RE/MAX Holdings, Inc. (NYSE:RMAX) shares closed 3.84% higher on Thursday following the company’s Q4 results, with EPS coming in at $0.60, beating the consensus estimate of $0.56. Revenue was $89.2 million, compared to the consensus estimate of $89.15 million.

According to the analysts at Berenberg Bank, the results and outlook (revenue of $366-376 million vs. Street’s $365 million) underscore the company’s ongoing robust operational performance, and new initiatives could drive additional growth.

According to the analysts, the company’s 2022 outlook points to solid agent recruitment as well as ongoing organic revenue growth. Notably, the company outlined a few strategies to not only grow internationally but also reinvigorate U.S. agent count growth, which could deliver outsized returns. The analysts expect the company to continue to generate robust recurring revenue and Free Cash Flow.