ENVIRONMENTAL, SOCIAL & GOVERNANCE REPORT 2023
OnTheMarket
Acquisition Offer Announced October 19th, 2023
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OnTheMarket is the third most visited residential property portal in the
United Kingdom with approximately 20 million site visits per month¹
Founded by agents in 2013 as an agent friendly competitive
alternative to the existing UK property portals
Over 13,000 agents advertise with OnTheMarket²
Revenue for the twelve-month period ending July 31, 2023, was
approximately £35 million³, with adjusted EBITDA of £8 million4
Acquisition represents an attractive and efficient entry point into
the £8 trillion United Kingdom residential property market
Transaction multiples for trailing twelve month period are 2.5x revenue
and 11x adjusted EBITDA
Offer price £1.10 per share in cash or approximately £100 million
Offer subject to shareholder approval and customary closing
conditions. Transaction is expected to close in fourth quarter 2023
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1 Calculated as 119 million visits over the period of February 2023-July 2023, divided by six months
2 Advertisers are defined as either estate and lettings agent branches or new home developments listed at OnTheMarket.com
3 Calculated as the sum of 1H FY2024 revenue of £17mm, per OnTheMarket's FY2024 interim results announcement, and 2H FY2023
revenue, which is derived from Full Year FY2023 revenue of £35mm, per OnTheMarket's FY2023 Annual Report, less 1H FY2023
revenue of £17mm, per the FY2024 interim results announcement.
4 Calculated as the sum of 1H FY2024 EBITDA of £3mm, per On TheMarket's FY2024 interim results announcement, and 2H FY2023
EBITDA, which is derived from Full Year FY2023 EBITDA of £8mm, per On The Market's FY2023 Annual Report, less 1H FY2023 EBITDA
of £3mm, per the FY2024 interim results announcement.
CoStar Group™View entire presentation