DAVY VIEW

HomeServe (HSV) has been one of THE success stories within the business services world over the past decade. Today, it is the dominant force in each of its territories, while pursuing adjunct opportunities in HVAC (Heating, Ventilation and Air Conditioning) and Home Experts. We see continued strong organic and acquisition-led bolt-ons, financed via solid free cash flow, with the potential for one or two larger deals. We initiate with an ‘Outperform’ rating.