Rightmove is basically a mature business. since 2019 its only grown EPS by about 20%, and a chunk of that is from share buy backs. Rightmove has great margins and cashflow, but I can't see how REA brings any great synergy to the company and improves the economics. Totally different markets, dynamics etc.
As you are saying, the major draw card might simply be to bolt on a very similar decent quality business using its higher multiple to issue stock. However, it won't be 22x. It will more than likely be closer to 30x. Rightmove in the latest annual report talked of a subdued market and a lot of thier metrics were flat or down marginally. They will probably want a very fair weather price for the company to sell it. They know REA can issue stock at a nosebleed multiple.
Ann: Statement regarding potential acquisition, page-11
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