Share Name Share Symbol Market Type Share ISIN Share Description
First Property Group Plc 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
  0.00 0.0% 23.50 23.00 24.00 23.50 23.50 23.50 27,117 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 8.6 7.1 6.1 3.8 26

First Property Share Discussion Threads

Showing 676 to 699 of 1200 messages
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i was surprised to get my stock away JW! I agree with the management quality. As Ben said at the last results, Brexit will provide opportunities.

i owned this through the last credit crunch - i think the shares were 12 - 14p, well sub NAV, it wouldn't surprise me if they get sub NAV again. There is alot of speculative puff in UK commercial property, and i don't really like the long term trends in retail parks.

Seems like you timed your sell well Oregano!

I am holding for now - I like the management and see no reason not to doubt them. Sectors will go up and down due to macro environments so is important to diversify your investments in the right companies in each segment.

I agree that property is going to find it hard but I also believe FPO is the best holding for me within this sector.

you might be right. but the Zlotty is under pressure also. And UK asset values will fall. The newsflow on property is going to remain negative for some time, so whilst this looks cheap, it could get cheaper as it has been in the past. Much as I like this company, I have bailed.
Huge profits and nav rise in the pipeline after those brexit fx moves..
This is a super big winner from Bre it and MKT volatility....
Any ideas what is pushing these on today?
Amazing that they financed the romanian lidl stores yielding 11% with six year fixed debt at 0.18% staggering !
There is a nice new presentation on the companies website, the company is doing a great job raising assets in a year where a contract that used to be 80 pct of assets expired they still increased aum, this asset management business is an excellent business and essentially free !!
Video interview with CEO Ben Habib...

First Property chief sees “great opportunity” if BREXIT occurs - HTTPS://

Ben Habib, chief executive of First Property Group PLC (LON:FPO) says he is very confident that, “short of a seismic commercial event” the company should be able to maintain and even increase its dividend.

Property fund manager First Property saw the value of the directly owned portfolio rise by 6% in its latest trading year, as it upped its dividend by 11.5% to 1.115p.

Habib also touches on the BREXIT debate, noting he would be “very gung-ho” should the UK vote to leave the EU.

“If we get a vote for BREXIT and if the commentators are right that sterling will weaken and the markets will go into a degree of volatility, we’ll be looking at that as a really great opportunity to buy assets in the UK,” he says.

these are 44.3 bid in size. nothing available on the offer.
To be honest I think I had some huge fx profit calculated somehow so a little under the nav increase I had penciled in ...I guess I am an idiot and will have to wait 6 months for the nav to catch up with my plan ....
not a bad performance, the 43.5 held even when the offer came back to 43.75. it feels like we have a buyer, rather than new pistola dumping consistently. here's hoping anyway.
Oregano, no mention if the additional capex spending will result in any higher rent.

No idea tomps, just dialled in and listening, nothing stopping anyone connecting.

Many thanks JW612, that's helpful. I thought it was an analyst's call only, not access for the PI?

I'm waiting for the recording on their website. All I can find so far is the ShareRadio interview this morning:

Helpful to hear views on Brexit.


Interesting point on the capex, presumably more of a feature now they have directly owned properties rather than running funds. Did they mention whether it was expansionary (ie would result in improved rental) or maintenance?

I typed this up when on the conference call - feel free to ask any questions on my notes - i was typing while listening so might be hard to read

Revenue up because owned properties.

Profit down - due to non-recurring profits (mostly turning offices to houses) + weaken euro throughout the year. Underlying profit 2015 £4M , this year £6.7M. So big improvement YoY.

Visibility/security of earnings - much improved on the year - group much better in position. (94% visibilty on earnings)

EPS - up if you strip out one off tax.

Good performance results in 11% divid increase.

Net Assets - 20% up YoY - 43p per share and end of year Euro stengthing so this improved (even though this

Cash Balances 26% down YoY - Due to investments in Rom/Poland - 3M euros. Also leant £6.5M euros to Romanian group to by properties.

Cash has now been paid back so Cash Balances is up.

Net Assets 8% up YoY (inc funds). Very happy with this as USS contract used to have 80% of the company so question markets were raised on this .

Avg fund contract now 6 years, 6 months., last year 2 years 2 months - signals happy investors.

Profit from group property increasing and has been able to minimise risk for USS fund.

51% Assets in Poland but much greater % of profit is derive from Poland

Rent from direct properties up £8M per year. They are bringing their debt down, paying £7M of debt this year(£4M last year).

Capex £4M Euros next year as they invest in the shopping centre in Poland. (1.94 Capex this year)

Currently generating 10% Yield from direct properties. Ben feels maintaining yield they wont have a problem in paying down debt further. Achieving very high rate of turn and ring fence the debt to each property - no Guarantees offered by the group to and debt held.

Romanian properties fixed interest loan at 0.18% for 6 years on recent property purchase.

Vacancy rate of 1% now (2.4% year end - 4.1% last year). top 10 tenants which accounts for 72% of rental income are all blue-chip.

Dividend has been maintained or increased YoY since 2003.

Poland market is strong - very good macro environment. Over development of offices/retail units but they are aware of that. Target is for retail units in Poland. Risk is from new Government , elected in 2015, and downgrade in credit rating.

Romania shares alot of positives as Poland on macro level - very low government debt. Only drawback from Romania is decreasing population, feels Single market is having an adverse effect in Romania and could risk future GDP.

Poland/Romania very anti-migrant and swings to the right in politics. Want to grow their own population. Ben feels single market in Europe is bad for some countries as they can't compete with economies like Germany. Ben feels Brexit will be good for the UK - feels any volatility will be welcomed by Fprop in the markets after Brexit- and short term sterling decrease will increase profits abroad.

Looking forward - £14M Cash pile to invest, interest rates low, can buy high yielding assets - very excited about the future opportunities.

How do value Romania? - very hard to value due to low liquidity in the market. Ben feels high office vacancy rate and can be dangerous. can build easy with plenty of land and relaxed planning.

Ben wants to buy retail properties - higher spending by the consumers will result in secure and increasing rents.

Population is shifting and this is a big risk they are considering when buying properties. VAT in Romania on food dropped 24% to 9% which was a big draw for Lidl purchases (yield 11+)

First glance I was a bit disappointed to be honest. However after reading through the report again and thinking about it I think its a good step in the right direction and I think will continue the growth of FPO, just not at the rate I would have liked!
i am unsurprised there has been some profit taking here given the bounce, and there are some negatives in the headline figures. But the improvement in quality over the last two years is massive. This is largely a recurring revenue business now. Assets are either owned or funds have a long duration. It warrants a PE of over 10x. REITs trade on 15-20x.
Fingers crossed cat! I am certainly expecting good news and have been buying at 40 and 44.5 so it now takes up the majority of my portfolio.

Will continue buying until 50 and selling at 56+.

Results tomorrow, lets see how good !
Yes 40p is the bargain level !
price action would suggest that New Pistoria are out the way.
Certainly a much better day, posting an increase of 5.62% today
Nice to see a blue day for a change, long may it continue.
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