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LSL Property Services - Prospective PE of 9.6 for third largest estate agency

January 2007

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • LSL
  • Price:
  • 235p
Amazingly, after years of strong growth, the housing market shows no sign of a let up in ‘07 with mortgage approvals data showing that gross lending in November was at an all time high of £33 billion, 10% higher than the previous month. Annual house price growth in the final quarter of ‘06 also grew to nearly 10%. Against that backdrop, LSL Property Services (235p; LSL) joined the Full List last month. Investors rightly perceive the group's business of estate agency and surveying as being highly cyclical and on earnings projections by Numis, of eps of 21.9p for the year ended on 31 December and 24.5p for the current year, the shares trade on a historic multiple of 10.7 and a prospective multiple of only 9.6 times. < ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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