eXp World Holdings ($EXPI)- Equity Research Report
Hello world,
As everyone knows, real estate brokerages are some of the most out of favor businesses for investors since the rate hikes began.
This market pessimism has created an opportunity for investors who closely follow the small caps in the sector and have a long time horizon. eXp is my highest conviction investment and I am hoping to build the position further during periods of share price weakness over the next year.
eXp is a digital brokerage platform with a cost structure 75% lower than their competitors. This cost structure advantage has allowed them to provide a much stronger value proposition to real estate agents — resulting in a 10 year revenue CAGR of 101%. At 1.5% TAM market share, there is still a long runway left.
eXp has 70% insider ownership and a best-in-class management team. The small market cap and the low public float have made the company invisible to most institutional investors and sell-side researchers.
I’d be happy to discuss the thesis more with anyone who is interested :)
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Conor Mac's avatar
Oh this format is dope because on mobile I can swipe through the report with my finger haha, thanks for sharing!
Michael Simpson's avatar
@investmenttalk I might end up posting it on substack and linking it next time, not sure if screenshots preserve the photo quality.
Nathan Worden's avatar
Thanks for sharing! I have held eXp in the past— had some real estate agent friends speak highly of them and be quite impressed with their growth.
Michael Simpson's avatar
@nathanworden Hi Nathan! What caused you to lose your conviction?
AverageInvestor's avatar
Virtual real estate AND a dividend, now I’m paying attention. Keeping this one in the back pocket.

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