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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 Shares Traded Last Trade
  +0.00p +0.00% 49.00p 0 08:00:00
Bid Price Offer Price High Price Low Price Open Price
48.00p 50.00p 49.00p 49.00p 49.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 25.46 9.23 5.82 8.4 54.6

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First Property (FPO) Discussions and Chat

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Date Time Title Posts
08/1/201919:43First Property Group plc523
29/6/201815:09RNS New property1
22/6/201823:08IC new article 3
14/6/201819:28First Property Boom?79

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First Property (FPO) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-01-22 14:58:2848.30400193.20O
2019-01-22 14:34:1049.2010.49O
2019-01-22 13:35:0949.205,0002,460.00O
2019-01-22 11:31:3649.235,0002,461.62O
2019-01-22 11:14:1049.2315676.80O
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First Property (FPO) Top Chat Posts

First Property Daily Update: First Property is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker FPO. The last closing price for First Property was 49p.
First Property has a 4 week average price of 48p and a 12 week average price of 48p.
The 1 year high share price is 66p while the 1 year low share price is currently 42.50p.
There are currently 111,354,001 shares in issue and the average daily traded volume is 49,437 shares. The market capitalisation of First Property is £54,563,460.49.
skyship: "First Property’s share price rallied by a third in value post my last article to an all-time high of 67p, and then drifted back on profit taking. Trading on a 15 per cent discount to book value, offering a prospective dividend yield of 3.2 per cent and priced on 11 times likely EPS for the full year, this is a repeat buying opportunity worth exploiting. Buy."
skyship: MM - article was mid-June when they were 50p. This was the closing para: "Needless to say, I feel another repeat buying opportunity has presented itself given that investors have yet to cotton on that the Krakow Business Park deal offers masses of investment upside to First Property’s shareholders. I am reassured too that new lettings at Oxford Tower are well above previous rent levels and the income shortfall is only likely to be short-term. When the penny drops, as I am sure it will, expect First Property’s share price to make new highs above the 60p high water mark, and make headway towards my 65p target price. Strong buy."
catsick: Actually I was a bit off on my calculation, the other parties paid 33m Euro for 76.6% of the company, giving the fpo share a value of 10.08m euro so a 9m euro value creation or around 8p on the adjusted nav
fanshaw: Perhaps if Ben Habib & Directors plus Staff where more realistic in the amount they pay themselves in relation to size of company the dividend could be improved plus a possible increase in share price for rest of shareholders.
speedsgh: Tip Update by Simon Thompson in his IC column today. Reiterates his BUY recommendation following the recent share price wekaness... HTTPS://
blobby: Yes I agree that the share price seems "odd", however this is not unusual. If you compare the FPO share price with the reported NAV per share over time you will see that there are often huge variances. However the consistent performance over the years shows the market does always catch up eventually.
snadgey: Share price seems very odd. Been watching for some days now and, although low volume, most transactions seem to be buys. Certainly seems a bargain at this price unless 'Mr Market' knows something we don't! All the best.
glawsiain: 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"
blobby: catstick, I'm not sure that all the profits are recurring as you suggest above. There is a list of 4 non recurring things in the report including this: Foreign exchange gains – the Euro was on average some 12% stronger versus Sterling during the period at €1.217 (2015: €1.386). This resulted in Group profit before tax being £620,000 higher than if on a constant currency basis; Nice to see so many positive non-recurring items though. Most of the companies I follow seem to have to report the opposite. I agree these are very decent results and the share price continues to struggle to keep up with the ever increasing underlying value.
jimmywilson612: Investors Chronicle - First Property sell-off buying opportunity Simon Thompson reiterates his buy recommendation, noting “…that investors are being overly cautious in their valuation and assessment of First Property’s future prospects. Offering 40 per cent share price upside to my target price of 56p, I would be a buyer of the shares ahead of the forthcoming results.”
First Property share price data is direct from the London Stock Exchange
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