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.
01 May 2019
YE trading statement; FY19 earnings upgrades
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YE trading statement; FY19 earnings upgrades
First Property Group plc (FPO:LON) | 19.6 0 0.0% | Mkt Cap: 21.7m
- Published:
01 May 2019 -
Author:
Kunal Walia -
Pages:
2
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.