Recent Insider Transactions • May 26
Group CFO & Executive Director recently bought UK£99k worth of stock On the 22nd of May, David Tilak bought around 46k shares on-market at roughly UK£2.15 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Upcoming Dividend • May 07
Upcoming dividend of UK£0.074 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 16 June 2026. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.1%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (4.3%). Announcement • Apr 07
LSL Property Services plc, Annual General Meeting, May 15, 2026 LSL Property Services plc, Annual General Meeting, May 15, 2026. Location: 42 new broad street, ec2m 1jd, london United Kingdom Declared Dividend • Mar 22
Final dividend of UK£0.074 announced Dividend of UK£0.074 is the same as last year. Ex-date: 14th May 2026 Payment date: 16th June 2026 Dividend yield will be 5.2%, which is higher than the industry average of 3.8%. Sustainability & Growth Dividend is covered by both earnings (48% earnings payout ratio) and cash flows (62% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 62% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: UK£0.17 (down from UK£0.17 in FY 2024). Revenue: UK£182.9m (up 5.6% from FY 2024). Net income: UK£17.0m (down 4.2% from FY 2024). Profit margin: 9.3% (in line with FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 16
LSL Property Services plc Appoints David Tilak As Director Effective January 12, 2026 LSL Property Services plc appointed David Tilak as a director effective January 12, 2026. The company confirms that David Tilak has consented to act as a director. David Tilak's date of birth is January 1977 and his nationality is British. Reported Earnings • Sep 19
First half 2025 earnings released: EPS: UK£0.081 (vs UK£0.099 in 1H 2024) First half 2025 results: EPS: UK£0.081 (down from UK£0.099 in 1H 2024). Revenue: UK£89.7m (up 5.0% from 1H 2024). Net income: UK£8.31m (down 18% from 1H 2024). Profit margin: 9.3% (down from 12% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Announcement • Sep 18
LSL Property Services plc to Report First Half, 2025 Results on Sep 17, 2025 LSL Property Services plc announced that they will report first half, 2025 results on Sep 17, 2025 Announcement • Sep 17
LSL Property Services plc Declares an Interim Dividend, Payable on 7 November 2025 LSL Property Services plc has declared an interim dividend of 4.0 pence per share (2024: 4.0 pence). The Group's dividend policy continues to be a pay-out of 30% of Group Underlying Operating Profit after finance and normalised tax charges. The ex-dividend date for the interim dividend is 2 October 2025, with a record date of 3 October 2025 and a payment date of 7 November 2025. Shareholders can elect to reinvest their cash dividend and purchase additional shares in LSL through a dividend reinvestment plan. The election date is 17 October 2025. New Risk • Jun 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 9x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Minor Risk Dividend is not well covered by cash flows (dividend per share is over 6x cash flows per share). Announcement • May 29
LSL Property Services plc Declares Final Dividend for the Year Ended December 31, 2024 LSL Property Services plc at its Annual General Meeting (AGM) and a General Meeting held on May 28, 2025, approved to declare a final dividend of 7.4 pence per ordinary share for the year ended December 31, 2024. Upcoming Dividend • May 01
Upcoming dividend of UK£0.074 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 27 June 2025. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (3.2%). Announcement • Apr 25
LSL Property Services plc, Annual General Meeting, May 28, 2025 LSL Property Services plc, Annual General Meeting, May 28, 2025. Location: the oak suite, royal lancaster london, lancaster terrace, w2 2ty, london United Kingdom Recent Insider Transactions • Mar 30
Non-Executive Chair recently bought UK£55k worth of stock On the 27th of March, Adrian John Collins bought around 20k shares on-market at roughly UK£2.76 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Adrian John's only on-market trade for the last 12 months. Reported Earnings • Mar 27
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: UK£173.2m (up 20% from FY 2023). Net income: UK£17.7m (up 119% from FY 2023). Profit margin: 10% (up from 5.6% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom are expected to remain flat. Declared Dividend • Sep 20
First half dividend of UK£0.04 announced Dividend of UK£0.04 is the same as last year. Ex-date: 26th September 2024 Payment date: 8th November 2024 Dividend yield will be 3.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (88% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 114% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 19
First half 2024 earnings released: EPS: UK£0.099 (vs UK£0.05 in 1H 2023) First half 2024 results: EPS: UK£0.099 (up from UK£0.05 in 1H 2023). Revenue: UK£85.4m (up 18% from 1H 2023). Net income: UK£10.2m (up 100% from 1H 2023). Profit margin: 12% (up from 7.0% in 1H 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, while revenues in the Real Estate industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Announcement • Sep 18
LSL Property Services plc Declares Interim Dividend for the 30 June 2024, Payment on 8 November 2024 LSL Property Services plc announced the Board has declared an interim dividend payment amounting to 4.0 pence per share (H1 2023: 4.0 pence). The Groups dividend policy continues to be a pay-out of 30% of Group Underlying Operating Profit after finance and normalised tax charges. The ex-dividend date for the interim dividend is 26 September 2024, with a record date of 27 September 2024 and a payment date of 8 November 2024. Shareholders can elect to reinvest their cash dividend and purchase additional shares in LSL through a dividend reinvestment plan. The election date is 11 October 2024. Announcement • Jun 21
LSL Property Services plc Approves Final Dividend for the Year Ended 31 December 2023, Payable on 28 June 2024 LSL Property Services plc at the AGM on 20 June 2024 approved to declare a final dividend, recommended by the Directors, of 7.4 pence per ordinary share in respect of the year ended 31 December 2023, to be paid on 28 June 2024 to shareholders whose names appear on the Register of Members of LSL at the close of business on 10 May 2024. Price Target Changed • Jun 16
Price target increased by 14% to UK£3.69 Up from UK£3.24, the current price target is an average from 2 analysts. New target price is 16% above last closing price of UK£3.17. Stock is up 13% over the past year. The company is forecast to post earnings per share of UK£0.16 for next year compared to UK£0.079 last year. Price Target Changed • May 10
Price target increased by 14% to UK£3.69 Up from UK£3.24, the current price target is an average from 2 analysts. New target price is 25% above last closing price of UK£2.95. Stock is up 2.4% over the past year. The company is forecast to post earnings per share of UK£0.16 for next year compared to UK£0.079 last year. Announcement • May 03
LSL Property Services plc, Annual General Meeting, May 20, 2024 LSL Property Services plc, Annual General Meeting, May 20, 2024, at 09:00 Coordinated Universal Time. Location: London London United Kingdom Announcement • May 01
LSL Property Services plc Announces Board and Committee Changes LSL Property Services plc announced the appointment of Adrian Collins as Non-Executive Chair to the Board with immediate effect. Adrian will also Chair the Nominations Committee and join the Remuneration Committee. Adrian is a highly experienced Board Chair and Executive Director of listed companies with a deep understanding of the public markets, who has co-founded and led a number of highly successful financial services businesses. Adrian's executive career was spent in fund management including 25 years at Gartmore, contributing to building one of the UK's leading Institutional & Retail Fund management businesses. In 1995, he was one of the founders of Trustnet. Adrian has also held senior roles at Jupiter, Bestinvest and Lazard Investors. Between 2009 and 2019 Adrian served first as Executive and then Non-Executive Chair of Liontrust Asset Management, where during his tenure the company was transformed growing assets under management tenfold. In the last 5 years, Adrian has held a number of Board positions, and is currently Board Chair of Logistics Development Group plc(formerly Eddie Stobart Logistics plc)and a Non-Executive Director of Hargreaves Lansdowne plc. Adrian was also the chair of Bahamas Petroleum Company plc (2011 to 2021). Darrell Evans, who is currently the interim Chair of the Board and Nominations Committee, will step down from these roles and resume his role on the Board as an independent Non-Executive Director with responsibilities for Workforce Engagement and Chair of the Remuneration Committee. He will also rejoin the Audit & Risk Committee. Since 5 March 2024, Gaby Appleton has held the roles of Workforce Engagement Non-Executive Director and Chair of the Remuneration Committee, with these roles reverting back to Darrell, Gaby will continue as an independent Non-Executive Director and as a member of the Audit & Risk, Remunerations and Nominations Committee. Declared Dividend • Apr 28
Final dividend of UK£0.074 announced Dividend of UK£0.074 is the same as last year. Ex-date: 9th May 2024 Payment date: 28th June 2024 Dividend yield will be 3.9%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (145% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.6% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 61% to bring the payout ratio under control. EPS is expected to grow by 141% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Apr 27
LSL Property Services plc Declares a Final Dividend for the Year Ended December 31, 2023, Payable on June 28 June 2024 The Board of LSL Property Services plc declared a final dividend of 7.4 pence per share, unchanged on last year, making a total dividend of 11.4 pence per share. The ex-dividend date for the final dividend is 9 May 2024, with a record date of 10 May 2024 and a payment date of 28 June 2024. Reported Earnings • Apr 26
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: UK£0.079 (up from UK£0.62 loss in FY 2022). Revenue: UK£144.4m (down 55% from FY 2022). Net income: UK£8.09m (up UK£72.0m from FY 2022). Profit margin: 5.6% (up from net loss in FY 2022). Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 2.4% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Price Target Changed • Apr 25
Price target increased by 9.8% to UK£3.36 Up from UK£3.06, the current price target is an average from 2 analysts. New target price is 24% above last closing price of UK£2.70. The company is forecast to post earnings per share of UK£0.076 next year compared to a net loss per share of UK£0.62 last year. Announcement • Mar 09
LSL Property Services plc Announces Management Changes LSL Property Services plc announced following the announcement of the Board changes on 27 February 2024, the Board has agreed the following changes to its Board and Committees with effect from 5 March 2024: Darrell Evans, having assumed the role as Interim Chair, has ceased to Chair the Remuneration Committee and he has been appointed to the Disclosure Committee. This is in addition to his role as Interim Chair of the Nominations Committee and member of the Remuneration Committee. Darrell has ceased to be a member of the Audit & Risk Committee. James Mack has joined the Nominations Committee, is taking on the role of Senior Independent Director and has been appointed to the Disclosure Committee. This is in addition to his role as Chair of the Audit & Risk Committee. Gaby Appleton is taking on the roles of Chair of the Remuneration Committee and as Non Executive Director designated for workforce engagement. This is in addition to her membership of the Nominations and Audit & Risk Committees. Sonya Ghobrial is joining the Remuneration Committee. This is in addition to her membership of the Audit & Risk Committee. Announcement • Feb 27
LSL Property Services plc Announces David Barral, Non Executive Chair, Has Left the Board LSL announced that David Barral, Non Executive Chair, has left the Board with immediate effect. Darrell Evans, independent Non Executive Director and Chair of the Remuneration Committee, will assume the role of Interim Non-Executive Chair. The Board will now commence a search for a new Chair. Recent Insider Transactions Derivative • Dec 03
Group CEO & Executive Director exercised options and sold UK£98k worth of stock On the 28th of November, David Stewart exercised options to acquire 46k shares at no cost and sold these for an average price of UK£2.13 per share. This trade did not impact their existing holding. For the year to December 2016, David's total compensation was 68% salary and 32% non-salary. Since March 2023, David's direct individual holding has increased from 25.85k shares to 26.54k. Company insiders have collectively sold UK£188k more than they bought, via options and on-market transactions in the last 12 months. New Risk • Oct 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Cash payout ratio: 159% Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Recent Insider Transactions • Oct 11
Independent Non-Executive Chairman recently bought UK£75k worth of stock On the 6th of October, David Barral bought around 30k shares on-market at roughly UK£2.51 per share. This transaction increased David's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • Sep 28
First half 2023 earnings released: EPS: UK£0.05 (vs UK£0.073 in 1H 2022) First half 2023 results: EPS: UK£0.05 (down from UK£0.073 in 1H 2022). Revenue: UK£72.5m (down 34% from 1H 2022). Net income: UK£5.10m (down 32% from 1H 2022). Profit margin: 7.0% (up from 6.8% in 1H 2022). Revenue is expected to fall by 26% p.a. on average during the next 3 years compared to a 6.4% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Announcement • Aug 22
LSL Property Services plc (LSE:LSL) agreed to acquire Tenetlime Ltd from Tenet Group Limited for £12.9 million. LSL Property Services plc (LSE:LSL) agreed to acquire Tenetlime Ltd from Tenet Group Limited for £12.9 million on August 21, 2023. The consideration payable is consisting of an initial payment of up to £5.6 million, calculated by reference to the number of appointed representative firms at completion and the turnover of these firms in 2022, a further payment of up to £4.5 million, calculated by reference to the number of appointed representative firms 12 months following completion and the turnover of these firms in 2022, and an expected payment of £2.8 million for assets which form part of TenetLime's regulatory capital. The total consideration payable at completion is subject to adjustments based on the net asset value of TenetLime at that time. The acquisition is being financed from LSL's existing cash resources. After a short period of transition, TenetLime members will be integrated fully in the operations of LSL's PRIMIS Network. The acquisition allows LSL to leverage its existing network infrastructure to deliver synergies and enhance the Group's margin. The acquisition is subject to FCA approval. Announcement • May 05
LSL Property Services plc Appoints Paul Hardy as Managing Director of its Estate Agency Franchise Business LSL Property Services plc has appointed Paul Hardy as Managing Director of its Estate Agency Franchise Business. Paul led this programme to transform the Estate Agency branches, and previously held roles as Financial Services Division Commercial Director and Estate Agency Division Finance Director. Price Target Changed • Apr 27
Price target decreased by 16% to UK£3.08 Down from UK£3.68, the current price target is an average from 2 analysts. New target price is 14% above last closing price of UK£2.70. Stock is down 30% over the past year. The company is forecast to post earnings per share of UK£0.15 next year compared to a net loss per share of UK£0.62 last year. Upcoming Dividend • Apr 20
Upcoming dividend of UK£0.074 per share at 4.5% yield Eligible shareholders must have bought the stock before 27 April 2023. Payment date: 02 June 2023. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.5%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (4.6%). Reported Earnings • Apr 14
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: UK£0.62 loss per share (down from UK£0.60 profit in FY 2021). Revenue: UK£321.7m (down 1.6% from FY 2021). Net loss: UK£63.9m (down 203% from profit in FY 2021). Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) missed analyst estimates. Revenue is expected to fall by 1.9% p.a. on average during the next 3 years compared to a 7.1% decline forecast for the Real Estate industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Major Estimate Revision • Dec 06
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from UK£321.0m to UK£313.2m. EPS estimate also fell from UK£0.30 per share to UK£0.21 per share. Net income forecast to shrink 56% next year vs 42% decline forecast for Real Estate industry in the United Kingdom. Consensus price target down from UK£4.86 to UK£3.68. Share price rose 2.6% to UK£2.38 over the past week. Major Estimate Revision • Nov 30
Consensus EPS estimates fall by 30% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from UK£322.4m to UK£313.2m. EPS estimate also fell from UK£0.30 per share to UK£0.21 per share. Net income forecast to shrink 56% next year vs 33% decline forecast for Real Estate industry in the United Kingdom. Consensus price target down from UK£4.86 to UK£3.68. Share price fell 9.6% to UK£2.35 over the past week. Price Target Changed • Nov 29
Price target decreased to UK£3.68 Down from UK£5.18, the current price target is an average from 2 analysts. New target price is 59% above last closing price of UK£2.32. Stock is down 43% over the past year. The company is forecast to post earnings per share of UK£0.30 for next year compared to UK£0.60 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Sonya Ghobrial was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 20% share price decline to UK£2.62, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Real Estate industry in the United Kingdom. Total returns to shareholders of 24% over the past three years. Reported Earnings • Aug 04
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down UK£22.6m from profit in 1H 2021). Profit margin: (down from 14% in 1H 2021). Over the next year, revenue is forecast to grow 4.9% compared to a 14% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 03
Price target decreased to UK£4.86 Down from UK£5.23, the current price target is an average from 3 analysts. New target price is 52% above last closing price of UK£3.20. Stock is down 27% over the past year. The company is forecast to post earnings per share of UK£0.33 for next year compared to UK£0.60 last year. Recent Insider Transactions • May 18
Group CEO & Executive Director recently bought UK£68k worth of stock On the 12th of May, David Stewart bought around 17k shares on-market at roughly UK£4.02 per share. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • May 01
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: UK£0.60 (up from UK£0.16 in FY 2020). Revenue: UK£326.8m (up 23% from FY 2020). Net income: UK£61.9m (up 279% from FY 2020). Profit margin: 19% (up from 6.1% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.0%. Over the next year, revenue is forecast to stay flat compared to a 10% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to UK£5.23 Up from UK£4.81, the current price target is an average from 3 analysts. New target price is 34% above last closing price of UK£3.90. Stock is down 6.0% over the past year. The company is forecast to post earnings per share of UK£0.35 for next year compared to UK£0.60 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Non-Executive Director Sonya Ghobrial was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 21
Upcoming dividend of UK£0.074 per share Eligible shareholders must have bought the stock before 28 April 2022. Payment date: 06 June 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of British dividend payers (4.6%). In line with average of industry peers (3.0%). Reported Earnings • Mar 18
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: UK£0.60 (up from UK£0.16 in FY 2020). Revenue: UK£326.8m (up 23% from FY 2020). Net income: UK£61.9m (up 279% from FY 2020). Profit margin: 19% (up from 6.1% in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.0%. Over the next year, revenue is forecast to stay flat compared to a 4.1% decline forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Feb 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director James Mack was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 11
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 consensus EPS increased from UK£0.33 to UK£0.54. Revenues were reaffirmed at UK£331.7m. Net income forecast to grow 25% next year vs 24% growth forecast for Real Estate industry in the United Kingdom. Consensus price target up from UK£4.81 to UK£5.23. Share price rose 7.6% to UK£4.67 over the past week. Reported Earnings • Aug 05
First half 2021 earnings released: EPS UK£0.22 (vs UK£0.012 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: UK£166.5m (up 45% from 1H 2020). Net income: UK£22.6m (up UK£21.3m from 1H 2020). Profit margin: 14% (up from 1.1% in 1H 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 16% per year. Recent Insider Transactions • Jun 22
Insider recently sold UK£458k worth of stock On the 17th of June, Jon Round sold around 100k shares on-market at roughly UK£4.58 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 28
Full year 2020 earnings released: EPS UK£0.16 (vs UK£0.13 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: UK£266.7m (down 14% from FY 2019). Net income: UK£16.3m (up 26% from FY 2019). Profit margin: 6.1% (up from 4.2% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Major Estimate Revision • May 07
Consensus EPS estimates increase to UK£0.33 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from UK£294.7m to UK£323.0m. EPS estimate increased from UK£0.26 to UK£0.33 per share. Net income forecast to grow 111% next year vs 22% growth forecast for Real Estate industry in the United Kingdom. Consensus price target up from UK£3.48 to UK£4.28. Share price rose 4.6% to UK£4.29 over the past week. Reported Earnings • Apr 30
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: UK£266.7m (down 14% from FY 2019). Net income: UK£16.3m (up 26% from FY 2019). Profit margin: 6.1% (up from 4.2% in FY 2019). The increase in margin was driven by lower expenses. Price Target Changed • Feb 25
Price target raised to UK£3.01 Up from UK£2.65, the current price target is an average from 2 analysts. The new target price is 15% above the current share price of UK£2.61. As of last close, the stock is down 18% over the past year. Price Target Changed • Jan 15
Price target raised to UK£2.77 Up from UK£2.48, the current price target is an average from 2 analysts. The new target price is close to the current share price of UK£2.69. As of last close, the stock is down 5.3% over the past year. Is New 90 Day High Low • Dec 24
New 90-day high: UK£2.75 The company is up 25% from its price of UK£2.20 on 25 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£23.22 per share. Major Estimate Revision • Dec 12
Analysts increase revenue estimates to UK£273.4m The 2020 consensus revenue estimate increased from UK£246.6m. Earning per share (EPS) estimate also increased from UK£0.12 to UK£0.20 for the same period. Net income is expected to grow by 23% next year compared to 7.4% growth forecast for the Real Estate industry in the United Kingdom. The consensus price target increased from UK£2.48 to UK£2.65. Share price is down by 15% to UK£2.32 over the past week. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to UK£2.30, the stock is trading at a trailing P/E ratio of 13.6x, down from the previous P/E ratio of 16.1x. This compares to an average P/E of 15x in the Real Estate industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 8.2%. Valuation Update With 7 Day Price Move • Dec 03
Market bids up stock over the past week After last week's 17% share price gain to UK£2.55, the stock is trading at a trailing P/E ratio of 15x, up from the previous P/E ratio of 12.8x. This compares to an average P/E of 15x in the Real Estate industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 1.3%. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 21% share price gain to UK£2.57, the stock is trading at a trailing P/E ratio of 15.1x, up from the previous P/E ratio of 12.5x. This compares to an average P/E of 15x in the Real Estate industry in the United Kingdom. Total returns to shareholders over the past three years were flat. Is New 90 Day High Low • Nov 30
New 90-day high: UK£2.32 The company is up 10.0% from its price of UK£2.10 on 01 September 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£20.07 per share. 
