First Property Group plc (FPO) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of First Property Group plc stock £0.09, price £0.16, that is 41.6% below the price, quality 45 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range £0.1150 – £0.3082 · fair‑value band £0.0510 – £0.1445 · the £0.1600 price screens above the £0.0935 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 4, 2026.
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First Property Group plc is a real estate investment firm. It provides fund management, financial, and technical services to the property industry in the United Kingdom and other European countries.
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The firm manages commercial properties of various fund investors, as well as involves in property investment and trading, property equity finance, and online activities.
It also engages in the facilities management of properties, which include contract installation and maintenance of air conditioning and ventilation systems for office working environments.
The firm prefers to invest in offices that can be converted into flats . First Property Group plc is based in London, the United Kingdom.
Stock analysis
First Property Group plc (FPO) currently trades at £0.1600, while our model-based Fair Value estimate is £0.0935, 42% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of £0.2600 per share, and 7 of the 16 models we run sit above the £0.1600 price.
Bear case: the Growth DCF group reads lowest at £0.0750, and 9 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: £0.0510 (bear) to £0.1445 (bull), the price of £0.1600 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 45/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
First Property Group plc reported revenue of £8.7M in FY2026 versus £8.6M in FY2022, a compound +0.2%/yr. Reported net income was £2.7M in FY2026, compounding −20.7%/yr from FY2022.
Key figures
Market cap £23.7M Micro · P/E ratio 8.0 · P/S ratio 2.72 · EPS (TTM) £0.0200 · Dividend yield 1.9% · Net margin 30.8% · Return on equity 6.0% · Return on assets (EBIT) 2.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 54 out of 100 (low confidence).
What moves the price
The share trades about 16% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −42%, FPO screens richer than that median.
Fair Value models
Bear£0.0510Fair Value £0.0935Bull£0.1445
Price £0.1600 · Downside -41.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (£0.0104 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF£0.0300£0.0500£0.080076
Growth DCF£0.0300£0.0500£0.080074
Residual Income£0.2500£0.2600£0.280074
All 16 models by family
DCF Models
FCF DCF£0.0300£0.0500£0.080076
5Y Revenue Exit£0.0600£0.1000£0.160069
5Y EBITDA Exit£0.0900£0.1700£0.260071
10Y Revenue Exit£0.0400£0.0800£0.140062
10Y EBITDA Exit£0.0700£0.1300£0.210064
Dividend Discount
Gordon GGM£0.0500£0.1100£0.170064
DDM Multi-Stage£0.0500£0.0800£0.110064
Multiples
P/S Multiple£0.2300£0.3100£0.390058
P/B Multiple£0.4900£0.6500£0.810055
EV/EBIT£0.1300£0.1800£0.230066
EV/EBITDA£0.1300£0.1800£0.230067
EV/Revenue£0.0700£0.1000£0.130053
Asset-Based
NCAV (Graham)£0.1600£0.2200£0.320054
Growth DCF
Growth DCF£0.0300£0.0500£0.080074
Rev-Margin DCF£0.0600£0.1000£0.150069
Economic Profit
Residual Income£0.2500£0.2600£0.280074
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.29/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+15.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.4%
Start year 2021 (pandemic). Over 10 years: −8.8% a year
Revenue growth 31 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−16.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.8%
Dividend (yield on the price)1.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−18.8% vs −12.1%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−42% → 15%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Revenue per share shrinking 9.3%/yr over ~10Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+45.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +42.0% a year for the price.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Real Estate Services · 472 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside−41.6% · Bottom 25%
Profitability
Return on equity (12 months)6.0% · Above median
Return on assets3.8% · Above median
Net margin (12 months)30.8% · Above median
Operating margin (12 months)17.2% · Below median
Growth and dividend
Revenue growth (quarter YoY)40.3% · Top 25%
Dividend yield (12 months)1.9% · Below median
Balance sheet
Debt / equity0.17× · Below median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "First Property Group plc Fair Value". https://www.fairvalue-calculator.com/stock/FPO
Frequently asked questions
Is First Property Group plc (FPO) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of £0.0935 versus a price of £0.1600, about 42% lower (overvalued).
What is the fair value of FPO?
Our model-based fair value for First Property Group plc is £0.0935 (as of Nov 4, 2026), built from audited fundamentals. The current price: £0.1600.
What is the quality score of FPO?
First Property Group plc has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Property Group plc (FPO)?
Our model-based price target is the fair value of £0.0935 (as of Nov 4, 2026) from 16 valuation models. Cautious scenario £0.0510, optimistic scenario £0.1445. It is a calculation from audited fundamentals, not an analyst target.
What is the First Property Group plc stock forecast for 2026?
Our models put fair value at £0.0935, about 42% lower versus a price of £0.1600 (overvalued). Cautious scenario £0.0510, optimistic scenario £0.1445. The calculation is refreshed regularly with new filings.
What is the revenue of First Property Group plc (FPO)?
First Property Group plc reported trailing-twelve-month revenue of about £8.7M (latest available figure, as of Nov 4, 2026).
Does First Property Group plc pay a dividend?
First Property Group plc currently shows a dividend yield of 1.88% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of First Property Group plc (FPO) and when is the ex-dividend date?
First Property Group plc pays a dividend of £0.003 per share a year, a dividend yield of 1.9%. The last ex-dividend date was Aug 27, 2026. The payout ratio is 15.0% of earnings. Free cash flow covers the dividend 0.42 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into First Property Group plc (FPO)?
For today's price to be fair in a discounted-cash-flow model, First Property Group plc would have to grow free cash flow by +45.3 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.4 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of FPO use?
Our models discount First Property Group plc at 9.0 %: a base by market capitalisation (nano), damped by beta 0.20, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Property Group plc that is +45.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has First Property Group plc (FPO) delivered so far?
Over the past 5 years revenue at First Property Group plc grew -6.4 % a year. The price currently implies free-cash-flow growth of +45.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Property Group plc (FPO) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into First Property Group plc (+45.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Property Group plc (FPO)?
The free-cash-flow yield on the price is 0.79 %: that much free cash flow First Property Group plc produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Property Group plc (FPO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Property Group plc it is £0.0935 per share (as of Nov 4, 2026), against a price of £0.1600. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is First Property Group plc stock overvalued or undervalued in 2026?
As of Nov 4, 2026, FPO trades above its calculated fair value: price £0.1600, fair value £0.0935, a gap of about −42% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FPO?
No. The price is what the market pays today (£0.1600); the fair value is what the company's own numbers justify (£0.0935). For First Property Group plc the two are £0.0665 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Property Group plc worth?
The market values First Property Group plc at about £23.7M (market capitalisation, as of Nov 4, 2026). Per share that is £0.1600; our models calculate a fair value of £0.0935 per share.
What do the bullish and bearish scenarios say about FPO?
Our models span a range for First Property Group plc: cautious scenario £0.0510, base £0.0935, optimistic £0.1445 per share (as of Nov 4, 2026, price £0.1600). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FPO?
First Property Group plc trades at a price-to-earnings ratio of 8.0 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £0.0935 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2026), reported earnings: 7.2. Other multiples: P/B 0.5, P/S 2.7, EV/EBITDA 13.2.
How solid is the balance sheet of First Property Group plc (FPO)?
Balance-sheet figures for First Property Group plc (as of Nov 4, 2026): return on equity 6.0%, debt of 0.17 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is FPO from its 52-week high?
First Property Group plc trades at £0.1600, about 16% below its 52-week high of £0.1900 and 39% above the low of £0.1150 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £0.0935 is for.
Which stocks are comparable to First Property Group plc?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Property Group plc stock attractive at the current price?
The data as of Nov 4, 2026: price £0.1600, calculated fair value £0.0935 (−42%), Quality Score 45/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FPO calculated?
We run First Property Group plc through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £0.0935 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. First Property Group plc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Property Group plc (FPO)?
The closing price on Nov 6, 2026 was £0.1600. Our model-based fair value is £0.0935, about 42% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Property Group plc right now?
The price sits above even our optimistic bull case (£0.1445). The favourable scenario is already priced in. Weak quality (45/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (£0.0510 to £0.1445). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Where does the earnings growth of First Property Group plc (FPO) come from?
Earnings per share at First Property Group plc grew −12.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share −11.2 %, EBIT margin −14.3 %, tax rate −1.3 %, residual (interest, one-offs) +17.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Property Group plc
How large is the market capitalisation of First Property Group plc (FPO)?
The market capitalisation of First Property Group plc is £23.7M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Property Group plc (FPO)?
The price-to-sales ratio of First Property Group plc is 2.72 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Property Group plc (FPO)?
Earnings per share at First Property Group plc are £0.0200 (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Property Group plc (FPO)?
The dividend yield of First Property Group plc is 1.9% (payout 15.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Property Group plc (FPO)?
The net margin of First Property Group plc is 30.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Property Group plc (FPO)?
The return on equity (ROE) of First Property Group plc is 6.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Property Group plc (FPO)?
On an EBIT basis the return on assets of First Property Group plc is 2.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Property Group plc (FPO)?
The operating margin of First Property Group plc is 17.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Property Group plc (FPO)?
Revenue at First Property Group plc is growing +40.3% versus a year earlier (3y avg +6.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Property Group plc (FPO)?
Earnings per share at First Property Group plc are growing +38.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Property Group plc (FPO) carry?
The net debt of First Property Group plc is £2.2M (fiscal year 2026, ≈ 11.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 4, 2026