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First Property
(LSE:FPO)
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Rating:64Neutral
Price Target:
17.50 p
▲(29.63% Upside)
Action:Reiterated
Date:09/23/26
The score is driven primarily by mixed financial performance: improved revenue/profits and a stronger balance sheet are offset by very weak cash conversion and recent free-cash-flow pressure. Valuation is a clear positive (low P/E with a modest yield). Technically, the uptrend is supported by moving averages and MACD, but the extremely overbought RSI increases near-term downside risk.
Positive Factors
Revenue and Profit Recovery
The return to revenue growth alongside two consecutive profitable periods indicates improved operating performance after the 2024 loss. If this momentum persists, stronger earnings can support reinvestment in the property portfolio and provide a more durable base for shareholder returns.
Negative Factors
Weak Cash Conversion
The large gap between reported profit and operating cash flow indicates that accounting earnings are not currently translating into liquidity. Persistent weak conversion can constrain investment, dividends, and debt servicing, while increasing dependence on timing effects, working-capital movements, or non-cash gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Recovery
The return to revenue growth alongside two consecutive profitable periods indicates improved operating performance after the 2024 loss. If this momentum persists, stronger earnings can support reinvestment in the property portfolio and provide a more durable base for shareholder returns.
Read all positive factors
First Property (FPO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£24.02M
Dividend Yield1.54%
Average Volume (3M)102.38K
Price to Earnings (P/E)8.9
Beta (1Y)0.55
Revenue Growth15.45%
EPS Growth8.98%
CountryUK
Employees41
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding147,843,110
10 Day Avg. Volume47,037
30 Day Avg. Volume102,376
Financial Highlights & Ratios
PEG Ratio0.66
Price to Book (P/B)0.41
Price to Sales (P/S)2.25
P/FCF Ratio104.76
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)<0.01
Revenue Forecast (FY)£7.05M
First Property Business Overview & Revenue Model
Company Description
First Property Group plc operates as a real estate investment enterprise, delivering a broad spectrum of services to the property sector. Based in London, UK, its activities span the United Kingdom and wider European regions. The company specializ...
How the Company Makes Money
First Property primarily makes money from (1) rental income generated by leasing its commercial properties to tenants under lease agreements and (2) capital appreciation and realized gains from the sale of properties when market conditions or asse...
First Property Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
72
Positive
Cash Flow
38
Negative
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.72M | 7.55M | 7.85M | 7.25M | 8.64M |
| Gross Profit | 4.99M | 4.82M | 4.97M | 4.99M | 5.72M |
| EBITDA | 4.31M | 4.16M | -3.56M | 3.12M | 7.50M |
| Net Income | 2.68M | 2.14M | -4.58M | 1.92M | 6.78M |
Balance Sheet | |||||
| Total Assets | 69.90M | 78.71M | 75.81M | 83.48M | 76.98M |
| Cash, Cash Equivalents and Short-Term Investments | 6.95M | 4.82M | 4.63M | 7.65M | 6.42M |
| Total Debt | 9.14M | 9.45M | 10.59M | 13.37M | 15.03M |
| Total Liabilities | 19.18M | 31.39M | 34.88M | 38.01M | 33.99M |
| Stockholders Equity | 48.22M | 45.09M | 38.98M | 43.44M | 42.77M |
Cash Flow | |||||
| Free Cash Flow | 187.00K | -582.00K | -1.30M | 2.45M | -3.12M |
| Operating Cash Flow | 199.00K | 856.00K | 398.00K | 3.48M | -1.44M |
| Investing Cash Flow | 3.75M | -77.00K | -840.00K | 2.76M | -4.28M |
| Financing Cash Flow | -1.86M | -575.00K | -2.66M | -5.09M | -4.08M |
First Property Technical Analysis
Positive
13.50
Price Trends
14.76
Positive
13.54
Positive
14.21
Positive
Market Momentum
0.44
Positive
74.48
Negative
50.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FPO, the sentiment is Positive. The current price of 13.5 is below the 20-day moving average (MA) of 16.02, below the 50-day MA of 14.76, and below the 200-day MA of 14.21, indicating a bullish trend. The MACD of 0.44 indicates Positive momentum. The RSI at 74.48 is Negative, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:FPO.
First Property Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £27.15M | 20.99 | 4.34% | 1.09% | 3.71% | 29.79% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | £24.02M | 8.93 | 5.63% | 1.54% | 15.45% | 8.98% | |
62 Neutral | £50.01M | 16.66 | 2.55% | 4.14% | -0.65% | -58.16% | |
58 Neutral | £42.97M | -25.64 | -1.75% | ― | ― | ― | |
52 Neutral | £30.58M | -0.48 | -27.53% | 5.93% | ― | ― | |
45 Neutral | £108.79M | -45.94 | -1.18% | 0.12% | ― | ― |
* Real Estate Sector Average
GB:FPO
First Property
16.25
1.04
6.82%
GB:CDFF
The Cardiff Property
2,750.00
178.64
6.95%
GB:DCI
Dolphin Capital Investors
4.75
-0.41
-7.95%
GB:PNS
Panther Securities
290.00
7.19
2.54%
GB:PSDL
Phoenix Spree Deutschland Ltd
128.00
-28.61
-18.27%
GB:GR1T
Grit Real Estate Income Group Limited
6.15
0.70
12.84%
First Property Corporate Events
Business Operations and StrategyFinancial Disclosures
First Property Group Sets Date for Interim Results and Investor Presentation
Neutral
Oct 19, 2026
First Property Group plc will publish its interim results for the six months ended 30 September 2026 on 26 November 2026, in a move that will update the market on the performance of its property fund management and investment activities. The compa...
Business Operations and Strategy
CEO-Linked Associate Increases Stake in First Property Group
Positive
Oct 7, 2026
First Property Group plc reported that its associate company Fprop Phoenix Limited has purchased 300,000 ordinary shares in the Group at 15 pence per share, lifting Phoenix’s holding to 1,600,000 shares, or around 1.08% of voting rights. Bec...
Business Operations and Strategy
First Property CEO Ben Habib Increases Effective Stake After Associate Buys Shares
Positive
Sep 28, 2026
First Property Group reported that its associate, Fprop Phoenix Limited, in which the Group holds a 23.78% stake, bought 100,000 First Property ordinary shares at 15 pence each on 25 September 2026. The purchase lifts PHO’s holding to 1.3 mi...
Business Operations and Strategy
First Property CEO’s Indirect Stake Rises After Associate Share Purchase
Positive
Sep 25, 2026
First Property Group’s associate Fprop Phoenix Limited has bought 550,000 ordinary shares in the company at 15 pence each, lifting its beneficial interest to 1,200,000 shares or about 0.81% of voting rights. The transaction was executed on t...
Regulatory Filings and Compliance
First Property CEO’s Indirect Stake Rises After Associate Share Purchase
Neutral
Sep 25, 2026
First Property Group plc has disclosed that its associate Fprop Phoenix Limited, in which the Group holds a 23.78% stake, purchased 100,000 ordinary shares in the company on 24 September at 15 pence per share. The transaction lifts PHO’s ben...
Business Operations and StrategyDividendsShareholder Meetings
First Property passes core AGM resolutions and confirms dividend after pulling capital-raising powers
Positive
Sep 24, 2026
First Property Group said all resolutions put to shareholders at its Annual General Meeting on 24 September were passed on a poll, after it withdrew three proposals related to share issuance authorities, pre-emption rights and share buybacks ahead...
Business Operations and StrategyDividendsFinancial DisclosuresShareholder Meetings
First Property restores dividend as recovery strengthens balance sheet
Positive
Sep 24, 2026
First Property Group said its performance continued to recover in the year to 31 March 2026, with rising profits and a stronger balance sheet underpinning its niche focus on higher-yield commercial property in the UK and Central Europe. The AIM-qu...
Business Operations and StrategyStock BuybackShareholder Meetings
First Property pulls share issuance and buyback resolutions ahead of AGM
Negative
Sep 24, 2026
First Property Group has withdrawn three resolutions from its Annual General Meeting after determining they would be unlikely to secure sufficient shareholder support. The withdrawn items covered authority to allot new shares, disapplication of pr...
Other
First Property CEO Ben Habib lifts deemed stake after associate share purchase
Positive
Sep 23, 2026
First Property Group said its associate Fprop Phoenix Limited bought 250,000 First Property ordinary shares at 14 pence each on 22 September, lifting PHO’s holding to 550,000 shares, or about 0.37% of the company’s voting rights. Becau...
Financial DisclosuresShareholder Meetings
First Property Group sets hybrid AGM and publishes 2026 annual report
Positive
Aug 17, 2026
First Property Group has called its Annual General Meeting for 24 September 2026 at its London registered office, with proceedings also accessible via the Investor Meet Company online platform to broaden shareholder participation. Shareholders are...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.