LSL Property Services (LSL LN) - Trading ahead of expectations

LSL Property Services (LSL LN) - Positive 4Q23 and on track in 2024

Following a positive 4Q23, full year results for 2023 are in line with the Board’s expectations (ahead of Zeus forecasts).

LSL Property Services (LSL LN) - Interims confirm progress

In the first half of 2023, LSL Property Services made major steps to create a high margin, high cash conversion, platform that will “perform more consistently through market cycles”. Interims restate observations made in its August update.

LSL Property Services (LSL LN) - 1H update & 2H headwinds

LSL has released a pre-close update which reveals 1H operating profit was “broadly in line” but recent changes in mortgage approvals prompts management to lower guidance for the year

LSL Property Services (LSL LN) - Simplified financial model

LSL has recently announced the conversion of 183 estate agency branches to franchises: 143 agreed; 40 at advanced stage. Including the 120 franchise branches it currently operates, LSL will be one of the largest estate agency franchisors in the UK, with a network of over 300 branches. This simplifies LSL’s structure and financial model to a capital-lite, high margin service platform.

LSL Property Services (LSL LN) - Good Shape

LSL’s 2022 results meet guidance set last November and show increasing market share across its divisions. This year, in a slow market, LSL simplified its structure: selling its D2C brokerages to its JV Pivotal Growth and its London Agent, Marsh & Parsons, to Dexters. With £40m of net cash and substantial proceeds from disposals, we expect LSL to focus on building out its Financial Service Network

LSL Property Services (LSL LN) -Mixed trading update

LSL’s trading update shows its diversification strategy is working: increased market share and good growth in Financial Services and Surveying for the first 10 months, however the last 2 months of 2023 have been disrupted by political uncertainty and increased mortgage rates. We cut our EBIT forecast by 14%.

LSL Property Services (LSL LN) - Pipeline: slower but not older

LSL’s interims reveal increased market share and productivity in Financial Services and Surveying, but slow down in conversion of exchanges into completions has raised the pipeline 26% yoy to £26.7m (Dec 21: £20.7m; June 21: £21.2m), skewing revenue and profit into 2H and probably into 2023.

LSL Property Services (LSL LN) - AGM trading update

LSL’s performance in 2022 YTD shows the benefits of its Financial Services growth strategy and significant progress in its Surveying Division. The impact of housing market cycles will have a reducing impact. As previously reported, the split of H1:H2 profit in 2022 will have a more typical profile (i.e. skewed to H2), after a record H1 2021.

LSL Property Services LSL LN) - 2021 record profits

What’s new: Full year results confirms 2021 was LSL Property Services’ most profitable year. Improved profitability in its Surveying division and strong drivers of growth in Financial Services suggest group profits should be maintained in 2022.

LSL Property Services (LSL LN) - Financial Services led growth

What’s new: Full year trading update reveals LSL Property Services is “on track with the execution of [its] Financial Services led growth strategy, with further investment in … in H2, which is expected to deliver benefits in future years”.

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

Foxtons Group (FOXT LN) - 1Q24 IMS shows real momentum

Foxtons Group plc first quarter revenue rose 9% to £35.7m (1Q23: £32.9m) with growth delivered across all business segments. Trading is in line with management's expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

Morning Note – 18 April 2024

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

Foxtons Group - FY24 underpinned by market share gains

Foxtons Group’s Q1 revenue grew by 9%, supported by growth in all three divisions as the strategic initiatives continue to gain significant momentum, driven by investment in staff, best-in-class bespoke IT and data platforms. This implies that Foxtons’ medium-term targets are now coming into focus. Market share is being gained in all divisions, which puts Foxtons in a good position as the sales market stabilises. We maintain our valuation of 132p/share and believe that if interest rates stabilis

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Hybridan Research: Sector Review: Artificial intelligence in UK cybersecurity: the human uplift 17/04/2024

Artificial intelligence (AI) is a double-edged sword in cybersecurity. Whilst new AI models, architectures, and innovations are emerging to protect the security posture of organisations, attackers are also benefiting from deepfakes, sophisticated phishing, and automation of malicious codes. To ensure the impact of AI on cybersecurity to be a net-positive, we need to pit good AI against bad AI. Point solutions enhanced with machine learning: Global cybersecurity has been built with point soluti

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net