Update: Caution not alarm for 2015
LSL’s IMS indicates the business is gaining share in a weak market. The net effect is a small reduction in 2014 estimates. Both the company’s and our outlook for 2015 are cautious, but many affordability fundamentals remain supportive even with moderate rate increases. With the shares down c 40% since their peak in February, we believe the market is reflecting a much more alarmist outturn than is probable.LSL Property Services is a provider of residential property services to its key customer groups incorporating both estate agency and surveying businesses. Co. has two reportable operating segments. The Estate Agency and Related Services segment provides services related to the sale and letting of residential properties; provides repossession asset management services; and arranges mortgages for a number of lenders and arranges pure protection and general insurance policies for a panel of insurance companies. The Surveying and Valuation Services segment provides a valuations and survey service of residential properties to various lending corporations and individual customers.
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