more reasonable estimate. Anyway, that is many potential customers to Purp plus any decline in the rented sector will hit the Countrywides of this world. Andy why the shock/horror over the 2.3BN valuation? If there is any sign Purp can make 75-100m a year net profit then the share price will rocket. No reason why Purp can't become a 5BN company in a few years time. If the foreign ventures really take off we could be looking at 10 bagger here.
04/1/2018
16:36
jaknife: It's interesting to see the correlation between the google trend and the share price: Https://trends.google.com/trends/explore?date=today%205-y&geo=GB&q=Purplebricks The trend is back up again with the share price.
15/12/2017
09:10
elcapital2017: Purplebricks: Estate Agent Today's experts look behind the latest figures Purplebricks: Estate Agent Today's experts look behind the latest figures Here it is - the industry’s verdict on the latest set of figures from Purplebricks. The agency doesn’t play by any of the rules we’re familiar with: who worries about completion rates in the UK when expansion in Australia and the US are priorities? In return, the market doesn’t quite know what to do either: Purplebricks’ share price quickly rebounds from public criticism of the company on the BBC, yet drops two days in a row after what most people regard as a successful first six months of the trading year. Either way, the firm now has 74 per cent dominance of the online sector, hugely increased revenues, and appears well on the way to meeting its ambition of becoming Britain’s largest estate agency by stock. So once again Estate Agent Today has assembled its panel of experts to give considered, authoritative opinions on the most controversial company in agency today. Our thanks go to our contributors, and thanks to you, too, for reading - and please feel free to add your views. Ian Wilson, chief executive officer of The Property Franchise Group: Purplebricks: Estate Agent Today's experts look behind the latest figures “I’d say it’s a good set of results where it counts - which is the size of the LPE footprint and the trading volume. The rest of the online players are not getting any traction and Purplebricks is probably one-year away from becoming uncatchable.” “There is no evidence yet that customers are (en masse) dissatisfied with what they have purchased. Purplebricks remains a textbook example of the power of a single, national brand and clear customer proposition." "The industry has to wake up and smell the coffee.” Mike DelPrete, a US-based PropTech expert and consultant at media firm AIM: “Purplebricks should be commended for two things: its large scale and strong growth. Doubling the number of instructions at that scale is no easy task, and is unmatched by its peers.” “Purplebricks is doing more business, in a shorter time, than similar models [US portal] Redfin (which has raised $300 million and is listed with a valuation of $1.98 billion) and Compass (which has raised over $750 million and is valued at $2.2 billion). Redfin launched in 2004 and Compass in 2012.” “But make no mistake, success in the US market is far from certain and will be achieved along a different path than that taken in the UK and Australia.” Anthony Codling, equity analyst at Jefferies International: “The success or failure of Purplebricks will rest on their ability to sell homes, whilst charging a non-returnable upfront fee. Until they are willing to disclose those statistics, which as a data driven company they must have, I believe the jury remains out with respect to the effectiveness of their model.” Purplebricks: Estate Agent Today's experts look behind the latest figures “I do not doubt that Purplebricks is the clear market leader of the non-traditional agents, which suggests that in terms of winning listings their strategy has been more effective than their peers." "Basing growth on TV regions, growing from a regional player to a national one was a canny plan. Most of the others attempted a national footprint from day one, which stifled growth as they spread themselves too thin.” “Purplebricks is no longer just about the LPEs – you actually have around one person back at base for every LPE on the road – most of whom sit in one big office rather than in a network of offices close to the customers they are trying to serve.” “To my mind, this is more about Purplebricks having to strengthen its infrastructure and adapt its model, putting in more lifeguards if you will rather than traditional agencies being able to treading water.” James Dearsley, PropTech influencer and partner in PropTech Consult: “On a top-level look, these results are looking positive for Purplebricks, further validation that the online/hybrid sector is gathering steam with a few major players leading the pack.” “I am concerned that still there is no mention of sale numbers. However, perhaps some conclusions can be drawn by their claim that they have now have 20 people in staff support. If they are selling that many, surely they would need more than this to cope with the sales progression?” “The outlook on Australia shows great growth and perhaps in the US it is too early to tell at this stage. There are signs that this model could possibly work elsewhere which paves way for others to enter, but I fear for the long term in the US.” “The money needed to scale that operation up successfully and gain some form of brand equity, which is obviously forming well in the UK, could cause a serious hole in their balance sheet in coming years.” Chris Wood, industry campaigner and managing director of PDQ Estates: Purplebricks: Estate Agent Today's experts look behind the latest figures “Michael Bruce repeatedly stated that they sell (complete) on 88% of all property listed. They have since made statements that this figure is higher. Independent data from GetAgent suggests a rather different figure. A lack of evidence to substantiate a claim made by the CEO of a PLC suggests that they do not have the evidence to substantiate the claim made. “The statement is clever in that it avoids mentioning any growth into the traditional market which, last year, showed call-centre agents were losing or, at least relatively static. Purplebricks clearly dominate the call-centre market share (circa 5% of the UK market as a whole) however, if they are to achieve the growth they promised to investors (albeit outside of the timescale advertised) they will have to start eating into the remaining 95% of the market which will require more spend and, I would suggest, much more transparency in the success they make much of.” Iain White, industry consultant and mentor at Agency Mentors: “If the results were good, would the sales data be published or would it still be too early to have representative completions data? I believe they are shying away because the results are not convenient for them and would allow a real cost comparison between the upfront fee model against payment on results model.” Purplebricks: Estate Agent Today's experts look behind the latest figures “The media spotlight on Purplebricks has given the customer food for thought about transparency and it does look like their instruction volumes are not increasing despite the reported increase in the number of LPEs.” “These figures show us that Purplebricks’ marketing message has worked better that the rest and that they are the dominant force for those choosing the upfront payment model." "Logic suggests consolidation or collaboration is inevitable among Purplebricks’ competitors and perhaps new models and tech are being readied to fill the obvious gap between the traditional and upfront consumer options.” “Traditional agents are entering an era of collaboration, consolidation and transparency. This, coupled with great tech will signal a whole new breed of lean, capable and genuinely local experts who know their area and have the tools, marketing budgets and back-up to service customers properly.” “That said, recruitment is a big problem for all estate agents. The trick isn’t having lots of people, it’s about having effective people who are passionate about what they are doing. Work-life balance is a real issue that our industry needs to face up to, and at present is largely ignoring.” Jeremy Leaf, north London estate agent and a former RICS residential chairman: “Not surprisingly, Purplebricks appears to be taking a growing share of non-traditional online agency business. However, the lack of real evidence of its inroads into traditional agency via sale completion numbers, as well as the proportion of listings it actually sells, continue to cast doubts on the proposition.” “My personal view is that Purplebricks may find favour with sellers of similar houses or flats in blocks where a ‘going rate’ is established but will struggle on larger, more individual properties, especially as the property market softens. Traditional agents will then have a better opportunity to demonstrate value and service to their customers and potential customers.” hTtps://www.estateagenttoday.co.uk/breaking-news/2017/12/purplebricks-estate-agent-todays-experts-look-behind-the-latest-figures
14/12/2017
08:56
shauney2: Billy,what a thread this is lol.I take these are grown men. Anyway,its very binary share.Love it or hate it. Citygroup have a target of 500p jeffries have a target of 94p They also say this Jefferies is still sceptical about the valuation being applied to online estate agent Purplebricks (PURP), whose shares have risen 156% this year. Analyst Anthony Codling said while interim results released yesterday looked ‘impressive217;, but a lack of clarity on how many homes were actually being sold through the site was troublesome. ‘Once again, we find that Purplebricks continues to speak in riddles – “we sold and completed £4.6 billion of property with a further £3.8 billion in the pipeline”. However, we cannot tell how many homes that equates to,’ he said. ‘And that is the one thing we think potential customers should be asking: “If I pay you more than £1,000 what are the chances that you sell my home and how close will you get to the asking price.’ Codling has an ‘underperform’ rating on the shares and a 94p target price, well below the 361.8p at which they were trading yesterday, after an 8.9% fall. ‘Purplebricks is currently priced for perfection, yet we believe this early stage disruptor has yet to prove the efficacy of its business model,’ he said. ‘Should the model stumble, the share price may do likewise.’
30/11/2017
14:52
hpcg: We don't know how well PURP will do in the US, but success is baked into the price. House purchasing is surprisingly parochial with lots of differentiation by locality. In the regard the US states are like 50 countries, and each European country is like its own country; no EU convergence as yet. Aus may have been a better expansion point, but it is a much smaller market in terms of transaction volume, and transaction price. California has the advantage that property prices are high in San Diego, parts of greater LA (the bits near the sea, downtown, the hills) and the whole of the valley, even Oakland. The delta between a fixed price and a percentage is thus more akin to London and the South East. So from my stand point there is not a great deal of upside if California is a success, but a heap of downside if it isn't. Similarly stellar growth for the UK is also in the price. Balance of probability is for share price to go down from here, but that will be based on numbers and not on the specious bull and bear arguments rolled out here which are the very definition of noise.
22/9/2017
11:31
thirty fifty twenty: so there are these 20 people that posted reviews on Allagents.co.uk now given that PURP is causing tremors in the rest of the property world, i would have thought that all estate agents are trying to find the people that wrote these reviews, and maybe leader them to give an interview with a newspaper e.g. "i'm annoyed my review has been stopped by legal action" of course it is not really news, and very probably it only represents a smal proportion of the trasnactions that PURP does but it would now be a very valuable story to create negative publicity I really think PURP have made a big mistake on this one..... them taking legal action against a review site for 20 odd 1* reviews which may or not be true is a proactive action - it only needs some of those reviews to be true for it to seem that PURP has acted heavy handedly and of course it will encourage others to go to other routes to criticise if their experience with PURP is less than ideal. if they had just left it.. then the good experience of their customers would have won the day. the public are not stupid so they would have seen through the fake 1* reviews. So ironically PURP by taking action has shown that it doesn't trust the public which isn't great for a business trying to get the public to trust it! Remember that the BBC went undercover to get quotations from the LPE surely now there must be a few people operating under cover trying to get a story from an LPE it is probably very unfair on PURP but if there is a story to be had some-one will try and get it there is also a lot of money to be made because the rating of PURP is so high that such a story would cause further share price falls. All IMHO, DYOR + BoL PURP is in my portfolio (short)
21/9/2017
13:45
thirty fifty twenty: thanks egrid1 for your example and comments thanks andy for your experience too. I have no doubt that >90% of PURP transactions go smoothly. But also seems to make sense that when there is a problem there is much less incentive for the LPE to spend serious time to sort. I think PURP said that they aim for the LPE to sell 5 houses a week - so assuming a 40 hour week - each transactions only gets 5 hours of their time. (BTW - does anyone know how much the LPE gets of the fee? Or indeed how much RMV get?) Since it is in the news today it seems very similar to Ryanair. They have provided a cheap, no frills service and changed a market place (a growing one). Most of the time everyone was happy and customers knew what they were getting and happily paid. When things went wrong , they went badly wrong and customers were furious. It stood to reason - with a focus on minimal costs there was not a service element to the company. M O'L took several years to recognise this but recently admitted they were wrong and is trying to change the company. On that point - interestingly Ryanair has a pretty much unbroken history of sale growth. In 2006 the MV reached a peak of slightly over 3 times the forecast next years sales. it was never as high before or since. In the 12 months after 2006 the share price fell 50% (this started before the main stock market fall). Since that point Ryanair has gone on to grow sales 3 times and profits 5 times. The share price has since risen 500%. I accept that over a 10 to 15 year time scale PURP may well cause the same disruption to their market. But they will not do this without bumps on the road. At the moment PURP are valued at 12 times next year forecast sales. let's say 10times if the TU delivers better than expected as Argentus predicts. My investment is based that this rating will fall - even if it falls to 8 times that is a 20% gain on my short. I believe it could fall to 6 times and indeed to 4 times if the general stock market falls. In time this might just be a 'bump in the road' for PURP - I don't know. But for now it seems a very good risk / reward scenario to be short. For me, the slowing house market in UK is just icing on the cake. And the bad publicity around their heavy handed legal team, (BTW I think the wrong biz decision), more relevant to me gives the motivation for holders to bank profits with a resultant lower price. hpcg - good analysis. there was an interesting in CLIG this week about incentives. I think this is a very pertinent issue of our time about giving the right incentive to create the correct culture and behaviour and not lead to easy money for some. All IMHO, DYOR + BoL PURP is in my top5 hldgs (short)
21/9/2017
09:28
thirty fifty twenty: So at least we agree .... that if the stock falls 5% from here there will be the start of a serious de-rating! so you think that a stock has fallen 25% already in less than a month but that a de-rating will only start after the next 5% we are also agreed that the stock is on a huge valuation (even after the 25% fall. what I find with most bulls on this stock is that they muddle the business and the rating. I fully expect PURP to meet expectations next week. And I fully expect they will be able to say Oz is growing, and I fully expect them to say they have sold x houses in the US and to re-quote that the US market is worth some many bn. And I fully expect them to indicate that they are NOW actively looking at new territories. This is because the company is a marketing company with a neat idea. We are agreed that the company has no moat around its business. There are no barriers to entry and they have nothing that cannot be copied, and in the states already is copied. It is easy to see how innovators enter a market with a cheap product and take 3-4% market share. In my experience it is illogical to think that they can grow from 3-4% to 16% without any reaction from competitors. So I don't believe they will get to 16% of the UK market but actually for my investment decision I have assumed they will!! Based on house broker forecasts this even in 3 years, with turnover at £230m will only have 10% EBITDA margins - that is lower than a good manufacturer!! And even in three years and after 5 years of trading they will have debt of c.£30m. I assume the model must have c.£30 debt if it is modelling £3m of interest charges. However in the past people have believed this possible and it is a golden rule that the market can stay higher longer that one can stay solvent. My investment decision is based on the point that to date the market has valued that very highly and momentum traders have taken the price to stratospheric levels. There is now clear evidence that the vast majority of momentum trade stocks have now fallen significantly (c.25%) from their highs. From my watchlist (c.140 stocks) I known of c.20. The stopping of momentum trading has been reported in FT + the most popular investment journals. So whatever the business achieves my investment is based on the belief that the rating will reduce. It is happening all over the market and there is clear evidence of a head and shoulder chart top with PURP specifically. PURP is being highlighted in the last week as a technical short in 2 of the 3 broker sites I use. Then you have the negative press. From Allagents to the headlines and comments in the Daily Mail. Then there is Tom Winniforth saying that the value is zero. So more and more people are being critical of PURP. It actually doesn't matter to my investment decision if they are right or not as more will sell (makes perfect sense to lock in their profit). It was interesting that Woodford sold about 10,000 shares last week and the price crashed over 30p! Obviously I have holder bias, my position is clear I normally trade long in smaller equities, but the risk reward in PURP was so unique and potentially so larger from over 1,000 companies I have looked at, I decided to take a short position. I have a 12 moths view. From the chart there is serious resistance at 420p, though the downtrend will not be broken unless it rises above 450p IMHO. So as I see it I risk losing 10% - I think this is 20% probability But the technical , and next support level is 300p - 30% profit (over 12 months and a 50% probability) I am intrigued that your posts do not actually encourage anyone to buy before the TU next week. You seem to have access to the figures, you've met the CEO, yet you only have a small % in PURP despite the 300% rise in 9 months and yet your final piece of advice is not that PURP are a share to buy but that I should close my short.... Anyway time will tell see you here in 12 months, or when the price hits 300p, or when it rises above 450p (if i'm wrong i'm wrong). For my investment decision it may not be this trading up, or the next one, but over 12 months I just need one wobble in the market. In fact although I have my position today - if it rises from here (but remains below 450p) I will be increasing my short. And I know of 2 others with the same approach so of course a 10% fall in the price would be nice but a rise in the share price with the TU could provide a 1 in 100 opportunity for my investing strategy. I see Capita has further very large falls today. it used to be on a premium rating but that has changed over the past 18 months. It has another thing in common with PURP - being the current PURP chairman and Woodford as the biggest shareholder. I accept in advance that this is very much holder bias to think investors will correlate this to PURP but it is another example of how a darling share price of the stockmarket can suddenly be 50% down over 12 months even though it still makes lots profits and is good in its industry. All, IMHO, DYOR + BoL PURP is in my top5 (short)
20/9/2017
10:03
thirty fifty twenty: its great to see so many well articulated and reasoned posts on this BB. argentus - my apologies if you took my posts to be condescending. Hopefully you can understand that with many rampers etc... a new poster on board at a sensitive time for the stock price can arouse suspicions. with some specifics..... PURP currently has 4% market share. t/o = 43m, GP 24m, marketing = 14m, admin = 10m. lets say they get to 4 times that size. t/o = 172m, GP = 96m, marketing (lets say it doesn't change) = 14m, admin (lets say doubles despite business being 4 times the sixe) = 20m. that gives total profit of 62m. What timescale do you think this will be achieved in? 5 years? What would I value a business today that might make 62m in 5 years time that would be EPS of 16p (I've assumed LTIP and options exercised with this profit growth) EPS of only 16p in a mature cyclical market in 5 years time - current value c.100p so today's price is supported by hope that Oz and US take off.... but they have only 12 months first mover advantage in OZ and a few months in the US personally I don't think they will get 16% of the UK market, personally I don't think they will get that level of profit in the UK but even if one assumes they will (over 5 years) in my view the price currently being paid for the shares is way way too high. as before - it is priced for perfection and there will be bumps along the way. if they end up with 10% of the UK market - that is a fantastic business success and they deserve credit for that but even that level of business success does not mean the share price should be rating at 25times sales. if I may pick up on a personal point. you have met the CEO a few times, you are an experienced investor, PURP has risen 300% in the last 12 mnths yet PURP is only a small part of your portfolio so despite your convictions of the business model, despite having close access to the CEO personally it only forms a small proportion of your portfolio after a 300% rise? it seems you only backed your believe in the biz model with a very small % of your portfolio. as an additional point we probably have different time horizons for our investments. I look over a 12 months viewpoint. Whereas you are quite relaxed about a 20% move. its good to debate opinions. it is a market afterall. BTW I am well known to many and have given my contact details out before. for clarity All IMHO, DYOR + BoL PURP is in my top5 hldgs (short)
20/9/2017
09:20
hpcg: The main thing which will come out of this is that the currently unreasonable estate agent commissions will finally be reduced to something which is more in line with the skill, training and work involved. PURP may get a small part of this smaller pie, but really it is just an introduction agency for sole traders to work through - after all they are the ones doing the work. The PURP share price rise is a story which has been repeated many times before and will be many times again. The narrative is that newco breaks existing business model, takes 90% of market share, and we all live happily ever after in dividend city. The reality, in this case, is there is no new business model. It is exactly the same business just with a different pricing model. The existing players can instantaneously react by reducing their prices. Actually a more effective model would be one based on fixed fees and bonuses rather than straight flat fees. This would also sharpen listing prices to better represent the property and the market conditions, and lead to a keener market because the incentives are in the right place. People are correlating this with RMV when the latter was a new business model. It replaced the printed press who could not compete on price, local papers were largely free by then, and provided functionality which could not be provided by a paper. Network effects were beneficial to RMV, but are at best neutral, and possibly detrimental to PURP as relies on third parties to conduct its operations. As an aside, at this time the PURP business is not so relevant. The market structure where there are no active institutional buyers and one very large shareholder with big profits to lock in and at the same time redemptions to fund.
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