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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 44.50p 43.00p 46.00p 44.50p 44.50p 44.50p 56,777 06:37:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 23.7 9.1 6.8 6.6 51.61

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Date Time Title Posts
13/2/201800:45First Property Group plc447
20/3/201411:44First Property - expanding into Europe170
25/8/200507:02First Property recovery underway ?60
07/4/200409:38Great results or what????22

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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 44.50p.
First Property has a 4 week average price of 42.50p and a 12 week average price of 42.50p.
The 1 year high share price is 59p while the 1 year low share price is currently 42.50p.
There are currently 115,980,040 shares in issue and the average daily traded volume is 81,191 shares. The market capitalisation of First Property is £51,611,117.80.
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.”
dorset64: Hi Darius, I think the recent drop below the 50p mark was a good time if any to grab a few more if you were thinking of it. Good steady growth in all areas for years and regular dividends, incl the share price with no surprises, not many shares like that around today lol
yupawiese2010: Todays RNS shows what a shrewd property man Ben Habib is. Cut & pasted from the RNS - Aggregate net profits earned by Fprop PDR from these sales amount to some GBP16 million on an un-geared investment of some GBP30 million, representing a return on equity invested of some 53 per cent and an internal rate of return (IRR) of 98 per cent per annum. First Property's total profit share from Fprop PDR to date, including from the sales announced above, amounts to some GBP4.8 million. One would like to think other insti / pension funds would take note & place funds under management here. The share price has been weak before the recent uptick over the last few weeks, due to the strong headwinds in respect of the £ strength to the €. I.C are a great fan of FPO will be interesting if S.T. passes comment in the near future.
yupawiese2010: I.C comments today, hence the large number of trades. Aim-traded property fund manager First Property Group (FPO: 32p) has pulled off two smart looking property deals, both of which have led to sharp earnings upgrades. The two tenanted office buildings, located in Warsaw and the northern part of the Tri-City region in Poland, were purchased from the USS Fprop Managed Property Fund. First Property earns a management fee from this fund but its mandate is due to end in August when the fund winds itself up. As a result the company has been actively investing its own capital over the past 12 months in order to replace the anticipated lost income previously earned from USS Fprop. Smart deal making The latest deals look shrewd business. The two properties are held in special purpose vehicles (SPVs) and had borrowings of €75m (£59m), but this debt is non-recourse to the group so is ring fenced which mitigates risk. First Property paid a total consideration of €4.9m (£3.9m) to acquire these SPVs, but given the high debt funding and high property yields on the assets being acquired, then the two properties are expected to generate a profit before tax of £3m for First Property on an annualised basis. For the current financial year to end 31 March 2015, the contribution will be £840,000, so in effect in little over 15 months First Property will have recouped all of its equity investment. The two deals follow on from five other property acquisitions since November 2013 which now means that First Property owns six direct property holdings, three of which are in Poland and the other three are in Romania. The company also has five properties in its Fprop Opportunities Polish-focused investment fund in which First Property owns a 76 per cent equity stake. In aggregate all these properties are valued at about €184m (£144m), or around 40 per cent of the total property managed by First Property, so the company has changed radically from the one in which I first recommended buying the shares at 18.5p in my 2011 Bargain Shares portfolio. Indeed, by my reckoning First Property will have gross debt of around £120m at a group level following completion of these latest deals, compared to shareholders funds of £26.6m at the last balance sheet date, but it’s worth noting that all this debt is non-recourse as it all sits within the SPVs which own the properties. True, a debt to equity ratio of this magnitude would ordinarily raise alarm bells, but given the fact that the debt is ring fenced and the properties are generating strong cashflow and income, then I am comfortable with the unconventional nature of the group structure. Attractive valuation It’s also worth flagging up that the company’s ‘recurringR17; profits have increased dramatically as a result of these six property deals. Analyst Chris Thomas at brokerage Arden Partners expects the company to now report pre-tax profits of £7m for the 12 months to 31 March 2015, a 10 per cent upgrade, and well ahead of the £6.6m profit reported last fiscal year when the company benefited from substantial one-off trading gains. On this basis expect EPS of 5.1p and a dividend per share of 1.19p, up from 1.12p. For the financial year to March 2016, Mr Thomas has raised his pre-tax profit estimate by more than half to £7.3m to produce EPS of 4.6p and to support a further rise in the payout to 1.26p a share. This means the shares are priced on a forward PE ratio of 7 and offer an attractive prospective dividend yield of 3.8 per cent. The share price is also well supported by the underlying value of First Property's assets. As I have noted before the company values its property very conservatively, but once you adjust the last reported net asset value per share of £25.8m, or 22.8p a share, to factor in the current market valuations of all the investments First Property owns, then book value per share rises to about 29p on a marked-to-market basis. In my book a 10 per cent premium to net asset value is still an attractive entry point given the solid recurring revenue stream from First Property's portfolio and potential for the company to raise the dividend while paying down debt. It’s also worth considering the favourable macro back drop in Poland. Positive economic back drop Despite the headwinds in Eastern Europe and Ukraine, economic growth is expected to be around 3 per cent in Poland in 2014 with a similar rate of growth predicted in 2015. Since 2009, Poland has posted aggregate GDP growth of 16 per which compares very favourably to a contraction across the Eurozone in the order of 1.2 per cent over the same period. Inflation is close to zero in the country and the reference interest rate stands at 2 per cent, following a recent 0.5 per cent cut. Importantly, the Polish Zloty/euro exchange rate has been relatively stable at for a number of years. Given the positive economic back drop, it’s hardly a surprise that occupational demand for commercial property has been on the rise, but so too has new supply across all property sectors. The rate of increase in supply is exceeding the rate of take-up and vacancy rates are forecast to rise, in particular for offices in Warsaw and regional shopping centres. However, this is not an issue for First Property. For instance, its multi-let shopping centre in Ostrowiec, in Southern Poland, which is owned by Fprop Opportunities, has an unexpired lease term of five years. Moreover, the properties in Poland generate an aggregate annualised rate of return on equity in excess of 30 per cent per annum. And these high returns are attracting capital flows: investment demand is mainly from German, US and UK investors and for large prime properties. The transaction volume for 2014 is expected to exceed €3bn, similar to 2013, itself the highest volume since 2006. It’s worth noting that First Property's income stream is also underpinned by management fee income on its UK Pension Property Portfolio Fund which generates a 6.3 per cent ungeared return on the £93m assets held. This is fully invested in 21 recessionary-resilient UK commercial properties whose capital values have risen during the course of last year as the market for secondary property recovers. Expect this trend to continue. The portfolio of properties, which was put together after the onset of the credit crunch, has voids of only one per cent and a weighted average unexpired lease term of over nine years. The company also earns profits from its FProp PDR fund which was set up in October 2013 with a view to invest in office buildings in the UK with intention of converting them to residential use. The partnership, which is closed ended, has a life until May 2018 and First Property takes a 20 per cent slice of all the profits earned. At launch the company invested £2m for a 5 per cent equity stake in the £40m fund. Target price I last updated the investment case when the share price was 32p following the company’s bumper half-year results (‘Income stocks with capital upside’, 1 December 2014). The price subsequently hit my original target price of 35p in mid-December, but I still contend that my upgraded target price range of 38p to 40p outlined in that article is achievable. So on a bid-offer spread of 31p to 32p, I continue to rate First Property's shares a decent income buy with capital especially as the company has a further £10m of cash available for opportunistic and value accretive acquisitions.
darias: Well Well. A record high share price. Trading at something like 12.5% price/earnings ratio. Dividend yield of over 4% but no posts on this board. These BB's fascinate me.
n13518: Another great deal almost doubling the profits on the Bracknell Property. Not bad deals and proceeds go towards development of the business. FPO going strength to strength and the share price will catch up sooner or later.
First Property share price data is direct from the London Stock Exchange
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