AIM:FPO

Stock Analysis Report

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Executive Summary

First Property Group plc is a real estate investment firm. More Details


Snowflake Analysis

Flawless balance sheet established dividend payer.

Share Price & News

How has First Property Group's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FPO is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: FPO's weekly volatility (5%) has been stable over the past year.


Market Performance


7 Day Return

0%

FPO

-3.8%

GB Real Estate

-0.4%

GB Market


1 Year Return

-15.1%

FPO

-13.6%

GB Real Estate

-10.0%

GB Market

Return vs Industry: FPO underperformed the UK Real Estate industry which returned -13.6% over the past year.

Return vs Market: FPO underperformed the UK Market which returned -10% over the past year.


Shareholder returns

FPOIndustryMarket
7 Day0%-3.8%-0.4%
30 Day5.8%14.8%13.6%
90 Day1.4%8.1%6.4%
1 Year-12.4%-15.1%-12.3%-13.6%-6.4%-10.0%
3 Year-16.9%-24.7%-5.4%-12.8%1.6%-10.9%
5 Year-17.5%-29.8%13.9%-2.5%27.5%-1.5%

Long-Term Price Volatility Vs. Market

How volatile is First Property Group's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First Property Group undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FPO (£0.37) is trading below our estimate of fair value (£13.87)

Significantly Below Fair Value: FPO is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: FPO is good value based on its PE Ratio (13.4x) compared to the GB Real Estate industry average (14.4x).

PE vs Market: FPO is good value based on its PE Ratio (13.4x) compared to the UK market (21.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FPO's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FPO's PB Ratio (0.9x) is in line with the GB Real Estate industry average.


Next Steps

Future Growth

How is First Property Group forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

51.5%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as First Property Group has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Next Steps

Past Performance

How has First Property Group performed over the past 5 years?

-6.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FPO has a large one-off gain of £868.0K impacting its September 30 2020 financial results.

Growing Profit Margin: FPO's current net profit margins (20.8%) are lower than last year (34.2%).


Past Earnings Growth Analysis

Earnings Trend: FPO's earnings have declined by 6.2% per year over the past 5 years.

Accelerating Growth: FPO's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FPO had negative earnings growth (-49.1%) over the past year, making it difficult to compare to the Real Estate industry average (-25.4%).


Return on Equity

High ROE: FPO's Return on Equity (6.5%) is considered low.


Next Steps

Financial Health

How is First Property Group's financial position?


Financial Position Analysis

Short Term Liabilities: FPO's short term assets (£39.5M) exceed its short term liabilities (£31.3M).

Long Term Liabilities: FPO's short term assets (£39.5M) exceed its long term liabilities (£18.9M).


Debt to Equity History and Analysis

Debt Level: FPO's debt to equity ratio (35%) is considered satisfactory.

Reducing Debt: FPO's debt to equity ratio has reduced from 195.7% to 35% over the past 5 years.

Debt Coverage: FPO's debt is well covered by operating cash flow (260.9%).

Interest Coverage: FPO's interest payments on its debt are well covered by EBIT (4.3x coverage).


Balance Sheet


Next Steps

Dividend

What is First Property Group current dividend yield, its reliability and sustainability?

4.58%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: FPO's dividend (4.58%) is higher than the bottom 25% of dividend payers in the UK market (1.72%).

High Dividend: FPO's dividend (4.58%) is low compared to the top 25% of dividend payers in the UK market (4.93%).


Stability and Growth of Payments

Stable Dividend: FPO's dividends per share have been stable in the past 10 years.

Growing Dividend: FPO's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (61.2%), FPO's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FPO's dividends in 3 years are forecast to be covered by earnings (87.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.6yrs

Average management tenure


CEO

Ben Habib

20.83yrs

Tenure

UK£1,197,000

Compensation

Mr. Benyamin N. Habib, also known as Ben, MA (Cantab) founded First Property Group PLC in 2000 and has been its Chief Executive Officer since 2000. He served as Chief Investment Officer of First Property G...


CEO Compensation Analysis

Compensation vs Market: Ben's total compensation ($USD1.60M) is above average for companies of similar size in the UK market ($USD345.39K).

Compensation vs Earnings: Ben's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Benyamin Habib
Group CEO & Director20.83yrsUK£1.20m13.53%
£ 5.5m
Laura James
Interim Group Finance Director0.33yrno datano data
John Dunkley
Chief Technical Officer3.83yrsno datano data
Jill Aubrey
Director of Fund Operations1.33yrsno datano data
David Thomas
Head of Sales & Marketingno datano datano data
Jeremy Barkes
Director of Business Developmentno datano data1.14%
£ 461.2k
Jay Dodhia
Associate Fund Manager of First Property Asset Management Limitedno datano datano data

2.6yrs

Average Tenure

Experienced Management: FPO's management team is considered experienced (2.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

First Property Group plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: First Property Group plc
  • Ticker: FPO
  • Exchange: AIM
  • Founded:
  • Industry: Diversified Real Estate Activities
  • Sector: Real Estate
  • Market Cap: UK£40.290m
  • Shares outstanding: 110.38m
  • Website: https://www.fprop.com

Number of Employees


Location

  • First Property Group plc
  • 32 St James’s Street
  • London
  • Greater London
  • SW1A 1HD
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FPOAIM (London Stock Exchange AIM Market)YesOrdinary SharesGBGBPFeb 1995

Biography

First Property Group plc is a real estate investment firm. It provides fund management, financial, and technical services to the property industry in the United Kingdom and other European countries. The fi...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/11/29 20:24
End of Day Share Price2020/11/27 00:00
Earnings2020/09/30
Annual Earnings2020/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.