shareordie
26 Apr 2018
Re: Simon Thompson - 65p target Its hard to argue with that valuation, I think the potential here is large.
preciousmaj
25 Apr 2018
Simon Thompson - 65p target ''I see decent investment upside to my 65p target price. Buy.''
shareordie
16 Apr 2018
Re: Trading statement I did notice the sale by the university scheme,but as you say it's hard to second guess why the sale happened,but it could just be re balancing of some sort.
frusset
16 Apr 2018
Re: Trading statement Thanks for the reminder, shareordie. I could easily forget between reading the terms and the trading statement. I'd guess many managements would have mentioned the likely future earnings, to increase investor confidence.Other news today is Universities Superannuation Scheme Ltd selling a 4.09% position on the 13th. I don't see any point in speculating on the reason for the sale or its timing, but it might have some effect on the share price.
shareordie
16 Apr 2018
Re: Trading statement In line with expectations!Like I thought,I’m still thinking that the profits from the UK office mandate will be larger than other management fees but will be delayed,in fact First Property probably won’t be paid for the management of the fund until the re valuation of the properties within the fund which will probably be every 12 months.So although funds under management have swelled nicely we won’t get the profit uplift until the re valuation.
shareordie
04 Apr 2018
Re: Trading statement The last property deal was a mandate to run a fund to purchase office property and the payment was to be paid as a percentage of the funds increased value rather than a management fee,now this could net us considerably more money than a flat fee but the money would in my opinion be delayed and obviously subject to performance although with the managements past performance I think that should be ok.It will be good to see some numbers for this new mandate as I think in the long run we should do very well out of it.
shareordie
04 Apr 2018
Re: RNS You also have to remember this is a small company not a ftse 100 who’s ceo is on £4 million a year,These small companies tend to pay less,so as you say it’s a considerable investment 75k is.
preciousmaj
04 Apr 2018
Trading statement The previous years financial trading statement was released on Monday 10th April so I am hoping that we get an update next week. The recent share purchases by the board bode well for the results IMO.
preciousmaj
04 Apr 2018
Re: RNS You're right shareordie, it's not that small actually. The 150,000 shares that he has bought are worth nearly £75,000 today so not small change. The SP has started to move as well so sentiment is improving.
shareordie
03 Apr 2018
Re: RNS 100,000 shares isn't that small.Nice purchase that and he is a shewed man so I would say he knows it's cheep at this price.
preciousmaj
03 Apr 2018
Re: RNS Whilst these purchases were relatively small, it is nice to see the CEO has skin in the game with 16,850,000 shares equating to around 14.52% of the total shares in issue. Ben Habib's interests are clearly aligned with the shareholders, which bodes well for the SP - his holding is worth around £7,751,000 today.
preciousmaj
03 Apr 2018
RNS First Property GroupDirector/PDMR ShareholdingRNS Number : 6436JFirst Property Group PLC03 April 2018 Date:3 April 2018On behalf of:First Property Group plc ("First Property", "the Company" or the "Group"
EmbargoedImmediate release First Property Group plcDirector's Share Dealing in CompanyFirst Property Group plc (the "Company" (AIM: FPO) announces that it received notification on 29 March 2018 that on 28 March 2018 Mr. Ben Habib, Chief Executive Officer of the Company, acquired 50,000 ordinary shares of 1 pence each ("Ordinary Shares" in the Company at a price of 45.75p per Ordinary Share and on 29 March 2018 he acquired a further 100,000 Ordinary Shares at a price of 46.25p per Ordinary Share. The transactions took place on the London Stock Exchange. Following this notification, the total beneficial holding of Mr. Habib is now 16,850,000 Ordinary Shares representing 14.52% of the issued ordinary share capital of the Company.-Ends-
frusset
03 Mar 2018
Re: IC free podcast I bought some FPO yesterday. One point I haven't noticed in recent remarks, is the tenant concentration for Group Properties. From the latest interims presentation, the top two tenants by rental income are Asseco S.A. with 29.36%, and Citibank Europe Plc with 12.32%. The top 10 tenants account for 71.31%. There's some info about Asseco on Wikipedia [link] including "The company was ranked sixth in the Truffle 100 ranking of the largest software producers in Europe.".If Asseco couldn't pay the rent for some reason, maybe First Property could find new tenants fairly quickly, but really I don't know how bad it could be., except I suppose no more than about 30% of Group Properties rent would be lost for some period. Apart from the tenant exposure, First Property seems like a good combination of safety, growth and value, so far as I can tell as an FPO newbie.
shareordie
02 Mar 2018
Re: IC free podcast recurring theme of the small-cap companies I cover is the number of repeat buying opportunities they offer. As long as the rationale for making the original investment still holds, and the valuation is favourable, then it makes sense to exploit share price pullbacks.A great example is Aim-traded UK and eastern European property fund manager and investor First Property (FPO:45p). I first recommended buying the shares at 18.5p in my 2011 Bargain Shares Portfolio, since when the board has paid out total dividends of 8.84p a share. So, if you had invested £1,850 to buy 10,000 shares seven years ago, and reinvested your dividends by purchasing more shares in the market, you would now be holding 13,400 shares worth £6,000. That’s a healthy annualised return of 18.2 per cent during the seven-year holding period. I have noted, though, that First Property’s share price has drifted from the 53p level it was at when the company issued interim results in late November and also when I rated them a buy in the autumn (‘Trading plays’, 9 October 2017). But the results certainly didn’t disappoint.Reported pre-tax profits increased by 11 per cent to £5m in the six months to end September 2017, buoyed by a near-two-thirds increase in management fee income to £1.5m and a rock solid contribution from the company’s £172m portfolio of 10 high-yielding commercial properties in Poland and Romania. These properties have a loan-to-value of 68 per cent and produce an average yield of 9.8 per cent, well in excess of the 2.46 per cent weighted average cost on non-recourse borrowing. The company also holds stakes in 10 co-investments it manages, and successfully too. For instance, a couple of years ago First Property invested €1m (£0.9m) for a 24 per cent shareholding in a Romanian fund and has just banked a £400,000 gain following the sale of nine Lidl supermarkets by the fund.Management is proving adept at winning new mandates too. Third-party assets under management have risen 22 per cent to £382m since March 2017, the majority of the growth reflecting £51m of new investments made on behalf of Fprop Offices LP, a fund launched last summer to invest in office blocks and business parks across England. It has the backing of eight institutional investors, who invested £182m at first close, and with gearing the fund has buying power of £260m. First Property is taking a profit share, rather than a management fee, which property analyst Chris Thomas at house broker Arden Partners thinks could be in excess of £1m once the fund is fully invested.The point is that the fast-growing fund management business is effectively in the price for free, with First Property’s shares trading on an unwarranted 12 per cent discount to net asset value (NAV) of 51.25p a share. That’s even more anomalous once you consider the impressive track record of the directors. Under the shrewd leadership of chief executive Ben Habib, First Property’s NAV per share has risen from 14p to 51.25p in the seven years since I initiated coverage, and shareholders have been rewarded with a payout that has grown by half based on a full-year dividend per share of 1.62p.Furthermore, because recurring earnings per share (EPS) of 5.9p covers that payout more than three times over, there is built-in NAV growth from the retained profits, as illustrated by the wide gap between First Property’s 13.1 per cent earnings yield (the reciprocal of the PE ratio of 7.6), and the prospective dividend yield of 3.6 per cent. Add to that scope for the directors to use some of the £10m free cash on the company’s balance sheet to finance the equity element of earnings-accretive debt-funded property acquisitions, and I feel that First Property’s shares are well worth buying at this level. Buy.
Gunnergadin
01 Mar 2018
IC free podcast Worth listening to the update from the Investors Chronicle's Small Companies Editor, Simon Thompson.Although its fallen in the last few months, he's very positive on the recent results from the company.His bit is about 28 minutes in.
