reports
- Robin Savage
- Robin Savage
LSL Property Services (LSL LN) - Differentiated B2B platform - Corpora...
LSL is transformed into a simpler B2B services group, with healthy drop-through margins and high cashflow conversion. Over the last two years, LSL has sold its B2C advisory firms to its joint venture (Pivotal Growth) and converted its Estate Agency division into franchised ownership. LSL is now a capital light platform, with strong balance sheet, low maintenance capex, and strong dividend record with wide range of opportunities for reinvestment. These features combined with an attractive valuati...
LSL Property Services: 2 directors
Two Directors at LSL Property Services bought/maiden bought 75,927 shares at between 277p and 279p. The significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directo...
- Robin Savage
LSL Property Services (LSL LN) - Simpler with higher margins - Corpora...
LSL’s preliminary results show the “benefits of the successful … restructuring and transformation programmes in 2023” that have made LSL “a much simpler Group, well positioned to deliver higher operating margins and more consistent earnings through market cycles”.
- Robin Savage
LSL Property Services (LSL LN) - Ahead, as markets normalise - Corpora...
LSL’s pre-close trading update for the 12-month period ending 31 December 2024, refers to a positive final quarter, and full year profits “slightly ahead of the Board’s prior expectations”. We will update our P&L forecasts for 2024E and 2025E with the full year results.
- Robin Savage
- Robin Savage
LSL Property Services (LSL LN) - Transformation & market recovery
2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back
- Robin Savage
LSL Property Services (LSL LN) - Trading ahead of expectations
LSL trading update for the first two months of 2024 reveals an increase in momentum. Group underlying Operating Profit at end February 2024 is ahead of the Board’s previous expectations: it is up £7.5m yoy. Stronger than expected trading leads us to increase our 2024E revenue forecast by 7% and our 2024E EBIT, adj PBT and adj EPS forecasts by 15%.
- Robin Savage
- Robin Savage
- Robin Savage
- Robin Savage
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.
- Robin Savage
LSL Property Services (LSL LN)
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
- Robin Savage
Audio Note: LSL Property Services – Mixed trading update
In this audio note, Zeus’ Robin Savage summarises the investment case for LSL Property Services. 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. Listen to the audio note below, and read the full research here. Listen to all episodes of the Zeus Research team Audio N...
- Robin Savage
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%.
- Robin Savage
Zeus Audio Note: LSL Property Services - Pipeline: slower but not olde...
In this audio note, Zeus’ Robin Savage summarises the investment case for LSL Property Services. 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. Listen to the audio note below, and read the full research here.
- Robin Savage
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.
- Robin Savage
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.
- Robin Savage
- Robin Savage
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”.
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