olivLaw · European equity research
LSL Property Services plc LSL.L
United Kingdom · London Stock Exchange · ISIN GB00B1G5HX72 · Vertical: Listed companies from United Kingdom
LSL Property Services plc is a UK group providing services to the residential property and mortgage market through three divisions: estate agency franchising, surveying and valuation, and financial services. In 2025 the group grew underlying operating profit to a record margin, as the mortgage market stabilised and technology and data became more important to the company. Revenue reached £182.9m and underlying operating profit £32.6m.
At the close of 05 Nov 2026, LSL Property Services plc (LSL.L) stock was 2.72 GBP (+2.26% on the day), with market capitalisation 277.9 m GBP, P/E 16.8 on diluted EPS of 0.16 GBP over the last 12 months, dividend yield 4.23%, beta 0.38, 52-week range 2.05–2.78 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 65.1
- strong (55–70)
- Bollinger (20, 2)
- 2.51 – 2.67
- above the upper band · %B 1.31 · band width 6.3%
- SMA 50 / 200
- 2.60 / 2.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.02 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.7% | −0.6% | +7.3 pp | — |
| 3 months | +6.7% | −4.2% | +10.8 pp | — |
| 6 months | +22.5% | +4.3% | +18.2 pp | — |
| Year to date | +3.4% | +7.5% | −4.1 pp | — |
| 1 year | +8.8% | +9.9% | −1.1 pp | +5.8% |
| 3 years | +9.7% | +49.8% | −40.2 pp | +26.3% |
| 5 years | −38.6% | +42.8% | −81.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 0.1, median 16.2, max 18.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 144.4 m | 173.3 m | 182.9 m |
| Revenue YoY | unavailable | +20.0% | +5.6% |
| Net income | -38.0 m | 17.4 m | 17.0 m |
| Net income YoY | unavailable | unavailable | −2.6% |
| Diluted EPS | 36.60 | 0.17 | 0.16 |
| Diluted EPS YoY | unavailable | −99.5% | −3.6% |
| net % | -26.3% | 10.0% | 9.3% |
| Free cash flow | unavailable | 26.9 m | 21.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 67.1 m GBP
- Financial debt
- 39.3 m GBP
- Net debt
- -27.8 m GBP
- Equity
- 81.9 m GBP
- Total assets
- 181.0 m GBP
- Debt / equity
- 0.48x
- Current ratio
- 1.24x
- ROE
- 20.9%
- ROA
- 9.7%
- FCF margin
- 11.7%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 144.4 m | 173.3 m | 182.9 m | esef· 07 Apr 2026verified |
| Operating income | 3.7 m | 21.9 m | 22.6 m | esef· 07 Apr 2026verified |
| Interest expense | 1.7 m | 1.7 m | 1.9 m | esef· 07 Apr 2026verified |
| Pre-tax income | 4.9 m | 23.1 m | 23.1 m | esef· 07 Apr 2026verified |
| Income tax | -3.2 m | 5.2 m | 6.0 m | esef· 07 Apr 2026verified |
| Net income | -38.0 m | 17.4 m | 17.0 m | esef· 07 Apr 2026verified |
| Diluted EPS | 36.60 | 0.17 | 0.16 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.12 | 0.12 | esef· 07 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 58.1 m | 60.7 m | 67.1 m | esef· 07 Apr 2026verified |
| Receivables | 22.4 m | 24.2 m | 25.0 m | esef· 07 Apr 2026verified |
| Current assets | 84.9 m | 100.3 m | 108.6 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 6.9 m | 6.4 m | — | esef· 15 Apr 2025verified |
| Goodwill | 16.9 m | 16.9 m | 16.9 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 21.5 m | 29.9 m | 29.9 m | esef· 07 Apr 2026verified |
| Total assets | 148.8 m | 167.1 m | 181.0 m | esef· 07 Apr 2026verified |
| Accounts payable | 31.2 m | 37.5 m | 36.8 m | esef· 07 Apr 2026verified |
| Short-term debt | 23.1 m | 28.3 m | 39.3 m | esef· 07 Apr 2026verified |
| Current liabilities | 63.6 m | 77.9 m | 87.9 m | esef· 07 Apr 2026verified |
| Total liabilities | 74.6 m | 86.9 m | 99.1 m | esef· 07 Apr 2026verified |
| Equity | 74.2 m | 80.2 m | 81.9 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | — | 102.4 m | 102.2 m | esef· 07 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -6.9 m | 27.8 m | 22.7 m | esef· 07 Apr 2026verified |
| Capex | — | 939.0 k | 1.2 m | esef· 07 Apr 2026verified |
| Free cash flow | — | 26.9 m ≈ | 21.5 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | 18.0 m | -15.0 m | -7.1 m | esef· 07 Apr 2026verified |
| Financing cash flow | -16.2 m | -15.4 m | -20.3 m | esef· 07 Apr 2026verified |
| Dividends paid | 11.7 m | 11.8 m | 11.8 m | esef· 07 Apr 2026verified |
| Share repurchases | 0 | 848.0 k | 5.0 m | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 75 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 277.9 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality80
- Returns89
- Balance sheet75
- Valuation61
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 75/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 32.8% | 88 (vs peers) | 17% |
| Net margin · Quality | 9.3% | 46 (vs peers) | 10% |
| FCF conversion · Quality | 126.7% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 11.6x | 100 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 36 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 16.8x | 33 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.7% | 97 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.0% | 86 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 54.7% | 93 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet75/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality80/100 · 3/3 factors with a value
- Returns89/100 · 2/2 factors with a value
- Valuation61/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LSL PROPERTY SERVICES PLC (LSL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 182.9 m GBP in 2025; YoY growth 5.6%; net margin 9.3%; ROE 20.9%.
The estimated value range is 1.83–2.82 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 2.34 GBP, the price of 2.72 GBP leaves a potential of -14.1% (value / price − 1) and a margin of safety of -16.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 75/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 32.8%
- FCF conversion: 126.7%
- Interest coverage: 11.6x
- FCF yield: 7.7%
- Shareholder yield (distributions): 6.0%
- Payout ratio (FCF): 54.7%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| LSL.LLsl Property Services PLC | 277.9 m | 16.8 | 20.9% | 9.3% | +5.6% | +11% / +21% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for LSL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 1.66 Total return -35% · Per year -35% | 2.94 Total return 13% · Per year 13% | 4.43 Total return 68% · Per year 68% |
| 3 years | 1.65 Total return -29% · Per year -11% | 3.28 Total return 35% · Per year 11% | 5.41 Total return 117% · Per year 30% |
| 5 years | 1.64 Total return -23% · Per year -5% | 3.65 Total return 60% · Per year 10% | 6.62 Total return 177% · Per year 23% |
- Exit P/E± 0.82
- Net margin± 0.57
- Annual revenue growth± 0.47
- Annual dilution± 0.05
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
LSL Property Services plc is a UK group providing services to the residential property and mortgage market through three divisions: estate agency franchising, surveying and valuation, and financial services. In 2025 the group grew underlying operating profit to a record margin, as the mortgage market stabilised and technology and data became more important to the company. Revenue reached £182.9m and underlying operating profit £32.6m.
SWOT
Strengths
- Capital-light business model with record operating margins and strong cash generation.
- Strong market positions across all three divisions, supported by long-standing lender and broker relationships.
- Proprietary data and technology capability that can be used for new products.
Weaknesses
- Revenue depends on cyclical property and mortgage markets that are sensitive to interest rates.
- The franchising division's revenue declined due to lower land and new home activity.
- Recurring exceptional costs for claims and restructuring can affect reported results.
Opportunities
- Expansion through acquisitions of lettings books and consolidation in mortgage intermediation.
- Commercialising data-driven products and AVM capability for lenders and product providers.
- Productivity gains from digital platforms and artificial intelligence tools.
Threats
- Rising competitive pressure from digital platforms and new lending models.
- Broker insolvency could lead to commission clawbacks on historic business.
- Regulatory change and conduct requirements could raise costs and complexity.
Risks
- Cyclicality of the property markethigh
Transaction and mortgage volumes could fall quickly if lenders tighten appetite or if mortgage pricing changes sharply.
- Competitive and technological pressurehigh
Rapid adoption of artificial intelligence and digital platforms could reduce the company's market share and margins.
- Strategy executionmedium
The complexity and concurrency of transformation programmes could delay benefits and raise costs.
- Professional services claimsmedium
Claims linked to valuations or professional services could generate compensation costs and affect reputation.
- Cyber and data riskmedium
Rising cyber threats and reliance on third-party providers could lead to operational disruption and data loss.
Investment thesis
What would need to be true (bull case)
- Market positions across three divisions and lender relationships could support revenue growth as the market normalises.
- If investment in data and AVM turns into commercial products, the company could diversify its revenue sources.
What would break the thesis
- If interest rates and inflation stay high, transaction volumes could fall again and weigh on group results.
- If digital platforms and artificial intelligence reduce demand for physical valuations, divisional revenue could be affected.
- If exceptional costs and claims become recurring, reported profitability could remain below expectations.
What to watch
- Development of revenue and operating margin in the first half2026
- Completion of the £12m share buyback programme2026
- Results of Pivotal Growth and the pace of funded acquisitions2026
- Evolution of franchising division revenue following lettings book acquisitionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
LSL is a UK group offering services for the property and mortgage market with a relatively capital-light model. The group operates through three divisions and says its market positions rest on relationships with lenders, insurance product providers, brokers and franchise partners. In 2025 revenue rose 6% to £182.9m and underlying operating profit 17% to £32.6m 1. Management also highlights Pivotal Growth, a joint venture with Pollen Street Capital pursuing acquisitions in mortgage and protection intermediation.
Segments
Surveying & Valuation
The surveying and valuation division grew revenue by 10% year on year, driven by a rise in jobs performed. The company notes that higher demand also raised employee costs in this division 1.
Financial Services
Revenue in financial services stayed broadly flat as the mortgage market recovered from a period of volatility. The division also undertook restructuring with associated exceptional costs 1.
Estate Agency Franchising
Revenue in the franchising division fell slightly despite higher residential sales, owing to lower land and new home revenues. The group recently acquired lettings books and expanded its network 1.
Market context
The UK mortgage and property transaction markets stabilised in 2025, with easing pricing and more moderate affordability pressures. The company says its end markets performed in line with its planning assumptions, although short-term volatility persisted 1. Demand remains sensitive to interest rate expectations and funding costs.
Trends
- Stabilisation of the mortgage markettailwind
A recovery in remortgage and purchase volumes supports revenue in financial services and surveying. If stabilisation continues, demand for the group's services could remain firm.
- Inflation and interest rate uncertaintyheadwind
Renewed concerns about inflation and the path of interest rates could slow demand and create near-term uncertainty for the company.
- Technology and artificial intelligencemixed
Adoption of digital platforms and AVM tools could reduce demand for physical inspections, but could also open new opportunities if the company's data and expertise are commercialised.
- Consolidation of intermediationmixed
Consolidation in broker markets could increase pricing pressure and reduce intermediary volumes, while also creating acquisition opportunities for the group.
Competitive position
The group operates in a competitive environment where digital-first platforms, new business models and lenders experimenting with alternatives are emerging. The company believes its edge comes from proprietary data, regulated specialist expertise and long-standing lender relationships 1.
- Zoopla
UK property listings and services platform competing for the same consumer audience.
- Foxtons
UK estate agency competing in agency and transaction-related services.
- Pollen Street Capital
Partner in Pivotal Growth and a financial investor that may compete for mortgage intermediary acquisitions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / LSL Property Services plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.