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Three lumpy sells there at about 1% of the outstanding shares in total ... I wonder if someone has had a sniff of the results, I think one of the main issues here, and I have held these since 2012, is that while I am happy for Ben to take a huge salary while he is adding value and compounding the shares which in the past he has been excellent at, nowadays FPO probably takes up 10% of his time and his new role as a Nigel Farage in waiting is taking the other 90%, while I do not disagree with his politics I would rather he spend some more time at the FPO coalface.
Results due in next few weeks. They seem to have kept the powder dry with cash c19pps and true NAV discount c50%. They also have been keen to preserve the divi so I guess it will be maintained. Worth holding for that alone.
Yes, I've been tempted too, but have a pretty big position here. Am sitting on a capital loss approaching 30%, but not too worried. Have had good dividends which partly offset the loss and I do expect this to come good. BH does seem to be very shrewd.
Well I have doubled down a few times here, eventually value will come out I'm sure, and fpo are in a good position financially having sold a property just in the nick of time. They should be able to pick up some bargain properties, that's what I'm looking out for but no new deals yet. A couple of new properties /deals under the belt will make me feel better here.
My only laggard - even LLOY has picked up 30% in the last month or so. Is it worth doubling down on this one or would my money be spent better elsewhere? Bit concerned re BH and his political ambitions. Massive Eurosceptic but business largely based in Poland. Also latter is in Covid hell at the mo - will that have a bad effect on income?
Listening to Ben's Q & A session it sounds like they plan to keep their powder dry for a while until the economic landscape becomes clearer. History shows us that they have a record of completing outstanding deals during times of turmoil. Additionally the dividends are as regular as clockwork and they have 50% of their market cap held as cash. All in all a sound long term investment.
Needs patience but they have previously come up with excellent deals. The share price always seems to lag but is dramatically up over 10 years. A tuck away especially as it makes money from managing others capital invested rather than being a straight property company. This has never been understood in my view.
A concise 2020 update of what they have going for them just added to their website twitter feed. They look to be well positioned over the next 12 months to take advantage in the property market especially in their favoured hunting ground of Poland.
Their divi has either increased or been maintained for some 20 years in a row. Doubt there are that many businesses on AIM that can boast this sort of record. They have a history of securing outstanding deals, some during difficult economic times. Now they also have a war chest which will no doubt be prudently utilised as has been their unwavering strategy over the years. Their share price has historically never seemed to reach the heights of their NAV but they appear to have everything in place to give this a chance. Another few good deals and the gap may start to be close.
Simon Thompson on IC Alpha podcast today saying how cheap this company is which is not only a property owner but has loads of cash and a fund management business-reckons share price is 1/2 real value. Results soon-seems a very good bet to me.
forward to results next month. Will the divi be held? I'm focusing on shares with payments so have bought some of these on that basis. The pluses are the directly held Polish/Romanian properties and the strong balance sheet.
There is your answer Steve...good news - new lease and 19m Euro sale giving useful cash firepower in this climate, and they go down 1.5p! Even Simon Thompson of IC seems unable to get this one going, but over the years Ben Habib has come up with loads of canny deals, but the share price, although rising well over time, has always remained at a miserly level. Definitely one for the patient with a reasonable dividend. I do think people misunderstand this as a standard property company and NAV, whereas it is in fact a hybrid, earning money from rents & property deals, but also having the management arm which makes money all the time and helps leverage its potential by using others money.
Well it's very good to see the sale went through, transformational and bringing in wads of cash! Can't be bad. It was a bit later than previously said so that could be why the share price has been going down a bit lately. But this deal should give the share price a much needed boost as it is a rather large amount of money and cash injected at just the right time!
'after factoring in the valuation uplift on the disposal of CH8, and the recent depreciation of sterling which enhances the sterling value of the high yielding overseas properties, I estimate First Property’s current net asset value (NAV) is 66p per share, or 10 per cent higher than at the end of September 2019 and 2.5 times the current share price. The shares also offer a dividend yield of 6.3 per cent, with the annual pay-out covered three times over by recurring net profits. '
"@FpropPlc announced sale of its 50.3% share in CH8, an office tower in Warsaw at €4m premium to its recently assessed market value, generating £3m profit. Completion expected before 31/3/20 after which group cash should rise to £25m / 22p per share. See hxxps://t.co/FvLmwQrwHu."
"The sale was at a 10% premium to its last appraised value and should release €19.6m / £16.7m of net cash after tax and after repayment of the bank loan secured against the property."
For €44m and fpo market cap is only around £55.5m, I think the fpo has said 22p of fpo will be in cash after this sale. In any case, very under valued and as always great deals just add more value every time.