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Well it will be the results slowly sinking in, and Simon Thompson (IC) did an article online Monday (don't know if it will be in the magazine Friday).
But like you say, the difference in NAV and share price is very wide and you have a fund management business as well so it is really undervalued.
They are making progress, sometimes I think it's just nowt fast enough for the stock market investors, but I would prefer steady progress each year than wild progress like 3 steps forward 4 back.
Ben Habib did mention a couple of new deals in the pipeline for the next couple of months, so hopefully they will happen and be earnings enhancing.
"First Property Group plc (AIM: FPO), the property fund manager and investor, announces that on 22 November 2019 it purchased into Treasury 500,000 of its Ordinary shares of 1 pence each at a price of 40.5 pence each on the market. This represents a 32% discount to the Group's adjusted net assets of 59.65 pence per share as at 30 September 2019."
I'm guessing the 8% rise is because they are indicating they are 32% undervalued: and buying their own shares to prove it...?
Mixed bag really, nice to see AUM up substantially and profits from fund management up considerably. Obviously the Oxford building being empty to partially let has had an effect on the results, but now its 3/4 let things should be better,
The asset management business is building nicely, but is not really reflected in the price.
Dividend is up also, so it seems confidence that they can provide the profits for this increase with current income is there.
So all in all, very good news on the AUM front but a slight profit set back on the Oxford income.
Sold for modest profit after 3 years holding. My intense dislike of Farage gives me no choice. Good luck to all invested here.
I see that Ben got elected as a Brexit Party MEP. Unsure what effect this will have on this company or share price. I'm close to pushing SELL..............
SP was 55p - so a long way to go here to catch up. Can't believe the sells today - assume automatic orders set at 50P.
That's a fantastic RNS, in fact it's very rare to get a trading statement that says profit is likely to significantly exceed market expectations!
Well chuffed
First Property Group plc
Financial year-end trading statement
First Property Group plc (AIM: FPO), the award winning property fund manager and investor with operations in the UK and Central Europe, is pleased to report that its profit before tax for the year to 31 March is likely to significantly exceed market expectations of £6.8 million.
Funds under management at the year-end amounted to £705 million (2018: £626 million), an increase of 12.6% from the prior year. Of this some £611 million was held for clients (2018: £454 million), an increase of 34.6% from the prior year.
Ben Habib, Group Chief Executive, First Property said:
"The Group is trading well across the board. The markets in which we operate are generally buoyant and offering interesting investment opportunities on which we hope to capitalise."
Don't actually mind either way on Brexit as it becoming a non event (or at least a can't do much about it event) - but would prefer that Habib would concentrate on running FPO rather than wasting time on the EU elections.
This small companies quick dealing and long term views do seem largely influenced by him - complete with a fairly tight family support etc as well !
And down in mine....that explains the drop then
I'll get out at 50p
CEO Ben Habib has just gone up in my estimation, having been named as one of Nigel Farages candidates for the EU elactions, well done indeed sir.
Since last June high (66p) a 34% decline. Anyone any ideas about this decline?
Thanks.
At the moment I am holding, good dividend, not complaining.
Moving up nicely , lovely share , held on and off for years .
The results look good just had a quick look.
Profit is down a bit but explained as temporary as a office in Warsaw was empty but is being penciled in to be let out shortly.
NAV is up, dividend is up a bit. Once the office is let out it's onwards and upwards.
Lots of irons in the fire here.
In Romania, looks a very good deal to me, great return on our investment, and more management fees and income from direct investment.
Really motoring on with things now.
the Simon Thompson article in IC seems to have woken people up to this one.......
Another nice deal done, Mr Habib getting the deals done again.
With the nav increase the fund management business is in for free. On the conference call I managed to get through and asked if the fprop office fund had contributed any profit and they said because of the stamp duty paid (on commercial property I think you pay stamp duty on purchases) we had no fee profit in the results,and I said will we be paid in arrears and they said yes. So as you have said we haven't had the profits in from the increased assets under management yet,but thy will start to come in eventually,but the markets aren't very patient as you probably know,so there is opportunity here for patient investors as the share price doesn't seem to reflect this. Also debt is slightly down and dividend is up,aum has gone up considerably so it looks good to me.
Needs an S.T. update to boost the price again. The results are very good - but people don't appear to have cottoned on to it being 'jam' tomorrow on the fee income, which will only kick in over this next year / when funds are invested. Think also that people just look at the traditional property valuation of the NAV figure, when this company is a hybrid getting fee income rather than a straight property owner - oh well will have to sit and wait now !
S.T often ups the target price if other news comes forward and the price target is met. In my opinion we haven't had any profit from the Office mandate yet and when that eventually turns up it should add more value here so 65p is a good target for now.
FPO gets a good write up in James Bartholomew's Diary of a private investor on Saturday 5 May (pay wall ?). Whether FPO is still good value after recent price moves ? There again still some way to go to Simon Thompson's 65p !
Yes,it�s about time the share price reflected the progress made on the business. I feel this is one of my best holdings and have upped my holdings a few times.
Could test the all time high in this run? It would be nice if the 60p's became the new norm :)