30 April 2021
By Maynard Paton
Results summary for M Winkworth (WINK):
- A revitalised property market led to a much stronger H2, with management optimism underlined by a record dividend for Q1 2021.
- Impressive market-share gains continue to be won from London rival Foxtons.
- Early contributions from in-house branches are encouraging, with implied returns on investment of 38%.
- The accounts remain in good order with net cash, respectable margins, positive cash flow and satisfactory returns on equity.
- A possible P/E of 11-14 and a potential 5% income may offer upside should buoyant trading convert into much higher earnings. I continue to hold.