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FPO First Property Group Plc

17.75
0.00 (0.0%)
06 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
First Property Group Plc FPO London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.0% 17.75 08:00:00
Open Price Low Price High Price Close Price Previous Close
17.75 17.75 17.75 17.75 17.75
more quote information »
Industry Sector
REAL ESTATE INVESTMENT & SERVICES

First Property FPO Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
09/03/2023InterimGBP0.002516/03/202317/03/202305/04/2023
29/11/2022InterimGBP0.002508/12/202209/12/202230/12/2022
23/06/2022FinalGBP0.002525/08/202226/08/202229/09/2022
24/11/2021InterimGBP0.002502/12/202103/12/202107/01/2022
26/11/2020InterimGBP0.004503/12/202004/12/202008/01/2021
25/06/2020FinalGBP0.012220/08/202021/08/202025/09/2020
21/11/2019InterimGBP0.004528/11/201929/11/201903/01/2020
07/06/2019FinalGBP0.012222/08/201923/08/201927/09/2019

Top Dividend Posts

Top Posts
Posted at 29/11/2023 17:36 by smithie6
Btw

AR for 2023
Directly owned properties,
Claimed market value =54 million €
PBT from lease income= 0.8 million € & this excludes profit from any one off sales.

If FPO tried to buy such a group of buildings & paid a yield from the PBT of 10% (too high but good simplicity) then FPO would pay 8 million €.

8 million € is much lower than the claimed market value of 54 million €.

------

While for sure the selling price for a building only 30% full would not be based just on the income from that 30%, but a buyer would not base his buying price on it being 100% rented out since he doesn't know how long that might take to happen. And at what price. And he has to deduct from the value the summation of his annual losses until he gets enough occupancy to be at break even.
=====

The key question is how much is the Gdynia building "really" worth with ~70% of it being empty, loss making & the progress to rent out the remaining empty space being slow in the last 12 months. The occupancy is essentially the same as it was 1 year ago imo.
Posted at 27/11/2023 13:37 by smithie6
Continuation.....

And next 2 questions are quite logical imo

1) what is the real market value of a building ~70% empty & losing 70k€/year ?

2) ) what is the real market value of a building ~70% empty & losing 630k€/year ?

(Some might argue that the answer to question 2 is...zero !! even if the accounts claim it is X million !

How much discount would a buyer want versus the value if fully rented ?
50% ?
70% ?

There is probably a list of pension funds etc willing to buy a property if it is >90% rented out at say 8-10 X the annual nett profit.

But almost no one willing to buy a building that is losing 630k€/year !
A buyer needs deeps pockets to absorb those losses for W years. And a buyer is exposed to risk (if stays 70% empty then they wld suffer a big loss if they sold it). This means that the market value when 70% empty is much much lower than if 0-10% empty.

Is the valuation used by FPO real/fair/correct ?
(I need to dig more in the accounts but I think the valuation is probably/surely wrong).
Posted at 27/11/2023 10:17 by smithie6
Guywhite knight
"Few deals make the stellar returns already generated by Gdynia with more to come."

The Gdynia building is ~ 70% empty, & produces a yearly loss for FPO I think.

Can you justify why you wrote that "Gdynia...stellar returns"

The company data I see says you are wrong.

======

The progress in renting out empty space in Gdynia & Blue Tower. In the last 12 months I don't see any overall change !! (Perhaps an RNS mentioned renting out 2% of the space, not significant at all imo)

No one wants to rent there ?!
The company is perhaps asking too high a price/m2 ?

Would a lower price be better ?

Fully rented out at price X would surely be better than X +30% & having 70% of a building EMPTY !!!
Posted at 07/6/2023 07:07 by stevegrass777
RNS loans platform, it's hard to comment much on this until it starts to bring results in.
Obviously it sounds like FPO are bringing other investors in as well as ourselves so a shared risk approach sounds a good way to start,and they seem to have a conservative lending criteria.
Posted at 10/5/2023 12:21 by guywhite knight
You are aware the Gdynia property was bought by FPO with the debt in place? The company made a cash on cash return of 100% per annum on its investment for 6 years, depreciating the property all the while knowing the value would eventually be below the debt. It then renegotiated the debt level from a position of strength giving the company the opportunity to make a capital gain, while avoiding a wipe out for the bank. Sounds like damn good property and financial management.
Posted at 24/4/2023 19:21 by guywhite knight
Markets have been turned on their heads in the last six months. Interests rates and inflation rocketing. Work from home causing other problems. All hitting debt markets, banks and property. Best to make sure management are locked in with shareholders.

The options tie in key people at no cash cost while debt is scarce and markets under pressure. Unless they perform, the options will expire.

FPO has been through many cycles and Hanib has delivered. Including Covid and the GFC too.

Let’s see how the company performs over the next year or two.
Posted at 24/4/2023 15:53 by baner
steve

u r spot on! this is the most disgraceful "behaviour" of any RemCom that has been seen for very long in a UK public company. habib´s performance is mediocre at best - and he has been exceptionally well paid for delivering.......not very much to shareholders in recent years. in fact the share price has gone steeply south and the dividend has been cut by two thirds...........last years "profit" only reflected a book profit from a hair cut that a polish bank had to accept as a result of habib´s bad management of the gdynia property. and for that he was paid a £1.35m bonus !!! horrible.
Posted at 21/4/2023 07:42 by baner
On what basis is Gillenhammer an asset stripper - i cannot find any evidence for that? I looked at his website and it seems his group is growing over the years and financially very strong - with well over 1.000 employees - where do you see the asset stripping? Habib has maybe 60 employees and is responsible for a company Trading at 50% of its NAV, paying a dismal dividend, hardly making a profit, while Habib himself is paid an enormous £1.3m bonus - for doing what? Add to that these horrendous options recently announced and one might wonder (or not) who is the ”stripper̶1; here…………..I know who i back, and that is for sure not the Brexit-man…230;…..
Posted at 21/3/2023 15:47 by stablehound
The value of the sum of the parts of FPO is far higher than the NAV and VERY much greater than the current market value of the shares. I would suspect that Ben Habib is bored running this small venture in a dull market with little opportunity to take advantage as a quoted company of quick in and out dealings as was the case some years ago when office space was bought and then sold for residential or when Eastern Europe offered real opportunities.

Mr Glyhammer(?) is presumably buildings his stake on the cheap with the intention of ultimately offering for the whole Company and taking it private. Perhaps this is why the shares he is buying cheaply are not being bought in by the the company at the substantial discount that the Company's shares now stand at.

Apart from the fact that the Company provides Ben Habib with a very good living, which might continue if Mr G bought the whole thing, is it not in the interests of smaller shareholders to realise a better price by a sale of the Company than hang around owning shares in an undervalued company paying a modest dividend with little opportunity for medium term growth

Every dog has its day
Posted at 26/1/2023 18:31 by blobby
Some interest today, has FPO been tipped somewhere?

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