31 May 2020
By Maynard Paton
Results summary for M Winkworth (WINK):
- Acceptable full-year figures that showed revenue up 8% and profit up 12% following an encouraging second half.
- The declaration of a Q1 dividend for 2020 implies possible resilience to Covid-19 and hints at a better-than-expected pandemic performance.
- Very impressive market-share gains continue to be won from London rival Foxtons.
- Despite a number of accounting niggles, the books remain in pretty good shape with high margins and net cash.
- A possible P/E of 8-12 and a potential income of 6% may offer upside should earnings revive and then one day thrive following Brexit, stamp-duty changes and Covid-19. I continue to hold.