Yuav Zillow Tshuag tam sim no kom tau txais txiaj ntsig los ntawm 'ib puag ncig zoo dua' xyoo tom ntej, UBS hais

Nws pib Zillow ntawm kev yuav nrog $ 50 lub hom phiaj tus nqi, uas txhais tau hais tias txog 29% upside ntawm qib tam sim no. Rau UBS, qhov kev yuav khoom txhais tau hais tias tus kws tshuaj ntsuam kev kwv yees cov khoom xa rov qab (FSR) ntau dua 6% siab dua qhov kev xav rov qab ua lag luam (MSR).

"Peb pom lub sijhawm tam sim no ntawm qhov tsis txaus ntseeg siab tshaj plaws yog qhov nkag tau zoo rau kev yuav Zillow shares ntawm cov tub ua lag luam mus sij hawm ntev," tus kws tshuaj ntsuam Lloyd Walmsley tau sau ntawv rau cov neeg siv khoom.

Zillow's ntau-qib Class C sib koom
Z,
+ 0.94%

ZG,
+ 0.71%
nce 0.9% mus kaw ntawm $ 38.68 rau hnub Friday, tus nqi kaw siab tshaj plaws txij li Lub Yim Hli 15. Nws tau rocketed 43.4% txij li thaum kaw ntawm 2 1/2-xyoo qis ntawm $ 26.97 thaum Lub Kaum Hli 14.

Walmsley txoj kev pib tuaj tom qab cov ntaub ntawv tawm lub lim tiam no qhia tau tias tos tsev muag khoom nyob rau lub Kaum Hli poob rau lub hlis thib tsib ncaj thiab tus nqi tsev nyob rau lub Cuaj Hli tsis kam rau lub hli thib peb. Cov ntaub ntawv tawm ntxov lub hli no qhia tau tias muag tsev uas twb muaj lawm thim rov qab rau ib lub hlis thib cuaj ncaj ncaj.

"Ib xyoos txij li tam sim no, peb cia siab tias yuav tau saib ua ntej mus rau ib puag ncig zoo dua, nrog UBS cov kws lag luam xav tias cov paj laum yuav poob qis, yooj yim [xyoo-rau-xyoo] kev sib piv thiab kev xav tau tsev nyob," Walmsley sau.

Nws tau hais tias nws cov tshev nrog cov neeg sawv cev txhawb nqa nws txoj kev ntseeg tias Zillow tuaj yeem tau txais txiaj ntsig ntau dua kev lag luam thiab ua rau muaj kev loj hlob ntawm cov nyiaj tau los "nyob rau sab nraud" ntawm ib puag ncig tam sim no.

Walmsley kuj tau pib qhov kev pab cuam ntawm cov phooj ywg hauv online tuam txhab vaj tsev Compass Inc. nrog rau qhov kev ntsuam xyuas nruab nrab, thaum nws $ 2.75 cov nqi Tshuag lag luam cuam tshuam txog 15% downside los ntawm qib tam sim no.

Cov khoom lag luam
COMP,
+ 1.87%
nce 1.9% rau $ 3.27.

Walmsley tau sau tias "Peb pom muaj kev pheej hmoo / nqi zog sib npaug hauv peb qhov xwm txheej upside thiab downside," Walmsley tau sau.

Nws cia siab tias lub tuam txhab yuav ua tiav cov nyiaj pub dawb (FCF) kev sib tw hauv xyoo 2023, tab sis pom cov nyiaj tau los ntev dua li "qhia-kuv" zaj dab neeg. Lub tuam txhab tau tshaj tawm rau lub Plaub Hlis 2021, txog 10 xyoo tom qab Zillow mus rau pej xeem.

Zillow's Class C Tshuag tau nce 13.6% hauv peb lub hlis dhau los thiab Compass shares tau nce 18.9%. Tab sis xyoo dhau los, feem ntawm Zillow tau poob 39.4% thiab Compass tau poob 64.0%, thaum S&P 500 index.
SPX,
-0.12%
tau poob 14.6%.