The current valuation of Rightmove’s shares makes them “a total turn-off,” says The Investment Column, in The Independent.
It says operating profits are forecast to rise from £8.7m to £14.4m this year leaving the shares trading at 73 times historic earnings and 44 times forward earnings.
This indicates it is “grossly overvalued”, the newspaper says.
References: The Independent 16/05/06 page 54 (The Investment Column)
