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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% 35.50 35.00 36.00 35.50 35.50 35.50 17,933 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 16.3 5.5 4.4 8.1 39

First Property Share Discussion Threads

Showing 1126 to 1149 of 1150 messages
Chat Pages: 46  45  44  43  42  41  40  39  38  37  36  35  Older
DateSubjectAuthorDiscuss
16/6/2021
19:46
the eviction ban on commercial property extension for 9 months is not great news for landlords. although no direct exposure, they do manage funds with some retail warehouse exposure. maybe this will present an opportunity to pick up good deals. they're biding their time that's for sure. you can see what sort of properties they are looking to buy in the UK here: us7.campaign-archive.com/home/?u=687eed6cff08356a1da5a723a&id=5b70d0644e
m_kerr
12/6/2021
17:47
Lifestyle company.
fanshaw
12/6/2021
15:15
Seems to have firmed up recently. Hopefully we will have news soon of capital redeployments and possible another couple of funds under mgmt
leopoldalcox
30/4/2021
19:33
i've done a bit of legwork, and assuming 60% LTV on the investments in 3rd party funds, the overall discount the current share price assumes is 24% on the gross assets, which compares to 4% for global worth, who are office investors in poland and romania. the fly in the ointment is that until that cash is invested, at the moment they are effectively just covering their operating costs and debt amortisation, though paying back debt does increase NAV.
m_kerr
29/4/2021
23:08
Yes good point about share buyback, it's hard to see any other investment being at such a discount including property. Something has got to happen shortly it's just to cheap.
stevegrass777
29/4/2021
22:41
they dont own any london property, they tend to invest UK funds in the south east just outside of london. IIRC the offices fund (£143m AUM, Fprop share £2m), invests in places like borehamwood and crawley, the thesis being that the rents are far lower, but within 30 mins train journey to london, as you mention, a lot of offices in those regions have been converted to residential so supply is now tight, which has led to rental growth. habib has said that the easy PDR conversion opportunity went some years ago, but it does at least provide underpinning to office values that doesnt exist in shopping centres for instance. remember that as they presumably handed back the keys to the gdynia property, (€25.5m carrying value, €25m debt), the remaining £32m group property has just £19m of debt, add on £20m of cash, and £28m of third party investments, all in for £37m fully diluted is a very low valuation to say the least. they should be buying back shares aggressively at what is currently a 40% discount.
m_kerr
29/4/2021
20:39
It does seem very undervalued, do you know if the plans to allow offices in London to be converted into residential will effect fpo, I know they have a fund that invested in London offices and I think fpo have a stake in it. So maybe they will get something from these plans.
stevegrass777
29/4/2021
20:16
very strange - the rally of the last few months has completely passed FPO by, in fact it's at best flat on november levels. other companies with european office exposure include SERE (up 25% since november), sirius real estate (up 30%), global worth (up 25%). i think this is partly because there isn't a fairly regular stream of trading updates (the last RNS was the results in november). trading volume today of 0.06% of shares outstanding too. i said it before but the fact it's not a reit means many UK income investors are totally unaware of it. none of the above affect the underlying value of the company.
m_kerr
14/4/2021
17:47
Globalworth, who have significant poland and Romania office exposure,were bought out today by CBRE today, albeit at a 20% discount to NAV (share price currently higher presumably in expectation of a higher bid). Circle property , a UK office owner, reported just a 1.8% portfolio decline.
m_kerr
13/4/2021
21:22
Agreed at this price you are getting great value, and I'm sure the share price will be re rated over time. I'm looking for more deals here, after the last property sale they have fire power for buying cheap properties. Hopefully they are working on something. Once a new purchase comes along the market should catch up.
stevegrass777
09/4/2021
18:14
finally bought some. at this price the equity and investments are at roughly a 65% discount. given that the gdynia property accounts for a huge chunk of the leverage, assuming the lease was not renewed and they handed the keys back, the remaining directly owned properties (£31m) are at 50% LTV, meaning the current share price discounts the assets by about 30%. IMO, some of the assets are underpriced or at the very least conservatively valued, e.g. the romanian industrial asset is in the books at €3.5m despite generating €0.33m of net operating income. i see minimal downside here over a reasonable time period given that each property has separate non recourse debt. if they are able to ramp up the AUM managed for third parties, and it becomes clear that values are not in freefall, the shares should rerate upwards.
m_kerr
27/1/2021
17:03
drifting down a bit, almost hit my target price.
m_kerr
29/12/2020
15:25
i'm not doubting some funds will be raised, but i highly doubt there will be £200-300m extra any time soon. main reason being their stock in trade for funds is UK offices, where there is some uncertainty going forward because of work from home. however, they have been agile in the past, so if they felt that way they'd pivot elsewhere.
m_kerr
24/12/2020
22:53
I disagree, I think they will easily find Co investors, simply because they have always managed to do this in the past, probably because they have an excellent track record. We will see in the new year I suppose. It will be interesting what projected returns will be from new investments, they always manage to gain better yields and better loan terms than I can manage personally in property investment. Good luck all and have a great Christmas and New Year
stevegrass777
24/12/2020
20:40
i agree that habib seems to have the midas touch, and has a record of seeing trends to profit from in the property market. going back years, they have always had a substantial cash balance, so in my view, i dont think they will invest more than £10-12m in equity, which if not co-investing only allows them to buy £30-40m of property. i dont take it as a given that third parties will pile in to make co-investments. i expect them to proceed with caution, and that's not necessarily a bad thing as it's better to sit on cash than enter into average deals.
m_kerr
23/12/2020
23:30
Ben habib and the others seem to have very good timing and always seem to make good deals, if you look at the last building that was sold just before covid effected the market properly, that move leaves fpo in a great position to buy assets on the cheap. Also plenty of other great moves along the way. Fpo's market cap is depressed at the moment,and we are awaiting for the money from the last sale to be deployed so I would guess that the market cap will increase once a decent rent paying investment comes along. It's just been a bad year for lots of companies including property companies, but fpo is better positioned than most and that's down to good management.
stevegrass777
23/12/2020
19:30
what are people's thoughts on remuneration? CEO got £1.6m in 2019 and £1.2m this year. and there's plenty of chunky bonuses all round when they make excess profits. this for a £41m market cap company. and the largest shareholders are either his friends, or very long term shareholders (basically since inception). so basically they control the company and so there wont be any downward pressure on his pay (but is there ever??). corporate governance is an issue here as none of the directors are independent.
m_kerr
30/11/2020
17:32
Also aj mucklow was a fantastically run reit and has been swollowed up buy London metric, thay had a piece in one of its annual reports that stated if you invested when it floated on the stock market in 76 or there about £2000 it would be worth £2m or something like that, (this is just off memory so not exact word for word. But just trying to show reit's can do well over the long term if run well.
stevegrass777
30/11/2020
17:24
Just put CP+ in the BB Box; or click this link: https://uk.advfn.com/cmn/fbb/thread.php3?id=29245091
skyship
30/11/2020
17:12
usual little bounce following simon thompson's update. sky ship - over the long term, the share price needs to be close to net assets, as ultimately a shareholder can only sell out at NAV. the discounts of British land and others are down to structural problems. large illiquid portfolios are highly prized in a rising market, not so in a falling one where a substantial discount is appropriate. i think first prop are very well placed as they have a small portfolio with cash being more than their directly owned equity, and the ability to move where they see value rather than being tied down to a country, or type of asset. but for me the real opportunity is if the investment community recognise it as an asset manager. and for that to happen they need to grow that side of the business, and then the market cap needs to be much higher, more like £100m+, so that institutions can purchase stock. and thanks for the welcome, yes i'm relatively new to investing but have been doing so for about 5 years. i'm not sure how to get to the CP+ thread though?
m_kerr
30/11/2020
13:24
Conclusion of Simon Thompson’s update today:- Trading on a modest PE ratio of 9 and offering a near 5 per cent dividend yield, expect the hefty discount to book value to narrow as the cash pile is deployed. Buy.
standish11
29/11/2020
13:42
m_kerr - a bit of a sweeping generalisation there; though also a lot of truth in it. Your references are of course to the blue chip propcos (BLND, LAND etc) which had to seriously downsize and launch massively diluting rights issues back in 2009. There were others who have done very well and massively outperformed - SGRO & CLI being two such. Judging by your profile saying you arrived here at ADVFN as recently as just last year; perhaps you are new to the investment game. If so, lucky you - a lifetime ahead and much to learn. Coming as one with over 50yrs experience; might I suggest you don't discard the REIT sector. Follow us on the CP+ thread and keep an open mind. Good luck...
skyship
29/11/2020
11:52
you need to have a closer look at the accounts. none of the interests in associates are in the UK, which are the material ones. they have £3.2m of equity exposure to the UK under the investments category. so not quite nil, but it currently represents about 4.9% of Fprop's assets as there's about £64.9m of cash and equity held by the group in total. but in terms of that 4.9%, in gross asset terms the UK may be a fraction of that due to the high leverage of the group properties in poland and romania.
m_kerr
28/11/2020
23:25
FPO's ex cash nav is made of of uk property more than any other country, I believe, through the funds
cflather2000
Chat Pages: 46  45  44  43  42  41  40  39  38  37  36  35  Older
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