Savills (1YZ) AI Stock Analysis

Company Guidance

Guidance from the call reiterated unchanged full‑year expectations for 2026 while highlighting specific financial and operational metrics: H1 revenue >£1.2bn (+8.7%), underlying EBITDA ~£74m (+32%), underlying PBT £34.3m (+47% / +49% cc) and underlying EPS 17.9p, with an interim dividend of 7.8p (+~5.4–5.5%); net debt was <£50m (net cash at end‑July pre‑Eastdil). Transactional revenues rose 14% (commercial capital transactions +22%, occupier advisory US +23%), Less‑Transactional revenues were +6% at £776m (63% of group) with Less‑Transactional H1 PBT £42.2m (+28%) and consultancy PBT up 74%; APAC profit +75% and North America swung to a £2.6m profit (c.+£9m YoY). H1 restructuring costs were £7.2m (transaction costs £13.5m), full‑year restructuring/integration costs expected to be ≈half last year’s £30m charge, and Eastdil H1 contributed £225m revenue (USD302m) with EBITDA £38.4m and illustrative PBT £37.8m (17% margin); pro forma the combination would have raised H1 UPBT by ~£21m to £55m (+60%). Acquisition financing comprises an $800m bridge (now $450m term loan; $350m to be refinanced), expected all‑in cost 5.5–6%, and target net debt/EBITDA ≤1.5x by end‑2026 and ~1x by end‑2027.