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#	AUTHOR DATE SUBJECT
21	member 8/07/23 11:06AM Re: Re: Why does billionaire Founder/CEO own so few shares? 20
Andy is buying engagement on homes.com, primarily with Google Adwords on mobile, not desktop, because CPC is a lot cheaper on mobile vs. desktop I suppose. According to Similarweb, homes.com's bounce rate (clicks that only view... login to read the rest 3 view available tags
20	member 8/07/23 10:10AM Re: Why does billionaire Founder/CEO own so few shares? 19
That has always been a head-scratcher for us. And has been true for as long as CSGP has been a public company. The scuttle is that he got screwed out of much of his founder economics... login to read the rest 1 view available tags
19	member 8/04/23 1:05PM Why does billionaire Founder/CEO own so few shares?
Billionaire Founder and CEO of CSGP Andy Florance owns only $79M worth of shares today. If he is as confident as he sounds about penetrating residential real estate with homes.com, why isn't he putting his -1 view available tags
18	member 7/31/23 6:14PM Resi losses
IMO, any discussion of CSGP valuation is incomplete without framing resi losses. They will lose $400+m building homes.com this yr, and probably more next year. This is more than 70% of the headline EPS figure. ... login to read the rest 2 view available tags
17	member 7/30/23 1:19PM Re: defer to you, period 14
Sure malls are repurposed (maybe, some of them) but their values are a fraction of past, as are transaction volumes, and if my hypothetical monopoly supplier gets paid as a % of value as asset... login to read the rest view available tags
16	member 7/28/23 3:00PM Re: ma 15
Top of the market, right this second. I'm calling it 3 view available tags
15	member 7/28/23 2:30PM ma
since MA's valuation is cited as supporting 40x '28 for csgp, I feel compelled to point out that MA could rerate from the current 30x down to 20x in 5 years, and the stock would... login to read the rest 1 view available tags
13	member 7/28/23 12:54PM Re: Re: Re: one thing to not hold it, another to suggest the other view is laughably wrong 12
I feel like I am taking crazy pills here. Just trying to re-read the comments and not seeing it. Maybe I am just too bearish. But a big chunk of CoStar group is CRE brokers... login to read the rest 2 view available tags
11	member 7/28/23 11:31AM Re: one thing to not hold it, another to suggest the other view is laughably wrong 9
"Why is 40x a big deal if you get a wonderful biz for it?" For starters, that is 40x <2028> earnings. There are 14 year olds today who will be playing in the NBA in 2028. ... login to read the rest 13 view available tags
10	member 7/28/23 11:20AM Re: one thing to not hold it, another to suggest the other view is laughably wrong 9
Lol do you actually believe even half of what you just wrote? If so, I'll have what you're having. 5 view available tags
6	member 7/26/23 6:50PM Re: Re: Re: Re: Re: Valuation 5
The amazing thing about investing is that you often don't have to wait 15 years. Sometimes you can wait 1 year. Grandma is using her walker in November, breakdancing in March, and back in a... login to read the rest 14 view available tags
4	member 7/26/23 3:04PM Re: Re: Re: Valuation 3
It makes one wistful. I recall that in late 2008 CSGP traded at split adjusted $2.50/share, had $1/share in net cash, and I think maybe did $0.10 TTM EPS (actual big boy operating EPS), so... login to read the rest 3 view available tags
3	member 7/26/23 2:51PM Re: Re: Valuation 2
Ah yes, 40x 2028 EPS without mentioning once that its entire customer base ie CRE, is in a middle of a multi year implosion. It is a great business, I've been following for over a 4 view available tags
1	member 7/26/23 2:00PM Valuation
Yes, it's a great business. You emphasize that point, but that is uncontroversial. More controversial is the valuation, which is not discussed much in the write-up. Why does this deserve 40x PE in 2028? Any valuation insights 11 view available tags

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			2023	2024
Price:	84.00	EPS	0	0
Shares Out. (in M):	407	P/E	0	0
Market Cap (in $M):	34,188	P/FCF	0	0
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT	0	0

Description

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