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FPO First Property Group Plc

0.25 (1.43%)
01 Dec 2023 - Closed
Delayed by 15 minutes
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 Shares Traded Last Trade
  0.25 1.43% 17.75 120,000 11:00:12
Bid Price Offer Price High Price Low Price Open Price
17.50 18.00 17.75 17.50 17.50
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 7.25M 1.92M 0.0173 10.26 19.68M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:11:15 O 50,000 18.00 GBX

First Property (FPO) Latest News

First Property (FPO) Discussions and Chat

First Property Forums and Chat

Date Time Title Posts
29/11/202317:36First Property Group plc878
30/11/202013:24RNS New property2
22/6/201823:08IC new article 3
14/6/201819:28First Property Boom?79

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First Property (FPO) Top Chat Posts

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Posted at 02/12/2023 08:20 by First Property Daily Update
First Property Group Plc is listed in the Real Estate Agents & Mgrs sector of the London Stock Exchange with ticker FPO. The last closing price for First Property was 17.50p.
First Property currently has 110,882,332 shares in issue. The market capitalisation of First Property is £19,681,614.
First Property has a price to earnings ratio (PE ratio) of 10.26.
This morning FPO shares opened at 17.50p
Posted at 29/11/2023 17:36 by smithie6

AR for 2023
Directly owned properties,
Claimed market value =54 million €
PBT from lease income= 0.8 million € & this excludes profit from any one off sales.

If FPO tried to buy such a group of buildings & paid a yield from the PBT of 10% (too high but good simplicity) then FPO would pay 8 million €.

8 million € is much lower than the claimed market value of 54 million €.


While for sure the selling price for a building only 30% full would not be based just on the income from that 30%, but a buyer would not based his buying price on it being 100% rented out since he doesn't know how long that might take to happen. And at what price.

The key question is how much is the Gdynia building "really" worth with ~70% of it being empty & the progress to rent out the remaining empty space being super slow. The occupancy is essentially the same as it was 1 year ago imo.
Posted at 27/11/2023 13:37 by smithie6

And next 2 questions are quite logical imo

1) what is the real market value of a building ~70% empty & losing 70k€/year ?

2) ) what is the real market value of a building ~70% empty & losing 630k€/year ?

(Some might argue that the answer to question 2 !! even if the accounts claim it is X million !

How much discount would a buyer want versus the value if fully rented ?
50% ?
70% ?

There is probably a list of pension funds etc willing to buy a property if it is >90% rented out at say 8-10 X the annual nett profit.

But almost no one willing to buy a building that is losing 630k€/year !
A buyer needs deeps pockets to absorb those losses for W years. And a buyer is exposed to risk (if stays 70% empty then they wld suffer a big loss if they sold it). This means that the market value when 70% empty is much much lower than if 0-10% empty.

Is the valuation used by FPO real/fair/correct ?
(I need to dig more in the accounts but I think the valuation is probably/surely wrong).
Posted at 27/11/2023 10:17 by smithie6
Guywhite knight
"Few deals make the stellar returns already generated by Gdynia with more to come."

The Gdynia building is ~ 70% empty, & produces a yearly loss for FPO I think.

Can you justify why you wrote that "Gdynia...stellar returns"

The company data I see says you are wrong.


The progress in renting out empty space in Gdynia & Blue Tower. In the last 12 months I don't see any overall change !! (Perhaps an RNS mentioned renting out 2% of the space, not significant at all imo)

No one wants to rent there ?!
The company is perhaps asking too high a price/m2 ?

Would a lower price be better ?

Fully rented out at price X would surely be better than X +30% & having 70% of a building EMPTY !!!
Posted at 07/6/2023 07:07 by stevegrass777
RNS loans platform, it's hard to comment much on this until it starts to bring results in.
Obviously it sounds like FPO are bringing other investors in as well as ourselves so a shared risk approach sounds a good way to start,and they seem to have a conservative lending criteria.
Posted at 12/5/2023 07:09 by baner
It is interesting to see that the directors are now buying shares in the market at a price 20% higher that the strike price at which the options were issued a month ago - and, hold your breath, there is a 10 year maturity on these options! What an absolute scandal this is.
Posted at 10/5/2023 12:37 by smithie6
if the management are so good why is the share price so low

& why have shareholders done so badly over recent years
60p in 2018 & only 27p now.
£10k invested then would now be worth <£5k !!!

while the boss has got richer via bonuses !!
Posted at 10/5/2023 11:42 by smithie6
last years "profit" only reflected a book profit from a hair cut that a polish bank had to accept as a result of habib´s bad management of the gdynia property. and for that he was paid a £1.35m bonus !!! horrible"

did the boss really get such a big bonus

for getting the share price down so low !!

nuts imo
Posted at 24/4/2023 15:53 by baner

u r spot on! this is the most disgraceful "behaviour" of any RemCom that has been seen for very long in a UK public company. habib´s performance is mediocre at best - and he has been exceptionally well paid for delivering.......not very much to shareholders in recent years. in fact the share price has gone steeply south and the dividend has been cut by two thirds...........last years "profit" only reflected a book profit from a hair cut that a polish bank had to accept as a result of habib´s bad management of the gdynia property. and for that he was paid a £1.35m bonus !!! horrible.
Posted at 21/3/2023 15:47 by stablehound
The value of the sum of the parts of FPO is far higher than the NAV and VERY much greater than the current market value of the shares. I would suspect that Ben Habib is bored running this small venture in a dull market with little opportunity to take advantage as a quoted company of quick in and out dealings as was the case some years ago when office space was bought and then sold for residential or when Eastern Europe offered real opportunities.

Mr Glyhammer(?) is presumably buildings his stake on the cheap with the intention of ultimately offering for the whole Company and taking it private. Perhaps this is why the shares he is buying cheaply are not being bought in by the the company at the substantial discount that the Company's shares now stand at.

Apart from the fact that the Company provides Ben Habib with a very good living, which might continue if Mr G bought the whole thing, is it not in the interests of smaller shareholders to realise a better price by a sale of the Company than hang around owning shares in an undervalued company paying a modest dividend with little opportunity for medium term growth

Every dog has its day
Posted at 11/9/2020 11:42 by tyranosaurus
FPO share price is in freefall.
First Property share price data is direct from the London Stock Exchange

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