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Lakehouse (LAKE)

Business description

Lakehouse is engaged in asset and energy support services business, focused on customers in the outsourced public and regulated services sectors in the UK. In future, the group will comprise two divisions: compliance and energy services.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 299.1 10.2 7.5 4.0 10.4 N/A
2017A 181.5 9.0 5.4 4.0 10.4 N/A
2018E 185.1 8.8 6.2 3.1 13.4 N/A
2019E 194.2 9.5 7.1 3.6 11.5 N/A

Last updated on 02/08/2018

Investment summary

Growing corporate and government awareness around safety and energy efficiency create an attractive backdrop to Lakehouse’s compliance and energy services business, where strong regulatory drivers have the potential to deliver substantial medium-term EBITA growth. The management team appointed in July 2016 to reverse the decline in performance is taking bold decisions. Property services and construction, which have historically been a drag on the group’s performance, are now to be divested. Heads of terms have been agreed and were announced with the interim results on 26 June, but execution risks in completing the divestment remain. We believe this will result in a better business exposed to growth drivers with a lower-risk profile, which will gradually be reflected in the earnings and valuation multiples expanding.

Last updated on 02/08/2018

Key management

Jeremy Simpson, CFO
Bob Holt, Executive Chairman

Company address

1 King George Cl
United Kingdom
01708 758 800
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