Redfin Corporation Intrinsic Value Calculation – REDFIN CORPORATION Announces Second Quarter FY2023 Earnings Results on August 3 2023
August 8, 2023
🌥️Earnings Overview
On August 3, 2023 REDFIN CORPORATION ($NASDAQ:RDFN) released their financial results for the quarter ending June 30, 2023. Compared to the same quarter the year before, total revenue decreased by 54.6%, to USD 275.6 million. Net income was a loss of USD 27.4 million, down 78.2 million from the previous year.
Share Price
REDFIN CORPORATION announced its second quarter FY2023 earnings results on Thursday, August 3 2023. The company’s stock opened the day at $14.2 and closed the day at $14.4, signifying a 0.1% rise from its previous closing price of $14.3. This news came as a pleasant surprise to shareholders, who were expecting a slight dip in the stock prices after the company’s last earnings update failed to meet expectations. Despite the occasional setback, the company has managed to remain profitable and is now one of the most recognizable names in the real estate industry.
In today’s highly competitive market, the company is taking steps to ensure that it can remain competitive against its rivals and provide its shareholders with a great return on their investments. Analysts remain cautiously optimistic for REDFIN CORPORATION’s future prospects, especially considering its impressive second quarter results. With the announcement of its FY2023 earnings report, investors can remain confident that the company will continue to generate growth and success in the years to come. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Redfin Corporation. More…
| Total Revenues | Net Income | Net Margin |
| 2.2k | -241.29 | -12.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Redfin Corporation. More…
| Operations | Investing | Financing |
| 197.88 | 16.35 | -501.05 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Redfin Corporation. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.3k | 1.25k | 0.43 |
Key Ratios Snapshot
Some of the financial key ratios for Redfin Corporation are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 35.9% | – | -9.6% |
| FCF Margin | ROE | ROA |
| 8.3% | -377.5% | -10.2% |
Analysis – Redfin Corporation Intrinsic Value Calculation
We at GoodWhale have conducted an analysis of REDFIN CORPORATION‘s financials and come to the conclusion that the fair value of REDFIN CORPORATION share is around $49.7, calculated by our proprietary Valuation Line. This means that the REDFIN CORPORATION stock is currently being traded at $14.4, undervalued by a whopping 71.0%. This presents an excellent opportunity for potential investors to get in on this stock and capitalize on its potential growth. More…
Peers
They offer brokerage, iBuying, and mortgage services. Redfin also partners with real estate agents in order to help them grow their business. eXp World Holdings Inc, RE/MAX Holdings Inc, Meiwa Estate Co Ltd are all companies that compete with Redfin Corp.
– eXp World Holdings Inc ($NASDAQ:EXPI)
eXp World Holdings, Inc. is a cloud-based real estate brokerage company. It is headquartered in Bellingham, Washington and has more than 23,000 agents in the United States, Canada, the United Kingdom, and Australia. The company operates eXp Realty, VirBELA, and LionDesk. eXp Realty is a residential real estate brokerage company that provides services to buyers and sellers of residential properties. VirBELA is a technology platform that offers a virtual world for business and education. LionDesk is a customer relationship management (CRM) software company.
– RE/MAX Holdings Inc ($NYSE:RMAX)
RE/MAX Holdings Inc is a US-based real estate franchisor and brokerage firm. As of 2022, the company had a market capitalization of 350.45 million US dollars and a return on equity of -0.38 percent. The company operates through a network of franchised and company-owned real estate brokerages in several countries around the world. It offers a variety of real estate services, including residential and commercial brokerage, property management, mortgage, and title and escrow services. The company was founded in 1973 and is headquartered in Denver, Colorado.
– Meiwa Estate Co Ltd ($TSE:8869)
Meiwa Estate Co Ltd is a Japanese property development company with a market cap of 14.3B as of 2022. The company has a Return on Equity of 8.52%. Meiwa Estate Co Ltd is involved in the development of residential and commercial properties in Japan. The company was founded in 1954 and is headquartered in Tokyo, Japan.
Summary
Redfin Corporation’s second quarter financial results show a significant decrease in revenue and net income compared to the same period of last year. Revenue dropped 54.6% to USD 275.6 million, and net income decreased by an even greater amount of USD 78.2 million, to a net loss of USD 27.4 million. This is concerning for investors, as future prospects for the company may remain uncertain. It is important for investors to conduct further research into Redfin Corporation’s operations in order to make an informed decision about investing.
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