Rightmove plc (RMV.L, RMV LN)
Rightmove is the market leading property portal in the UK, with a c.75% EBITDA margin. Founded in 2000, it is 100% digital, linking house buyers with estate agents. A beneficiary of the network effect, it is the portal with the most house buyers, so it attracts estate agents, and it is the portal with the most houses listed, so it attracts house buyers. Seen as a must have for house sellers when selecting agents, RMV has c.84% market share. RMV provides agents with tools to increase their footprint and compete by winning more instructions using prominent advertising and data analytics.
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