GB : Homeserve - FY in line, with strength in US, weakness in the UK

FY 21 EPS in line; 10% DPS growth a sign of confidence but £92m exceptional charge. We maintain our FD EPS estimates, with weakness in the UK offset by strength elsewhere, including the US (despite FX). We maintain our IFRS 16 FY 22 net debt estimate of £460m (1.4x). In the UK, customer numbers have fallen but should start to bottom. In France, profits increased 5% while profit in Spain was COVID affected as expected. Elsewhere, Japan is progressing well from a low base. Home Experts is seeing strong customer demand and eLocal is strong but only 11% trade growth at Checkatrade given the pandemic. A CY 21 P/E of 22.0x falling to 19.4x in CY 22 is attractive.

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