While mediocre-quality companies valued at very low multiples of earnings and shareholders' equity are legion, there are also companies of exceptional quality that have returned to valuations close to their historic lows.

Rightmove could be one of them. The group operates the UK's leading property advertising platform. It claims an overwhelming market share: between eight and nine out of every ten properties for sale are listed on its pages.

Traditionally, the platform charges agents a commission for listing their properties for sale, in addition to various advertising services. What's less conventional is the business' extraordinary financial performance.

Sales have tripled in three years, operating margins exceed 70%, cash generation is prolific and, above all, profitability is stratospheric, while Rightmove maintains an immaculate balance sheet, with no recourse to leverage.

The group aggressively buys back its shares, usually to the tune of two-thirds of annual profits, while the remaining third is distributed in dividends. Given its profitability and financial position, it would have no difficulty in financing an acquisition if it decided to take the plunge and embark on a strategy of external growth.

At x18 times EBITDA, the current valuation is lower than its ten-year average, which has hovered between x20 and x25 EBITDA. Although analysts seem to think otherwise, organic growth prospects may have dimmed.