I agree that it would be a disgrace to call Rightmove “the Zillow of the UK”. This is such an interesting company. Thoroughly enjoyed the writeup. Different kinds of business but reminds me of Booking and OTCM in some aspects. Certainly didn’t know about the differences btw US and UK real estate transaction industries. Thank you. 10% might sound high but this is probably just though of as the cost of doing the business. Wonder what the churn number looks like. The infinite ROIC and the straightforward capital allocation certainly makes the valuation simpler. 4% FCF yield doesn’t seem like a rich valuation if it can grow at 10%. Thank you for the idea!