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Added to YB: 2024-02-19

Pitch date: 2024-02-16

KEYS.L [neutral]

Keystone Law Group plc

+12.11%

current return

Author Info

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Company Info

Keystone Law Group plc provides conventional legal services in the United Kingdom. The company offers its legal services in the areas of banking and finance, capital markets, commercial, commercial property, construction and projects, corporate, data protection, dispute resolution, employment, EU and competition law, family and matrimonial, fraud and financial crime, immigration, insurance, intellectual property, investment funds and management, licensing, pensions and incentives, planning and environment, probate and estate planning, professional discipline and regulatory, residential property, restructuring and insolvency, tax, and technology.

Market Cap

GBP 178.3M

Pitch Price

GBP 5.01

Price Target

N/A

Dividend

4.39%

EV/EBITDA

13.33

P/E

16.38

EV/Sales

1.46

Sector

Professional Services

Category

growth

Show full summary:
Keystone Law Group: A law firm with structural advantages, primed for shareholder returns

KEYS.L (pass): UK law firm w/ freelance-lawyer platform model. 'Pay-when-paid' policy & work-from-anywhere culture = minimal invested capital, 54.5% ROIC, >100% cash conversion. 16% rev CAGR vs 5% market. Structural advantages: capital-light model, strong culture/network effects, scale economies shared (lawyers earn 1.5x peers). Risks: competition, margin pressure, AI disruption. 2023E FCF yield 6.8% at GBp 550. Fair value GBp 275-385 (30-50% discount needed).

Read full article (10 min)