First Property Share Discussion Threads

[ricki] 20/2/2004 13:51

I've just heard about this one, looked into it and seems to have really good prospects so bought 35,000 shares.

lets hope all goes well

[willsie] 20/2/2004 12:28

I bought this in Sept 2000 when it was Hansom, before Fprop backed into it. I've only seen downside ever since so it is nice to see it making a comeback. I had a number of discussions with the CEO (Habib) in 2001 and it now seems the company has turned the corner. The Benyon article reads well and has prompted me to buy a few more today.

[large ones] 19/2/2004 08:27

nice mark up already. long and holding might even add.

[onceaplayer] 19/2/2004 08:16

where's this going?

[k38] 19/2/2004 00:40

business fun

Buy First Property at 15p
argues Tom Benyon of the Guild of Shareholders

First Property (FPO) is a tiny undiscovered AIM listed gem poised to announce substantial profits in March this year. I should declare an interest: I bought shares this company as soon as I had met its founder, 35 year old Ben Habib. Ben is a quietly confident man, clearly a master of his business and as he talks he makes it all sound easy although he has clearly achieved it through dedication and talent. Habib runs a well organized business and he can see increased profits already for this year and next and again the year after..

First Property was founded in March 2000 and subsequently reversed into AIM listed cash shell Hansom. The company has four distinct arms but there are clear synergies - each feeds of the other three. And all three are profitable and growing.

Firstly, the company provides property databases and web services to commercial property agents in the UK. This service comes in handy as also First Property sells commercial property faster and more cheaply than anyone else through the internet to its formidable client list. This service fits in well as First Property also underwrites property values for third parties who need a fixed price for their portfolios. This is a growing business, earning good money and little risk. Thirdly, it also runs a fast-track conveyancing service. Finally, First Property manages three property portfolios of around 4 million pounds each on behalf of small groups of wealthy individuals.

With its comprehensive range of complimentary services, it is easy for First Property to screen all the prime properties that are for sale right across the UK. It has refined its expertise in evaluating potential deals and it creams off the prime ones for its funds. First Property charges fees only on success: the client gets the first 10% income, free of charges. Above 10%, First Property charges a handsome 20% profit commission. In each of the last two years the average appreciation for the funds has been 20% per annum plus, so the fees First Property are generating are coming in nicely.

First Property has net cash of 2.4 million pounds and it made a pre-tax profit of 100,000 pounds in the year to March 31st 2003. But for this year I am looking for a pre-tax profit of around 500,000 pounds.

This company fits together like a watch. This stock seems to be what financial guru, Jim Slater, calls an "inevitable". As it relies on its nine expert staff, a tripling of its volume does not necessitate more people, so profits will fall below the line. Profits could easily reach seven figures this year. Hence I am looking for explosive earnings growth over the next 12 months. As such a market value of 11.5 million (if one strips out the cash) is not that demanding.

First Property is ripe for a re-rating. It is rumoured that there are three institutions sniffing around searching for stock. But at present this is a thin market and First Property is presently too small for institutional holders. However, Habib is an ambitious man and he will not stand still. A significant acquisition may be in the offing and that will transform the business. First Property seems to avoided the tipsheet radar screen for too long and if you have as much faith in Habib as I do, this may well be the time to get in on the ground floor. Buy.

Key Data

EPIC: FPO
Market: AIM
Market Cap: 13.9 million pounds
NMS: 1,000
Spread 14.5-15.5p


Tom Benyon Runs the Guild of Shareholders an organisation dedicated to bring companies and quoted companies closer together and to campaigning for investor rights..

good l

[garison] 18/2/2004 17:53

UK-Analyst.com owned by t1ps.com

[biggcl] 18/2/2004 17:33

vixen
where on ADVFN is the tip?

[vixen] 18/2/2004 17:28

You've just been tipped guys, by ADVFN. Standby to take your profits tomorrow when it should rise again.

[doc robinson] 18/2/2004 17:14

sudden jump on little volume !

[mrparp] 20/1/2004 11:25

I notice this has been rising slowly but steadily recently. Looks interesting.

[shortermer1] 18/12/2003 12:46

Sold my last few at 14p a couple of weeks back.

Anyone know why the continued downtrend?? Down 16% today.

Bad news coming maybe??

Thanks,

ST.

[lossman] 30/10/2003 14:32

The results are not as good as I thought they could be, but they have still posted a good set of results, and some investors are bailing or reducing because of the recent 100% rise, and do not expect a massive increase today.

But hey, they are profitable after all, and still believe in growth prospects up to the end of the year.

I had thought that the t/o would have been higher, but then looking again, the first half t/o is always lower than the second, and as t/o has increased by 4 times over last year, then we could be in for a bumper second half, if they hit targets with additional funds under management.

GHA
KD

[lossman] 28/10/2003 15:24

The price has stopped. Incredible.

Would not be surprised to see a dip tomorrow and even morning of results, excellent, good or reasonable.

At least they have stated that the business model they have is unlikely to be affected by market fluctuations. This will be key if the recent news about the likwlihood of interest rate increases before Christmas are correct. Need to see what the Chairman's outlook is.

With the amount of debt around, and average mortgages at double the levels of 6 years ago, then the dangers of house price crashes are around again, but at least investors may sell up and return their money to the markets.

GHA
KD

[shortermer1] 24/10/2003 17:28

2 lots of 100k buy trades at 16p.

Shows a hell of a lot of faith just before results next week.

I wonder how much they'll raise the dividend??

Roll on next week!

:-))

ST.

[onceaplayer] 24/10/2003 16:41

100k @16p -looks good

[lossman] 24/10/2003 15:47

Having had a look at their results over the past couple of years, the last 4 half years t/o has gone as follows;

90k, 278k, 386k, 1914k, this time ??, do not forget now includes FPAM which last figures do, and growth was anticipated. What will we say, 2500k??

At the last set of figures, intangibles was zero, therefore no amortisation charges.

I would say £500k net profit before tax (what tax) is not unreasonable, and then depends on what is said about growth prospects.

All looks good for next week.

GHA
KD

[shortermer1] 24/10/2003 13:42

No comment on the all time time high reached today??

Bodes well for results next week.

:-)

ST.

[groin] 09/10/2003 13:35

Yes. That would give FPO a market valuation of about £17m.
I reckon we will be looking at "clean" profits of around £500k giving us a PE of around 32.
Next year we should see profits nudging the £1m mark and that gives us a PE of 16'ish.
Personally, I see revenues rising faster and that sort of PE chronically under values FPO.
Most importantly we should not forget the dividend. The fact that they paid out on a "paper" loss makes the prospect of "clean" profits paying even more. That will add to the attraction.
So, I feel we will see 20p in the not too distant future and the peak achieved back in the "shell" days as Hansom will be the next stop...

[groin] 09/10/2003 13:07

20p here we come!!!!

[shortermer1] 08/10/2003 11:36

Looks like he's a maiden shareholder then???

Still, good to see someone buying that many shares.

Another 2 year high again today I see.....

:-))

ST.

[shortermer1] 08/10/2003 08:31

Hmmm, anyone heard of Mr. Russell Duckworth then??

ST.

[groin] 04/10/2003 00:45

I thought that EFM were unloading, more fool them. Mind you, they have been very supportive right from the Hansom days, so good luck to them.