Stock data
| Market cap. | £260.4m |
| Last close | 250.00p |
| High / Low (52 weeks) | 295.2p / 198.6p |
| Stock market listing | FULL |
| Forecast net debt (£m) | 23 |
| Forecast gearing ratio (%) | 35 |
| Team | Property |
| Sector | Property |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | 2.25 | 9.89 | (4.4) |
| Relative * | (3.3) | 1.58 | (1.47) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 158.2 | 29.7 | 26.2 | 20.7 | 12.1 | 8.4 |
| 2010A | 208.3 | 33.7 | 30.2 | 20.5 | 12.2 | 15.1 |
| 2011E | 210.8 | 32.6 | 29.1 | 19.8 | 12.6 | 9.0 |
| 2012E | 247.9 | 40.5 | 34.2 | 23.2 | 10.8 | 4.9 |
Last updated on 09/12/2011
Latest research
Strategic acquisition
Update | Property | 30/11/2011
Robust interim results
Update | Property | 16/08/2011
FY11 on track
Flash note | Property | 20/05/2011
Steady in difficult market
Outlook | Property | 23/03/2011
Progress where it counts
Update | Property | 05/11/2010
Bucking the trend
Update | Property | 05/08/2010
Defying the market
Update | Property | 05/03/2010
Positive trading update
Update | Property | 28/01/2010
Residential services
Outlook | Property | 16/12/2009
Investment summary
The IMS confirmed satisfactory trading in Q3, with October more challenging. Estate agency benefited from upgraded branch management and the call centre. There were strong increases in lettings, financial services income and new private buyer surveys. The recent acquisition of Marsh & Parsons adds important London coverage to the group's estate agency network, as well as an ambitious management team, incentivised to continue to grow the business’s profits. The fit thus looks highly complementary, on purchase terms expected to enhance earnings in FY12. LSL also confirmed in December, that its surveying contract with Barclays Bank has been renewed until mid 2014.
Last updated on 09/12/2011
Industry outlook
LSL is understandably cautious about prospects, in case prospective house buyers become more tentative during economic turmoil. We have adjusted our forecasts to reflect this and anticipated FY12 housing transactions of 0.56-0.57m, in line with the likely outcome for the current year.
Last updated on 09/12/2011
Key management
| Roger Matthews, Chairman |
| Steve Cooke, FD |
Company address
| St Trinity House 3-4 Kings Square York York YO1 8ZH United Kingdom +44 (0) 1904 715 324 View website |
