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Shorting LSL Property Services


wjw22

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LSL Property Services announced on 16th March that it would not be merging with Countrywide.  Its balance sheet looks terrible with net assets of £141m including goodwill of £160m and a Current Ratio of less than 1.  Since then it has been affected by the lockdown as well, but somehow today the share price is back to a pre-lockdown level.  I'm short at 177.

Edited by wjw22
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Yes up 3.6% today, but 'a rising tide lifts all boats'

In any event imho be careful being short here, the failed merger was a good thing, fundamentals behind the housing market are good, low interest rates are also good for the resi market. Plus they have a large % of income from lettings, their franchisee' s and of course the survey dept. Income will take a hit but it will bounce...

 

Countrywide up 12% today looks a lot better shorting target....they were already struggling before this....

 

Good luck 

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