First Property Group Valuation

Is FPO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of FPO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FPO (£0.16) is trading above our estimate of fair value (£0)

Significantly Below Fair Value: FPO is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FPO?

Key metric: As FPO is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for FPO. This is calculated by dividing FPO's market cap by their current revenue.
What is FPO's PS Ratio?
PS Ratio	3x
Sales	UK£7.82m
Market Cap	UK£23.65m

FPO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.8x
Enterprise Value/EBITDA	220.3x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does FPO's PS Ratio compare to its peers?

The above table shows the PS ratio for FPO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	8.9x
WINK M Winkworth	2.4x	7.4%	UK£24.3m
CDFF Cardiff Property	20.2x	n/a	UK£23.9m
ALSP Ace Liberty & Stone	6x	n/a	UK£33.7m
WSP Wynnstay Properties	6.9x	n/a	UK£19.1m
FPO First Property Group	3x	n/a	UK£23.7m

Price-To-Sales vs Peers: FPO is good value based on its Price-To-Sales Ratio (3x) compared to the peer average (8.9x).

Price to Sales Ratio vs Industry

How does FPO's PS Ratio compare vs other companies in the GB Real Estate Industry?

10 Companies	Price / Sales	Estimated Growth	Market Cap
IWG International Workplace Group	0.6x	6.1%	US$2.12b
ETLN Etalon Group	0.3x	10.5%	US$210.89m
WJG Watkin Jones	0.1x	1.6%	US$67.22m
RAV Raven Property Group	0.1x	-0.2%	US$23.74m

10 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: FPO is good value based on its Price-To-Sales Ratio (3x) compared to the UK Real Estate industry average (3.9x).

Price to Sales Ratio vs Fair Ratio

What is FPO's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FPO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate FPO's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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