Sureserve Group - Interims reflect a more predictable business
Given the pre-restructuring history of Sureserve, the absence of any surprises or exceptionals in this set of interims is a cause for celebration. The more streamlined group is now focused on compliance and energy services, where growth is underpinned by regulatory drivers. H119 results showed revenues expanding by 13% y-o-y and EBITDA growing by 17%. The current FY19e P/E of 7.1x is in marked contrast to the 15.5x recently offered by Macquarie for PTSG, one of Sureserve’s peers, and highlights the relative attraction of the business.Lakehouse is an asset and energy support services group. Co.'s segments include: Compliance, which comprises planned and responsive maintenance, installation and repair services to local authority and housing association clients in the areas of gas, fire and electrical, water and air hygiene and lifts; Energy Services, which provides energy efficiency measures to social housing and private homes, including insulation, heating systems and renewable technologies; Property Services, which provides planned and responsive maintenance and project works for social housing; and Construction, which provides refurbishment and small to medium-sized public building works, for local authority clients.
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