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
  0.50 1.43% 35.50 328,482 14:35:52
Bid Price Offer Price High Price Low Price Open Price
35.00 36.00 36.00 35.00 35.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 16.29 5.52 4.38 8.1 39
Last Trade Time Trade Type Trade Size Trade Price Currency
17:08:11 O 20,000 35.50 GBX

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Date Time Title Posts
12/6/202117:47First Property Group plc768
30/11/202013:24RNS New property2
23/6/201800:08IC new article 3
14/6/201820:28First Property Boom?79

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First Property Daily Update: First Property Group Plc 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 35p.
First Property Group Plc has a 4 week average price of 33.50p and a 12 week average price of 31.50p.
The 1 year high share price is 43p while the 1 year low share price is currently 31.50p.
There are currently 110,366,636 shares in issue and the average daily traded volume is 346,658 shares. The market capitalisation of First Property Group Plc is £39,180,155.78.
m_kerr: 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.
stevegrass777: 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.
m_kerr: 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: 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.
stevegrass777: 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.
m_kerr: 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.
skyship: Problem with the share price @ 37p is that at a 32% discount and a 4.5% yield, FPO actually look fully priced against so many UK REITs - BREI & SREI in particular. Then if you want a UK/Europe mix CLI far better value on a 39% discount.
tyranosaurus: FPO share price is in freefall.
stevegrass777: As an investor you should know that the share price doesn't always reflect the performance of the business or the progress that has been made. Often sectors are shunned, sometimes with good reason sometimes not. That's the low share price compared with the performance of the business is one thing I spend many hours trying to find, and that is what fpo is in my opinion. Hopefully the share price is just bobbing along waiting for the results to come out, and when these come out it should improve the share price and interest in the company if the results are robust. Fpo have many irons in the fire at the moment and some of these projects could add considerable value here which if they come good the share price will not ignore. Just as a side note, noticed Ben Habib (ceo) has become the business secretary of the newly formed Brexit party. That shouldn't really effect the share price but it did go down yesterday.
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.
First Property share price data is direct from the London Stock Exchange
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