Emoov on Crowdcube


#1

Emoov is crowdfunding in hidden mode on CC, opening up to the general public tomorrow. Any previous investors in Emoov here? Will you invest this time around? Why or why not?


#2

Hi @Alex, how is the demand and it was valued around 20m last time, what is the current valuations? Im interested to invest but depends upon the valuations. Can become successful like purplebricks


#4

House sales are down and there’s a lot of competition in online estate agents now. Depends on their plans.

Generally I’d like to see the end of some local estate agents, so I am all for online estate agents. The stories I could tell about some local estate agents :unamused:


(Viktor) #5

Slightly related, we’re working on a company valuation post that applies to private companies as well.

We received a guest post request from Crowdcube some time ago, and I think there’s never been a better time, especially after seeing that (to me) strange £100m valuation.

It’s a bit of an evening/weekend project TBH, as we are focused on one thing. :wink:

Anyway, just one way I think we as a company can contribute and help fellow investors. Not a lot of good content about this.


#6

Current pre-money valuation is £104M, much higher that previously because of the merger (Emoov + Tepilo + Urban) and the cash injection.

The target for this CC raise is £1M, total pledges are at 93% of that, with £500K coming from a VC fund.


#7

Thanks, it is available for public now.


(Dave Smith) #8

Have you read the reviews for companies like Purple bricks etc though? sounds like they are completely incompetent

https://www.allagents.co.uk/purplebricks/

I guess there is a big market for an online estate agent that knows how to estate agent :smiley:


#9

Interesting… Emoov has 4.89/5 rating and Tepilo has 4.07 on that site.


#10

Yes. I think there’s space for local estate agents with good practices, knowledge and empathy as well. But the ones I’ve encountered lack these characteristics.


(Chris) #11

I’m not impressed from my interaction with them. Barely able to get a response from someone. Conversely, my friend had a great experience and sold with zero hassle. Lack of consistency is a red flag to me.
At least with Taylor’s I know they’re going to try and mug me off, so I don’t use them.


#12

emoov-typo%3F

From their Pitch Deck. That does say ‘revolting’ as in disgust/disgusting?


#13

Apparently, they meant it as present participle of “revolt”, not as an adjective :slight_smile:


(Christopher) #14

I’d have thought it useful to include Teplio and Urban in the revenue figures on page 20, given the 250% projected revenue growth for FY 19 and the slight dip in revenue to FY Apr 18 compared to the previous year. In fact, the whole deck is light on meaningful financials. I’m also curious to know how their gross margin compares to PurpleBricks’ 56%, given the additional admin Emoov take on wrt to conveyancing and legal.

It’s another punchy valuation, but with Channel 4, Sky and Five backing this, combined with the management team’s experience, pulling off an AIM listing looks like it could be within fairly easy reach.

Let’s hope they can hit those revenue projections in the face of a softening market. Even with the Beeny onboard I think it’s going to be a hard slog, at least in the short term.


#15

Google says that word means:

  1. take violent action against an established government or ruler; rebel.
  2. cause to feel disgust.

I’m just playing. We are re-defining words. I know what they meant. :wink:


(Christopher) #16

The Rob Murray Brown view… :man_judge:t3:

Interesting take on IPO timing.


(Dave Smith) #17

I’ve noticed that site has been very critical of Crowdcube and Crowdcube campaigns, possibly a bit over critical. But it is good to get an opposing view to the rose tinted predictions you see on Crowdcube itself. With regards to Emoov, it’s not for me. I think the space is getting a bit crowded and there will be some failures in there


#18

If I’m charitable there’s a sort of logic here. Purplebricks are around £1B market cap and Emoov are definitely trying to be no.2.

The problem for me is that the Purplebricks model is still uncertain as a long-term, sustainable business. And if it does succeed, the approach feels more like a network effect winner-takes-all type of model than traditional estate agents.

I wouldn’t be too keen to buy into the attempted no.2 of a model that’s a) still questionable and b) not necessarily suited to a diverse marketplace.


(Tommy Lowe) #19

Some bits from Jefferies’ Anthony Codling this morning on PB, looks like they share your sentiment Toby

Purplebricks continues to tell us it sells lots of houses, without backing up that rhetoric with actual figures. Sold Subject to Contract does not mean sold. Perhaps more telling is that the number of UK LPEs is now lower than it was six months ago. If the model is the lifeboat for a sinking high street does the lifeboat itself have a leak?

At the half year Purplebricks had 650 UK LPEs, at the full year it had 630. It seems odd to us that if Purplebricks really is the lifeboat for a sinking high street why are there fewer people in the boat? Does the lifeboat itself have a leak? Meanwhile EBITDA losses have increased from £4.5m to £19.6m and the Group trades on a CY19E EV/EBITDA of 35x. In our view Purplebricks’ model remains unproven and we reiterate our Underperform rating on the shares.

The Emoov opp isn’t really for me, although as a consumer I’d love there to be some major disruption in the Estate Agent market, it really is a nightmare to deal with.


(Dave Smith) #20

What’s an LPE in that context?


(Tommy Lowe) #21

Local property expert :slight_smile: so an estate agent equivalent