We are currently attracted to specific US real estate agent businesses, including Realogy Holdings and RE/MAX, both of which rallied significantly over...

PM Capital

PM Capital

We are currently attracted to specific US real estate agent businesses, including Realogy Holdings and RE/MAX, both of which rallied significantly over November, with Realogy up 12% after reporting better quarterly earnings. Realogy generates their earnings from housing transaction fees through their franchised and wholly owned real estate agent office businesses (Century 21 and Coldwell Banker). These businesses are therefore leveraged to higher housing volumes and higher house prices in the US, which management are guiding to be up 4% to 8% in the 4th quarter, typically a seasonally weak quarter. Management is also proactive in reducing debt levels and operational costs and thus, if the housing market momentum continues we believe this businesses should continue to re-rate higher from its current 14x PE.


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