Among the universe of listed companies closely tracked by MarketScreener analysts, few have as dazzling a financial performance as Rightmove, already discussed in these columns in January.

In fact, on world markets, few companies that have doubled their sales and profits over the last decade while maintaining a triple-digit return on equity - without resorting to leverage - trade at less than twenty times their earnings.

Such is the case for Rightmove, however, which signals a real apprehension on the part of investors following the acquisition of its competitor OnTheMarket by the American CoStar. The latter intends to line up resources behind its new British beachhead to compete for market share with Rightmove, which is totally dominant in this market, with almost nine out of ten properties listed.

Investors are also steering clear of a property market that has contracted sharply since the end of the pandemic and the rise in interest rates. In the UK, the volume of mortgages granted by banks has halved in three years.

The highly reputed Lindell Train fund has taken a position in Rightmove's capital in recent weeks. Its manager Nick Train rightly points out that, in 2023, despite a property market where transaction volumes are at their lowest for ten years, Rightmove still managed to grow sales by 10%.