Jul. 7 at 4:43 AM
$REAX
Transformational RE/MAX merger — creates Real REMAX Group, supporting 180,000+ real estate professionals across 120+ countries/territories
$2.3B pro forma revenue +
$157M adjusted EBITDA based on 2025 results, before synergies
$30M annual cost synergies expected, with the majority targeted for realization in 2027.
REAX itself is still growing fast — Q1 2026 revenue grew 32% YoY to
$465.6M, adjusted EBITDA rose to
$14.9M from
$8.3M, and agents increased 25% to 33,510
Bear case:
$2–
$3 — merger/integration issues, weak housing market
Base case:
$5–
$6 — deal closes + continued growth
Bull case:
$8–
$10+ — synergies realized, margins expand, market rerates REAX
For reference, publicly aggregated analyst targets currently cluster around the mid-
$5 ppsrange, with cited highs of
$7–
$8 depending on the data provider.
At ~
$2.20, I believe the risk/reward is highly asymmetric. The market may be underpricing what REAX becomes after RE/MAX.
*Not financial advice. Do your own DD.*
