First Property Share Chat (FPO)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
First Property	LSE:FPO	London	Ordinary Share	GB0004109889	ORD 1P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	+0.00p	+0.00%	55.00p	54.00p	56.00p	55.00p	55.00p	55.00p	0	07:43:21

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Real Estate Investment & Services	23.7	9.1	6.8	8.1	63.79

First Property Share Discussion Threads

Showing 776 to 799 of 800 messages

Chat Pages: 32 31 30 29 28 27 26 25 24 23 22 21 Older

Date	Subject	Author	Discuss
04/8/2017 13:52	Catsick - I should have mentioned that the podcast is freely available at https://www.investorschronicle.co.uk/shares/2017/07/20/profit-protection FPO information begins at 17:30	glawsiain	Read Full Thread Reply
04/8/2017 12:43	Excellent that all pretty much mirrors my thinking , next stop 65p .... I recon in 6-12 months time	catsick	Read Full Thread Reply
04/8/2017 09:09	He really was frothing in this and on a podcast "Aim-traded UK and eastern European property fund manager and investor First Property (FPO:56p) has established a major new fund, Fprop Offices LP, with eight institutional investors to invest in office blocks and business parks across England. The £182m equity raised at first close equates to £260m of buying power based on the new fund’s maximum 30 per cent gearing level, a considerable sum in relation to First Property’s current third party assets under management (AUM) of £323m. In effect, after taking into account other mandates won, this means the company’s third party AUM could almost double. Interestingly, instead of earning an annual management fee, First Property has agreed to a profit share, the impact of which analyst Chris Thomas, head of research at brokerage Arden Partners, believes has significant profit potential. He estimates that based on an initial yield of 6.2 per cent on purchase, and after taking into account debt funding allowed, the new fund would generate a 7.5 per cent return on equity and produce a profit share of £1.36m for First Property plus an additional £200,000 on the company’s £3m co-investment. After factoring in bonus allocations, then this would produce a £1.1m contribution at the pre-tax level. Moreover, if the new fund generates an annual internal rate of return of between 7.5 per cent to 15 per cent then the financial returns ratchet up for First Property; the company is entitled to 25 per cent of the total profits in this scenario, thus highlighting the potential for additional profit upside if investment returns are boosted by capital gains. It’s only fair to point out that if capital losses exceed income in any one year, then there would be a claw back on income paid in prior years, a sensible arrangement in my view. The point being that as Fprop Offices LP’s capital is deployed on acquisitions, expect major earnings upgrades. That’s because Arden’s current year pre-tax profit estimate of £9.1m, up from £8.6m in the 12 months to end March 2017, doesn’t take into account any contribution from the new fund and is solely based on First Property reporting annual revenues of £25.1m, almost all of which are recurring. It’s also worth flagging up that the proportion of First Property’s profits earned from fund management activities is set to more than double to 18 per cent. In turn, this offers potential for investors to attribute a higher multiple to this fast growing profit stream, and with good reason as fund management profit largely drops through to cash and should enable the company to pay a higher proportion of its earnings as dividends. In other words, there is scope for earnings multiple expansion and upgrades from the Fprop Offices LP fund to drive the share price. In addition, there is potential for upgrades if First Property deploys some of the £13m free cash on its balance sheet on further debt-funded and earnings accretive purchases of high-yielding commercial property in Eastern Europe, or if sterling remains weak against the euro. That’s because Mr Thomas has conservatively factored in an average exchange rate of £1:€1.189, well above the current rate of £1:€1.14, on the profits First Property earns from its 10 wholly owned overseas investment properties. The bottom line is that rated on 9.5 times prospective earnings, offering a 2.9 per cent forward dividend yield and priced on 1.2 times book value, the risk:reward ratio remains skewed to the upside. So, having first recommended buying First Property's shares at 18.5p in my 2011 Bargain Shares Portfolio, booked dividends of 7.265p a share excluding the final payout of 1.1p which goes ex-dividend on 31 August 2017, and last advised running profits at 53p ('Small-cap gems', 13 Jun 2017), given the obvious potential for earnings upgrades, I now rate them a buy at 56p and have a new target price of 65p"	glawsiain	Read Full Thread Reply
18/7/2017 15:15	Expect a ic note from Simon Thompson soon frothing at the mouth over this ....	catsick	Read Full Thread Reply
18/7/2017 14:46	The fees on this mandate should be worth between 5 and 25 million pounds over the 7 year life of the deal, assuming the properties rental gets them to the 7.5 pct irr then they will in effect get the rent on 25 mio of property and the asset appreciation on 50 mio of real estate , which on a 60 mio market cap is a very decent deal , should be worth 5-10p on the shares just in this deal, however the fact they are printing a deal of this size once a year means they have built a great business that is being valued at nothing.	catsick	Read Full Thread Reply
17/7/2017 12:08	Excellent new mandate and the fee structure underlines the ability of the group to work for their investors, this will get aum over 1 billion usd and at some point the asset manager side of the business should lead to the group trading on a very significant nav premium.	catsick	Read Full Thread Reply
17/7/2017 08:05	Nice one Tomps	dorset64	Read Full Thread Reply
17/7/2017 07:34	Video: First Property Group PLC Fund established to invest in UK office property Http://www.piworld.co.uk/2017/07/17/first-property-group-fpo-new-uk-property-fund-fprop-offices-lp/ CEO Ben Habib and Director, Business Development Jeremy Barkes talk about the new £180 million UK office fund. The fund – 00:26 The opportunity – 1:06 The payment structure – 1:39 The wider portfolio – 2:15 The future – 3:19	tomps2	Read Full Thread Reply
03/7/2017 21:29	That bit puzzled me too but hey ho as theyre still doing everything else pretty much to perfection.	dorset64	Read Full Thread Reply
08/6/2017 14:12	T-rex, yes I agree with all those points. It seems odd not to increase the dividend some more.	blobby	Read Full Thread Reply
08/6/2017 12:05	Good results. Disappointed at small increase in dividend. Happy to hold for the foreseeable future.	tyranosaurus	Read Full Thread Reply
08/6/2017 07:58	Simon Thompson had written "Analyst Chris Thomas at broker Arden Partners is pencilling in a rise in adjusted pre-tax profits from £7.7m to £9.2m to produce EPS of 5.6p" From what I can tell pre tax profit was actually 9.14m (so just below) but EPS was 6.75p (so well above expected). Can that even make sense?	glawsiain	Read Full Thread Reply
08/6/2017 07:45	I can't spot much not to like in the prelim results posted this morning. "Profit before tax up 24% to a record GBP9.14 million; -- Total assets under management up 35% to GBP477 million (2016: GBP353 million), third party assets under management up 60% to GBP313 million; -- Annualised fund management fee income at year end up 46% to GBP2.45 million and rising (2016: GBP1.68 million); -- Group cash balances increased to GBP15.95 million (2016: GBP8.98 million); "	glawsiain	Read Full Thread Reply
07/6/2017 13:19	Results out tomorrow , shares seem to be inching up ahead of them ...	catsick	Read Full Thread Reply
12/4/2017 10:12	Funny isn't it - portfolio successes and independent awards, but still under the radar for most PI's. Significant growth to be realised on this one, and still cheap enough to add before the wider market twigs - exactly my kind of stock! I'm nervous even posting about it before I've finished building my holding, but I guess if you're reading this then you already twigged, so what the hell.	simonsaid1	Read Full Thread Reply
12/4/2017 09:23	Some good news - see todays RNS: "First Property wins two prestigious awards from MSCI First Property Group plc (AIM: FPO), the property fund manager and investor, is pleased to announce that its fund, UK Pension Property Portfolio LP (UK PPP LP), has been awarded best "Small Specialist Fund" by MSCI as part of its annual UK Property Investment Awards 2017"	glawsiain	Read Full Thread Reply
11/4/2017 16:53	Sorry I posted that to the wrong thread - FPO is a solid performer, i was whining about LRM!	simonsaid1	Read Full Thread Reply
11/4/2017 15:42	Simonsaid - its up about 16% in the last month. I'm content with that ;)	glawsiain	Read Full Thread Reply
11/4/2017 03:56	I buyer 💰💰💰💰	jackson83	Read Full Thread Reply
11/4/2017 03:51	💰...I thinking of purchasing 1 million shares of the price holds 📈📉	jackson83	Read Full Thread Reply
10/4/2017 10:04	Yes I agree. FPO continue to do well.	blobby	Read Full Thread Reply
10/4/2017 08:52	Fairly upbeat statement, bullish they can deploy cash still with a 20pct return on equity as well as growing aum at 60pct while most other asset managers are struggling ....	catsick	Read Full Thread Reply
04/4/2017 15:08	Yep , another boost will be the progress on the asset mgmt side, they should be over 500m gbp now of fee creating aum, this is really the value add part of the business thats in there for nothing, Simon Thompson doesn't mention it in his article but its what sets this company apart from its peers and should have it trading at a big premium to nav .	catsick	Read Full Thread Reply
04/4/2017 13:54	Yep tipped by Simon Thompson today, expecting above estimate interims and revising target price up.	simonsaid1	Read Full Thread Reply

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