# Savills (SVS.LSE)

Canonical: https://gigainvestors.com/s/SVS.LSE

Analysis as of: 2026-10-16T07:40:22.074Z. Financial observations: FY1996–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 1,026.00 per share; close as of 2026-10-15.

Estimated value: low GBX 846.95 per share, central GBX 925.43 per share, high GBX 1,029.90 per share. Buy at or below the central value GBX 925.43 per share. Valuation as of 2026-10-16T07:40:22.074Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.06×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: 0.02×

- FY2024: 0.03×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 4.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 22.9%

- ROIC, second-lowest year: 13.9%

- Typical minus recent gross margin: 4.1 pp

- Typical gross margin (annual median): 8.8%

- Recent gross margin (lower of latest and 3-year median): 4.7%

- Years with nonpositive capital: 2

- Capital spending / revenue: 1.1%

- ROIC including acquisitions, ten-year median: 12.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.9%

- FY2017: 16.7%

- FY2018: >100%

- FY2019: 26.4%

- FY2020: 23.9%

- FY2021: 61.2%

- FY2022: 42.6%

- FY2023: 8.3%

- FY2024: 13.9%

- FY2025: 22.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 479M

- Net income, five-year total: GBP 431M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -3.7 pp

- Working capital / revenue, final three-year average: 13.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.97×

- FY2022: 1.00×

- FY2023: 1.42×

- FY2024: 1.52×

- FY2025: 1.08×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.9% vs 13.9%

- Per-share earnings: 0.48 to 0.37 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.4%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: GBP 451M

- Cumulative retained earnings: GBP 422M

- Diluted shares, 10-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.1%

- Per-share value change: GBP -0.11

- Per-share value, starting three-year median: GBP 0.48

- Per-share value, ending three-year median: GBP 0.37

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 1.9%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 655M

- Cumulative net income, 10 years: GBP 805M

- ROIC, first three-year median: 18.9%

- ROIC, last three-year median: 13.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.48

- FY2017: GBP 0.58

- FY2018: GBP 0.55

- FY2019: GBP 0.59

- FY2020: GBP 0.48

- FY2021: GBP 0.99

- FY2022: GBP 0.82

- FY2023: GBP 0.29

- FY2024: GBP 0.37

- FY2025: GBP 0.49

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 15.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.55×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.66×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.3%

- FY2017: -2.5%

- FY2018: -2.0%

- FY2019: -0.8%

- FY2020: -9.3%

- FY2021: -7.0%

- FY2022: -1.9%

- FY2023: 1.0%

- FY2024: -4.7%

- FY2025: -4.7%

## Holders

## Price story

Down 28% since Oct 2021 · sales +6.1%

Story as of 2026-10-16T10:00:11.408Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

### Sales · FY2024–2025

sales +6.1%; source https://filings.xbrl.org/213800WXICGMBWHTA933/2025-12-31/ESEF/GB/0/213800WXICGMBWHTA933-2025-12-31/reports/213800WXICGMBWHTA933-2025-12-31-T01.html; observed 2026-05-12.

- FY2016: GBP 1.4B 

- FY2017: GBP 1.6B 

- FY2018: GBP 1.8B 

- FY2019: GBP 1.9B 

- FY2020: GBP 1.7B 

- FY2021: GBP 2.1B 

- FY2022: GBP 2.3B 

- FY2023: GBP 2.2B 

- FY2024: GBP 2.4B 

- FY2025: GBP 2.6B 

### Gross margin · FY2025

gross margin 4.7%; source https://filings.xbrl.org/213800WXICGMBWHTA933/2025-12-31/ESEF/GB/0/213800WXICGMBWHTA933-2025-12-31/reports/213800WXICGMBWHTA933-2025-12-31-T01.html; observed 2026-05-12.

- FY2016: 8.5% 

- FY2017: 11.7% 

- FY2018: 11.0% 

- FY2019: 7.8% 

- FY2020: 5.6% 

- FY2021: 9.0% 

- FY2022: 7.0% 

- FY2025: 4.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are GBP 2.6 billion.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: revenue 2550900000; grossProfit 120500000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SVS.LSE: Savills plc, together with its subsidiaries, engages in the provision of real estate services in the United Kingdom, Continental Europe, the Asia Pacific, North America, Africa, and the Middle East. The company advises on commercial, residential, rural, and leisure properties; and provides corporate finance advisory, investment management, and a range of property-related financial services. It operates through Transaction Advisory, Property and Facilities Management, Investment Management, and Consultancy segments. The Transaction Advisory segment consists of Commercial Transactional and Residential Transactional, which offers commercial, residential, leisure, and agricultural leasing services; and tenant representation, as well as investment advice on purchases and sales. The Property and Facilities Management segment manages commercial, residential, leisure, and agricultural properties for owners; and provides services to occupiers of properties, including strategic advice and project management, as well as various services relating to a property. The Investment Management segment is involved in the investment management of commercial and residential property portfolios for institutional, corporate, or private investors on a pooled or segregated account basis. The Consultancy segment offers various professional property services, such as valuation, project management and housing consultancy, environmental consultancy, landlord and tenant, rating, development, planning, strategic projects, and corporate services and research. Savills plc was founded in 1855 and is headquartered in London, the United Kingdom.

### Why customers stay

Margins ranged from 4.7% to 100% during 2023–25; it earns 22.9% on its capital.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2023-12-31 (filed 2026-05-12); FY2023: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2024-12-31 (filed 2026-05-12); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: grossProfit / revenue = 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); 10-year return on capital observations [[2016,0.1887227104866734],[2017,0.16701118048084085],[2018,1.939827855411099],[2019,0.2641298679610611],[2020,0.23921200750469043],[2021,0.6121154762501348],[2022,0.426262507672332],[2023,0.08317010690277604],[2024,0.13920487521764363],[2025,0.21956606033177406]]; median 0.22938903391823223. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 28.3% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2016-12-31 (filed 2026-05-12); FY2016: growth capex 0; upkeep 12800000; owner earnings 73700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2017-12-31 (filed 2026-05-12); FY2017: growth capex 2600000; upkeep 20500000; owner earnings 80100000. Growth capex / owner earnings = 0.03245942571785269.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2018-12-31 (filed 2026-05-12); FY2018: growth capex 0; upkeep 16900000; owner earnings 85000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2019-12-31 (filed 2026-05-12); FY2019: growth capex 0; upkeep 23500000; owner earnings 76980000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2020-12-31 (filed 2026-05-12); FY2020: growth capex 0; upkeep 18100000; owner earnings 62560000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2021-12-31 (filed 2026-05-12); FY2021: growth capex 0; upkeep 24500000; owner earnings 142300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2022-12-31 (filed 2026-05-12); FY2022: growth capex 0; upkeep 26800000; cash acquisitions 18500000; owner earnings 119780000. Growth capex plus acquisitions / owner earnings = 0.1544498246785774.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2023-12-31 (filed 2026-05-12); FY2023: growth capex 0; upkeep 17400000; cash acquisitions 11000000; owner earnings 57960000. Growth capex plus acquisitions / owner earnings = 0.18978605935127674.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2024-12-31 (filed 2026-05-12); FY2024: growth capex 0; upkeep 11700000; cash acquisitions 3700000; owner earnings 81580000. Growth capex plus acquisitions / owner earnings = 0.04535425349350331.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: growth capex 0; upkeep 27800000; cash acquisitions 21800000; owner earnings 76920000. Growth capex plus acquisitions / owner earnings = 0.2834113364534581.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Dividend observations: [[2016,36300000],[2017,40200000],[2018,41600000],[2019,43300000],[2020,400000],[2021,32300000],[2022,85500000],[2023,48800000],[2024,33800000],[2025,43200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SVS.LSE.json#2025-12-31 (filed 2026-05-12); FY2025: cash repurchases 17400000 GBP.

### Are managers owners

Insiders own 6.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SVS.LSE SharesStats.PercentInsiders = 6.247 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years; actual growth was 1.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-12); Ten-year compound average after fade. Initial solved rate 0.025745284629924314. Price 1026; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.46526772793053545 → FY2025 0.5349095966620306. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 694.00 per share

- 2016-11: GBX 670.00 per share

- 2016-12: GBX 700.50 per share

- 2017-01: GBX 775.50 per share

- 2017-02: GBX 856.00 per share

- 2017-03: GBX 921.00 per share

- 2017-04: GBX 929.00 per share

- 2017-05: GBX 865.00 per share

- 2017-06: GBX 878.50 per share

- 2017-07: GBX 914.00 per share

- 2017-08: GBX 885.50 per share

- 2017-09: GBX 931.50 per share

- 2017-10: GBX 933.00 per share

- 2017-11: GBX 939.50 per share

- 2017-12: GBX 993.00 per share

- 2018-01: GBX 1,024.00 per share

- 2018-02: GBX 957.50 per share

- 2018-03: GBX 981.50 per share

- 2018-04: GBX 982.50 per share

- 2018-05: GBX 964.50 per share

- 2018-06: GBX 870.00 per share

- 2018-07: GBX 886.00 per share

- 2018-08: GBX 800.00 per share

- 2018-09: GBX 781.00 per share

- 2018-10: GBX 725.00 per share

- 2018-11: GBX 726.50 per share

- 2018-12: GBX 707.00 per share

- 2019-01: GBX 832.00 per share

- 2019-02: GBX 891.00 per share

- 2019-03: GBX 904.50 per share

- 2019-04: GBX 902.00 per share

- 2019-05: GBX 847.00 per share

- 2019-06: GBX 897.00 per share

- 2019-07: GBX 951.50 per share

- 2019-08: GBX 827.00 per share

- 2019-09: GBX 880.00 per share

- 2019-10: GBX 917.50 per share

- 2019-11: GBX 990.00 per share

- 2019-12: GBX 1,135.00 per share

- 2020-01: GBX 1,244.00 per share

- 2020-02: GBX 1,082.00 per share

- 2020-03: GBX 825.00 per share

- 2020-04: GBX 965.00 per share

- 2020-05: GBX 863.00 per share

- 2020-06: GBX 825.00 per share

- 2020-07: GBX 748.00 per share

- 2020-08: GBX 816.00 per share

- 2020-09: GBX 779.50 per share

- 2020-10: GBX 831.50 per share

- 2020-11: GBX 920.00 per share

- 2020-12: GBX 954.50 per share

- 2021-01: GBX 1,053.00 per share

- 2021-02: GBX 1,155.00 per share

- 2021-03: GBX 1,142.00 per share

- 2021-04: GBX 1,195.00 per share

- 2021-05: GBX 1,187.00 per share

- 2021-06: GBX 1,150.00 per share

- 2021-07: GBX 1,148.00 per share

- 2021-08: GBX 1,367.00 per share

- 2021-09: GBX 1,351.00 per share

- 2021-10: GBX 1,418.00 per share

- 2021-11: GBX 1,336.00 per share

- 2021-12: GBX 1,408.00 per share

- 2022-01: GBX 1,343.00 per share

- 2022-02: GBX 1,273.00 per share

- 2022-03: GBX 1,114.00 per share

- 2022-04: GBX 1,083.00 per share

- 2022-05: GBX 1,103.00 per share

- 2022-06: GBX 1,012.00 per share

- 2022-07: GBX 1,190.00 per share

- 2022-08: GBX 948.00 per share

- 2022-09: GBX 795.50 per share

- 2022-10: GBX 825.50 per share

- 2022-11: GBX 947.50 per share

- 2022-12: GBX 825.50 per share

- 2023-01: GBX 975.50 per share

- 2023-02: GBX 1,003.00 per share

- 2023-03: GBX 991.50 per share

- 2023-04: GBX 961.50 per share

- 2023-05: GBX 910.00 per share

- 2023-06: GBX 851.00 per share

- 2023-07: GBX 974.00 per share

- 2023-08: GBX 910.50 per share

- 2023-09: GBX 865.50 per share

- 2023-10: GBX 787.50 per share

- 2023-11: GBX 793.50 per share

- 2023-12: GBX 969.00 per share

- 2024-01: GBX 1,013.00 per share

- 2024-02: GBX 922.50 per share

- 2024-03: GBX 1,066.00 per share

- 2024-04: GBX 1,082.00 per share

- 2024-05: GBX 1,140.00 per share

- 2024-06: GBX 1,114.00 per share

- 2024-07: GBX 1,276.00 per share

- 2024-08: GBX 1,174.00 per share

- 2024-09: GBX 1,186.00 per share

- 2024-10: GBX 1,074.00 per share

- 2024-11: GBX 1,074.00 per share

- 2024-12: GBX 1,036.00 per share

- 2025-01: GBX 1,068.00 per share

- 2025-02: GBX 1,040.00 per share

- 2025-03: GBX 955.00 per share

- 2025-04: GBX 927.00 per share

- 2025-05: GBX 974.00 per share

- 2025-06: GBX 994.00 per share

- 2025-07: GBX 979.00 per share

- 2025-08: GBX 910.00 per share

- 2025-09: GBX 954.00 per share

- 2025-10: GBX 1,008.00 per share

- 2025-11: GBX 1,018.00 per share

- 2025-12: GBX 996.00 per share

- 2026-01: GBX 1,078.00 per share

- 2026-02: GBX 1,014.00 per share

- 2026-03: GBX 824.00 per share

- 2026-04: GBX 827.00 per share

- 2026-05: GBX 832.00 per share

- 2026-06: GBX 854.00 per share

- 2026-07: GBX 920.00 per share

- 2026-08: GBX 1,070.00 per share

- 2026-09: GBX 1,030.00 per share

- 2026-10: GBX 1,026.00 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 731.82 per share, central GBX 848.46 per share, high GBX 965.17 per share

- FY2017: low GBX 804.34 per share, central GBX 958.81 per share, high GBX 1,096.93 per share

- FY2018: low GBX 969.55 per share, central GBX 1,301.80 per share, high GBX 1,504.39 per share

- FY2019: low GBX 982.98 per share, central GBX 1,268.89 per share, high GBX 1,464.89 per share

- FY2020: low GBX 1,103.88 per share, central GBX 1,328.73 per share, high GBX 1,492.48 per share

- FY2021: low GBX 1,325.76 per share, central GBX 1,623.76 per share, high GBX 1,826.79 per share

- FY2022: low GBX 1,439.09 per share, central GBX 1,769.98 per share, high GBX 1,999.32 per share

- FY2023: low GBX 1,020.60 per share, central GBX 1,116.36 per share, high GBX 1,243.84 per share

- FY2024: low GBX 995.75 per share, central GBX 1,086.25 per share, high GBX 1,206.71 per share

- FY2025: low GBX 992.18 per share, central GBX 1,082.90 per share, high GBX 1,203.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800WXICGMBWHTA933/2025-12-31/ESEF/GB/0/213800WXICGMBWHTA933-2025-12-31/reports/213800WXICGMBWHTA933-2025-12-31-T01.html); period 2025-12-31, filed 2026-05-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.