Savills PLC: Good start to FY26 - forecasts maintained

研报英文原文证据摘录

Savills PLC: Good start to FY26 - forecasts maintained

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Savills PLC 13 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 12 May 2026 (GBP) 833.00

SVS.L SVS LN LSE SVS

Price Target (GBP) 1,343.00

Diversified Financials

Specialty Financials ADR ISIN 52-week range (GBP) 1,108.00811.00-

SVLLY US80517T1043

Good start to FY26 - forecasts

Valuation & Risks maintained

Chris Millington

Savills' update shows that the group has got off to a good start to FY26. Whilst

Research Analyst

heightened geopolitical uncertainty is expected to delay some transactions into H2, +44-20-7541-1570

pipelines are strong, which should underpin a healthy recovery once uncertainty

abates. The update also highlights the strong growth/importance of US real estate Jonathan Coubrough

capital markets, something Savills will gain notable exposure to upon completing

+44-20-754-54671

the Eastdil acquisition. With Savills shares trading on c.8x PE/5% dividend yield on

standalone FY27 forecasts (sub 7x PE including Eastdil), we think they are Christen Hjorth

materially undervalued relative to prospects and international peers. Research Analyst

+44-20-754-11567

n Savills states that trading has been marginally ahead of expectations in the

first four months of the year, despite recent uncertainty relating to the Price/price relative

Middle East and interest rates. Based on the expectation of a timely 1500

resolution to the Iran war, expectations for the full year are unchanged and

we maintain forecasts. Management point to strong pipelines of work, but 1000

expect Q2 transactions to be delayed into H2 (similar to FY25), and

accordingly FY26 profits are expected to show a similar H2 bias to recent 500