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CoStar Group, Inc. , headquartered in Washington, D.C., is a leading provider of commercial real estate information, analytics, and online marketplaces, serving clients globally. With a market cap of $32.21 billion, CoStar is at the forefront of the real estate sector, offering mission-critical data and technology solutions that empower clients to make informed decisions in property markets.
Companies valued at $10 billion or more are generally classified as "large-cap stocks," and CoStar Group rightly fits into this category as a dominant player in the commercial real estate sector.
CSGP shares are trading 21.4% below their 52-week high of $100.38, which they hit on Mar. 18. Also, the stock has gained 4.9% over the past three months, significantly underperforming the Dow Jones Industrial Average Index’s ($DOWI) 7.1% returns over the same time frame.
In the longer term, CSGP is down 9.8% on a YTD basis, and the shares have declined 2.7% over the past 52 weeks. The Dow has gained 9.8% in 2024 and 19.7% over the past year.
To confirm its bearish price trend, CSGP has been trading below its 200-day moving average since late May. However, it is trading above the 50-day moving average since mid-August.
On Jul. 23, CoStar Group reported its Q2 earnings, and its stock has outperformed CSGP and the border index, with a 50.1% gain over the 52 weeks.
Despite CSGP's recent underperformance compared to the Dow, analysts are moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy" from 13 analysts in coverage. The mean price target is $94.58, which suggests a premium of 19.9% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Headquartered in Washington, DC, CoStar Group, Inc. offers information services for the commercial real estate industry, including leasing and selling marketplaces, property marketing, sales data, tenant information, and industry news. With a market cap of $31.4 billion, its platform is supported by comprehensive national databases, a large research department, and numerous participating organizations, providing a robust foundation for their digital services.
Shares of the REIT have considerably underperformed the broader market over the past 52 weeks. CSGP has declined 2.9% during this period, contrasting with the S&P 500 Index's ($SPX) robust rally of 27.5%. Moreover, in 2024, CSGP shares plunged 10.9%, lagging behind SPX's 17.8% gain on a YTD basis.
Zooming in further, CSGP has also surpassed the US Real Estate iShares ETF , which has returned 18.1% over the past 52 weeks and gained 8.3% on a YTD basis.
On Jul. 23, CoStar Group reported its Q2 earnings and its stock rose 2% in the following trading session. Its adjusted earnings were 15 cents per share, surpassing Wall Street's expectation of 9 cents per share. The company's revenue was $677.8 million, slightly above forecasts. For the full year, the company anticipates earnings of 64 cents per share to 66 cents per share.
For the current fiscal year, ending in December, analysts expect CSGP’s FFO to decline 54.2% year over year to $0.49 per share. The company's earnings surprise history is mixed. It topped the consensus estimates in three of the last four quarters, missing on one occasion.
The consensus rating among the 14 analysts covering the stock is a “Moderate Buy.” That’s based on eight “Strong Buy” ratings, three “Moderate Buy,” and three “Holds.”
This configuration has remained steady over the past three months.
On Aug. 5, JPMorgan Chase & Co. analyst Alexei Gogolev raised the price target for CoStar Group to $108 from $102 while maintaining an “Overweight” rating on the shares. This update followed his attendance at the Inman Conference, where he gained insights into the company's performance. Gogolev noted that while CoStar's residential business is currently dragging down the overall valuation, this situation is expected to improve as Homes.com continues to demonstrate strong booking growth.
The mean price target of $94.58 represents a 21.5% premium to CSGP’s current price levels. The Street-high price target of $108 suggests an upside potential of 38.7%.
On the date of publication, Kritika Sarmah did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
A month has gone by since the last earnings report for CoStar Group . Shares have lost about 1% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is CoStar due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.
CoStar Group Q2 Earnings Beat Estimates, Revenues Up Y/Y
CoStar Group reported non-GAAP earnings of 15 cents per share in second-quarter 2024, surpassing the Zacks Consensus Estimate by 66.67% but plunging 51.6% year over year.
Revenues of $678 million beat the Zacks Consensus Estimate by 0.14% and increased 12% year over year. The upside was driven by robust performance in key segments.
Top-Line Details
CoStar revenues (37.3% of revenues) of $253 million beat the consensus estimate by 0.61% and increased 10.4% year over year.
Apartments.com revenues increased 18% year over year. Net new bookings in the second quarter amounted to $67 million, with 79% from commercial real estate products and 21% from Homes.com memberships.
Information Services revenues (4.9% of revenues) of $33.4 million beat the consensus mark by 2.93% but declined 20.3% year over year.
Multifamily revenues (39% of revenues) of $264.2 million beat the consensus estimate by 0.24% and increased 17.8% year over year.
LoopNet revenues (10.3% of revenues) of $70 million beat the consensus mark by 0.38% and were up 6.6% year over year.
Second-quarter residential revenues (3.9% of revenues) were $26.2 million, missing the consensus mark by 7.91% and increased 106.3% year over year. In June, residential network traffic hit a record of 148 million unique visitors, a 73% increase year over year.
Other marketplace revenues (4.6% of revenues) of $31.2 million missed the consensus mark by 5.21% and declined 3.4% year over year.
As reported by Google Analytics, Homes.com achieved a milestone with 99 million unique visitors in the second quarter of 2024, surging 197% year over year.
CoStar’s global websites reached a record 183 million average monthly unique visitors, an 81% increase year-over-year.
OnTheMarket, CoStar’s U.K. residential real estate portal, saw listings increase by 41% to 716,000 and average monthly visits rise 78% compared with the June 2023 tally. Average monthly unique visitors also increased by 118%.
In the second quarter, CSGP launched the Owner module, which provided enhanced insights into real estate portfolios, contributing to increased customer engagement.
Operating Details
In the reported quarter, selling and marketing expenses increased 43.4% year over year to $358.4 million. As a percentage of revenues, selling and marketing expenses were 52.9% compared with 41.3% reported in the year-ago quarter.
General and administrative expenses, as a percentage of revenues, expanded 130 basis points (bps) on a year-over-year basis to 16.2%.
Software development expenses, as a percentage of revenues, expanded by 130 bps. Customer base amortization expenses contracted 20 bps on a year-over-year basis.
Adjusted EBITDA margin in the second quarter was 6% compared with 20.9% in the year-ago quarter.
Balance Sheet and Cash Flow Statement
CoStar reported cash and cash equivalents of $4.9 billion as of Jun 30, 2024, compared with $5 billion as of Mar 31, 2024.
The company had a long-term debt of $991.2 million as of Jun 30, 2024, compared with $990.8 million as of Mar 31, 2024.
It generated $189.2 million in cash from operations compared with $139.6 million in the previous quarter.
Guidance
CoStar expects third-quarter 2024 revenues between $692 million and $697 million, indicating year-over-year growth of approximately 11% at the midpoint.
The company anticipates adjusted EBITDA to be between $47 million and $52 million for the second quarter of 2024.
Earnings are expected to be between 15 cents and 16 cents for the third quarter of 2024.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -10.53% due to these changes.
VGM Scores
At this time, CoStar has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, CoStar has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
CoStar is part of the Zacks Computers - IT Services industry. Over the past month, Infosys , a stock from the same industry, has gained 3.3%. The company reported its results for the quarter ended June 2024 more than a month ago.
Infosys reported revenues of $4.71 billion in the last reported quarter, representing a year-over-year change of +2.1%. EPS of $0.18 for the same period compares with $0.17 a year ago.
For the current quarter, Infosys is expected to post earnings of $0.19 per share, indicating a change of +5.6% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.
Infosys has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.
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