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Where is Mr Habib he seems to be distracted and lost interest here - lots of interesting deals have all but dried up for 2 years!
Oh dear !
Last small trade at 26.35 a buy (mine). Cherry picking in a dire market but this one selling at less than half true NAV and bulk of the assets in Poland. A plus at this point in time.
Started: stevegrass777, 22 Aug 2022 17:03
Last post: stevegrass777, 22 Aug 2022 17:03
Great news on the property sale, for a nice profit always good to see.
Hopefully more good deals to come.
Started: TeesExile, 3 Aug 2022 09:35
Last post: stevegrass777, 3 Aug 2022 10:50
They are making progress letting out buildings.
Once one or two more contracts are signed that building will be profitable (gard)
I have been watching this SP drift down for a while, and think it is way undervalued. Covid was obviously a big hit to income streams, but it seems likely the recovery will be strong from here. Picked up a few shares in two small purchases this morning.
GLAH
With the usual caveats around the current economic climate , the mood of the earlier Investor Presentation was fairly bullish and optimistic of ongoing prospects especially in Poland where most of the activity is going to take place as they are selling up and pulling out of Romania. I think Ben actually mentioned that we should see more RNS’s coming through as deals are done over the next 6 months. Feels like FPO are moving to a better place now and are well positioned to take advantage of opportunities as they arise.
Worth also having a listen to an interview on IG that Ben Habib did earlier today,
Looks like they are going to be very busy.
Started: ducem, 23 Jun 2022 14:22
Last post: ducem, 23 Jun 2022 14:22
ST in investors chronicle surely will give this a mention, historically 10% rise?
Started: stevegrass777, 23 Jun 2022 10:14
Last post: blobby5565, 23 Jun 2022 11:33
Yes I agree. It looks like we are back on track after the COVID-19 wobble.
Well that looks like a decent set of results, lots of improvement and a positive outlook for the future.
Maybe now we can get that overdue re rating.
Seems demand is coming back and the knock on effect will be property price increases.
Great stuff
Started: stevegrass777, 5 May 2022 19:57
Last post: stevegrass777, 6 May 2022 01:27
There was an rns and someone had increased there position, maybe they are still increasing.
I am more curious as to why there have been so many buys & volume traded over the last few days. Have they been tipped or is some news filtering through regarding their FY results . Any ideas anyone ?
It peeeees me off because you can see quite a few large buys going through and the buy price has risen quite a bit percentage wise, but the sell price stays the same.
I don't want to sell bt the way, but it does make a difference when i look at my portfolio values.
Started: stevegrass777, 25 Apr 2022 09:40
Last post: stevegrass777, 27 Apr 2022 17:06
Advisor has been nominated and is going through due diligence process.
Looks like trading has resumed.
Seems to be aim rule 1, because of loss of adviser, that seemed to be lost because of a merger and decision nit to advise anymore.
Started: stevegrass777, 29 Nov 2021 09:18
Last post: pintofhsb, 29 Nov 2021 14:38
Thanks for that link. Sounds really positive - especially the NAV at 48p. I invested another £1K. GLA
These results were much improved, debt is down, rent collection is very good, Ben seems to think fpo will be doing more deals this year.
Dividend is back.
Nav maybe set to climb back up this year.
https://youtu.be/Z8oztpkjOSI
Started: Stann9, 4 Aug 2021 12:22
Last post: stevegrass777, 5 Nov 2021 12:41
Looks like another add RNS today, but I feel results are better than expected and maybe he's making an educated guess that fpo is due a re rating as the outlook isn't as bad as the share price suggests.
Now over 7% - but to be clear - from former dealings in other companies, he is no supporter or benefit to other shareholders and only deals / lends money etc for his own benefit!
Hopefully FPO's mgt will do some more canny deals on it's own accord to pull us out from here.
He has added since then,so seems to be interested.
Swedish investor Peter Gyllenhammar is building up a stake in First Property (LON: FPO), which was hit by a sharp share price decline following its full year results. There is upside for the property manager and investor, though, because of its strong balance sheet and recurring income.
Peter Gyllenhammar is predominantly a value investor so he must see value in First Property, which manages property funds and owns property directly in the UK, Poland and Romania. On 28 July, his shareholding passed 3% and the stake has been increased to 4.07%.
Started: silverknight, 25 Jun 2021 19:49
Last post: silverknight, 25 Jun 2021 19:49
Sadly, a main prop for me (the dividend) has been kicked away probably for the next couple of years. This is a quality company in its sector and I'll hold on but not tempted to buy more above c22p.
Started: teabiscuit, 24 Jun 2021 13:46
Last post: Gallmat, 25 Jun 2021 14:57
Simon T did a good write up, but I sold some
Sadly the company wrote the most negative RNS, so their mood seems to be out of sync with Simon T.
Why they are kitchen sinking about years to recovery etc who knows, they have no need to be this negative
Don't see why not.
All the pain has gone you'd like to think with the 7m impairment charge. Accounts would have looked a lot different without that even during a pandemic.
Dividend will be reinstated at some point and if at the previous level, that's some return on the current sp.
There is also still a significant gap to NBV.
Lowest price in 52 weeks, short term price recovery target 33p.
Started: silverknight, 8 Jun 2021 10:37
Last post: catsick, 13 Jun 2021 07:45
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.
Started: goldust88, 9 Oct 2020 14:50
Last post: TeesExile, 17 Apr 2021 13:15
Ah, missed this at the time!
The hedge against sterling is possibly less of a plus point since the UK vaccine rollout, but FPO is still even more of a bargain 6 months on IMHO.
GLAH, DYOR
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.
Last post: TeesExile, 17 Apr 2021 13:09
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.
FWiw I just doubled down
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?
Started: silverknight, 28 Jan 2021 17:44
Last post: silverknight, 28 Jan 2021 17:44
the y/e divi is held we have a 5% yield , a 40% discount to NAV and a hedge against our fragile currency. This is a class act in the property sector without exposure to the UK retail sector.
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.
Last post: Yezzerrr, 27 Nov 2020 11:16
Looks positive for this year. Seems to have been quite sheltered from covid
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.
https://twitter.com/FpropPlc
Started: silverknight, 16 Oct 2020 19:19
Last post: silverknight, 16 Oct 2020 19:19
NAV around 55p I believe but that might change when next months figures to end of Sept come out.
Started: Stann9, 12 Oct 2020 17:09
Last post: FeverClucker, 16 Oct 2020 12:09
What is current NAV please?
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.
Started: silverknight, 6 Oct 2020 10:17
Last post: silverknight, 6 Oct 2020 10:17
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.
Started: stevegrass777, 29 Apr 2020 17:17
Last post: CJ66, 30 Apr 2020 18:54
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.
Another day another positive rns,coronavirus isnt stopping FPO from moving forward!
A new lease signed great news for shareholders.
Just waiting for the market to recognise FPO is super cheap!
Started: stevegrass777, 27 Apr 2020 09:55
Last post: stevegrass777, 27 Apr 2020 09:55
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!
Tipped in IC today by Simon Thompson
'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. '