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 7 research reports from 2 professional analysts.
|17Feb17 12:51||RNS||Holding(s) in Company|
|14Feb17 12:00||RNS||Notification of Preliminary Results|
|09Feb17 16:19||RNS||Holding(s) in Company|
|03Feb17 10:11||RNS||Director/PDMR Shareholding|
|02Feb17 07:00||RNS||Board Change|
|26Jan17 17:34||RNS||Holding(s) in Company|
|26Jan17 09:45||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.
21 Feb 17
Lighthouse Group* (LGT): Middle Britain growth (CORP) | Utilitywise* (UTW): Double-digit sales growth (CORP) | Trakm8* (TRAK): Earnings expectations cut again (CORP) | dotDigital* (DOTC): Myriad growth opportunities (CORP) | Artilium* (ARTA): Five-year Telenet deal secured and prepaid (CORP) | Netcall* (NET): Cloud investment pays off (CORP)
Industry fundamentals remain positive
21 Feb 17
The Biotech Growth Trust (BIOG) is a specialist vehicle, aiming to generate long-term capital growth via investment in global biotech stocks. Following a particularly volatile period for the biotech industry, where concerns about drug pricing and investor risk aversion have weighed heavily on stock prices, the managers are hopeful that greater clarity regarding US healthcare policy will lead to continued improved performance of biotech stocks. Industry fundamentals remain attractive, including continued innovation and valuations are very supportive, which offers the potential for higher industry merger and acquisition activity.
Middle Britain growth
21 Feb 17
The Company has achieved our 2017 estimate in 2016 with EBITDA of £2.2m, up 37% on 2015. We upgrade our estimates by 10% at the EBITDA level in 2017. If the shares traded even at the lower end of comparators, they would trade at 17p. We expect the share price to reach our upgraded 17p price target in the short term. Few companies enjoy the unique positioning which Lighthouse has to benefit from the assets of Middle Britain.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
N+1 Singer - Morning Song 21-02-2017
21 Feb 17
Abzena (ABZA LN) Contract bookings strong; US costs higher than expected | City of London Investment Group (CLIG LN) Earnings and interim dividend in line, some modest growth in FuM | dotdigital Group (DOTD LN) Good H1; broadening avenues of growth | Grafenia (GRA LN) Weak print volumes | Vernalis (VER LN) Interims highlight increasing Tuzistra™ scrip volume
Marked confidence in profitability resilience
22 Feb 17
LBG posted a good set of results at the operating level. Management showed its confidence in the group’s ability to protect its indecent profitability levels over the next three years by recommending an increased ordinary dividend and the payment of a special dividend, and by setting a stable return on required equity objectives.