Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on LSL PROPERTY SERVICES PLC. We currently have 6 research reports from 2 professional analysts.
|07Mar17 07:00||RNS||PRELIMINARY ANNOUNCEMENT|
|03Mar17 16:58||RNS||Director/PDMR Shareholding|
|24Feb17 16:31||RNS||Holding(s) in Company|
|24Feb17 08:56||RNS||Holding(s) in Company|
|17Feb17 12:51||RNS||Holding(s) in Company|
|14Feb17 12:00||RNS||Notification of Preliminary Results|
|09Feb17 16:19||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
LSL PROPERTY SERVICES PLC
LSL PROPERTY SERVICES PLC
22 Aug 16
Despite a strong H1 from LSL we have rebased 2016 EBITDA estimates to £38m in the light of the group’s cautious H2 commentary. Assuming reduced H2 exchange volumes compared to H2 2015 with the consequent impact on estimates addresses 2016 but the real question is what of 2017? Will a recession see volumes back to 2010 levels? In the absence of any political clarity, the prospects for 2017 remain difficult to assess. On revised 2016 estimates and adj EPS of 23.0p, LSL shares stand on 9.8x P/E, and an EV/EBITDA multiple of 7.7x. We have also taken a cautious line on the dividend, which at 10p offers a 4.4% yield and reset our TP to 230p.
02 Aug 16
Flowtech Fluidpower (FLO): Pre-close trading update, bolt-on acquisition (BUY) | Avingtrans^ (AVG): EDF contract (BUY) | 4imprint (FOUR): Valuing the cash flow (BUY) | Europa Oil & Gas* (EOG): FEL licence extensions (CORP) | Ithaca Energy (IAE): Vorlich and Austen acquisitions (BUY) | LSL Property Services (LSL): Impaired vision (U/R)
Execution drives profit in flat market
24 Mar 16
Strong H215 performances from both agency and surveying took LSL to a record underlying operating profit of £42.9m for the year. The small increase on the prior year was as previously guided and is a good result in what was a challenging year for the sector. Management gave a confident outlook for the current year, based on targeted internal initiatives, the ability of its brand to compete effectively, and potential further add-on acquisitions supported by its strong cash-generating capacity rather than on any anticipation of a revival of housing transaction activity
Making the challenging 2015 targets
02 Feb 16
With its interim results in August 2015, LSL targets implied a more than trebling of H215 operating profit compared with H115. Despite a continuation of limited numbers of properties coming to market, macro uncertainty and a number of cautionary comments by peers late in 2015, with this trading statement LSL announced it still expected to deliver on this promise. The mix of revenue was also as expected. We believe the company's expectations on delivery will be well received by the market.
Confidence in H2 recovery
14 Aug 15
In H115 LSL delivered stable revenue on H114, but investment saw costs rise moderately and the adjusted operating profit and EPS fall by 32%. There was double-digit revenue growth in both lettings and financial services, and the re-engineering last year in the surveying division saw profits rise a third despite flat revenue. Falling H1 volumes in the core sales business were expected and should reverse into growth in H215. Management is confident of delivering FY15 market forecasts.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.
Panmure Morning Note 16-03-2017
16 Mar 17
OneSavings bank’s FY2016 underlying PBT of £137.0m (up 29% YoY) is 6% ahead of consensus (and 5% ahead of our forecast of £135.1m) with good underlying trends across the board. Customer loans grew by 16% YoY to £5.9bn, with NIM at 3.14% being better than PG forecast of 3.1%. Loan origination was up 28% to £2.3bn, with both BTL and Residential mortgage volumes remaining robust, up 27% and 14% respectively. Credit quality remained good with cost of risk of 16bp, down 7bp YoY. Cost income ratio remained very low at 27% helping the group to achieve an underlying RoTE of 29%, ahead of our forecast of 28.8%. Balance sheet was strong with TNAV increasing by 33% YoY to 161p and CET1 ratio was 13.3% (Cf. PG at 13.0%), with DPS of 10.5p being ahead of consensus forecasts of 10.1p. Overall these are a solid set of results but largely reflected in the 22% YTD share price rally. OSB trades on reported P/TBV of 2.6 with underlying RoTE of 29%.
M&A coming to a company near you?
16 Mar 17
Markets have retained their relative strength over the last fortnight. We have seen a mixed reaction to the Budget last week, the passing of the Brexit Bill earlier in the week and the first interest rate hike by the Federal Reserve in the US yesterday. Against this backdrop, we have seen some notable M&A activity across a range of sectors which may move down the market capitalisation scale. We now face an extended period of heightened speculation but “no running commentary” regarding Brexit in the UK after Article 50 is triggered at the end of the month.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017