First Property has released a YE trading update stating that PBT for FY19 “is likely to significantly exceed market expectations of £6.8m.” We upgrade our forecasts by 9-10% for FY19E though we leave our estimates for FY20 onwards unchanged for conservatism. At c.10x and yielding 3.6%, we see upside to the shares as the group continues to grow its earnings through a healthy combination of re-lettings, further property acquisitions and fund mandate wins.
