Rightmove (RMV) - One for the proper value investors

I've written about Rightmove before but I'll give some updates after their results were released a few months ago Largest property website company in the UK and £3.3billion market cap \~85% market share (up from \~80% last year), 15 P/E (down from 17 last year), rising FCF over the past 6 years, £7mil in debt (up from £5mil last year) and £42mil in cash (up from £40mil last year), and rejected a takeover bid with 50% upside in 2024 3 Directors have made purchases since February - no sales [https://www.hl.co.uk/shares/shares-search-results/r/rightmove-plc-ord-gbp-0.001/director-deals](https://www.hl.co.uk/shares/shares-search-results/r/rightmove-plc-ord-gbp-0.001/director-deals) Recently announced £60million AI investment over between 2026-28 to combat the threat and signed deals with ChatGPT and Google to integrate with the @ Rightmove feature The UK govt have also just passed a law ending minimum tenancies for renters allowing for a more fluid rental market and more eyeballs on the website Independent Franchise Partners (IFP) have quietly built a 5% stake over the past few months, one of the largest shareholders, could be priming it for a takeover bid? **BULL** case: Uptick in the UK housing market + law changes (Renters Rights Act + Planning & Infrastructure Bill) lead to more fluidity in the housing market - particularly individual renters, leading to more eyeballs in the website and therefore higher revenues. AI rollout leads to better data optimisation and advertisers pay more as a result **BEAR** case: AI rollout flops leaving tens of millions down the drain, profits suffer as a result and market competitors (Zoopla and OTM) make ground on the 80% market share [https://www.rightmove.co.uk/](https://www.rightmove.co.uk/)