First Property Group plc (FPO) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of First Property Group plc £0.15, price £0.15, upside +3.7%, quality 43 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range £0.1150 – £0.3082 · fair‑value band £0.1105 – £0.1955 · the £0.1475 price screens below the £0.1530 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. Dashed = 300-day average. As of Sep 23, 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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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. 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 £0.1475, while our model-based Fair Value estimate is £0.1530, implying the stock looks roughly 3.6% fairly valued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of £0.2500 per share, and 7 of the 14 models we run sit above the £0.1475 price.
Bear case: the Growth DCF group reads lowest at £0.0500, and 7 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: £0.1105 (bear) to £0.1955 (bull), the price of £0.1475 sits inside 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 43/100 (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 21.9M GBX · P/E ratio 7.4 · P/S ratio 2.27 · EPS (TTM) £0.0200 · Net margin 30.8% · Return on equity 6.0% · Return on assets (EBIT) 2.5% · Operating margin 17.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 28% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at 4%, FPO screens cheaper than that median.
Fair Value models
Bear £0.1105Fair Value £0.1530Bull £0.1955
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (£0.0098 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.Evidence ⓘEvidence = 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.
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.
−18.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.8%
Dividend (yield on the price)0.0%
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.−19% vs −12%, 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%
Start year 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).
+43.7%
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 +40.4% a year for the price.
Compare First Property Group plc with another stock
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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 · 547 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score44 · Below median
Fair Value upside+4% · Above median
Profitability
Return on equity (TTM)6% · Above median
Return on assets1% · Below median
Net margin (TTM)31% · Above median
Operating margin (TTM)17% · Below median
Growth and dividend
Revenue growth40% · Top 25%
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 Sep 23, 2026, our model estimates a fair value of £0.1530 versus a price of £0.1475, about +4% upside (fairly valued).
What is the fair value of FPO?
Our model-based fair value for First Property Group plc is £0.1530 (as of Sep 23, 2026), built from audited fundamentals. The current price: £0.1475.
What is the quality score of FPO?
First Property Group plc has a Quality Score of 43/100. 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 £0.1530 (as of Sep 23, 2026) from 14 valuation models. Cautious scenario £0.1105, optimistic scenario £0.1955. 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 £0.1530, about +4% upside versus a price of £0.1475 (fairly valued). Cautious scenario £0.1105, optimistic scenario £0.1955. 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 Sep 23, 2026).
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 +43.7 % 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 Sep 23, 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 0.24, 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 +43.7 % per year a year over ten years, 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 +43.7 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into First Property Group plc (+43.7 % per year a 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 0.85 %: 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 £0.1530 per share (as of Sep 23, 2026), against a price of £0.1475. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is First Property Group plc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, FPO trades below its calculated fair value: price £0.1475, fair value £0.1530, a gap of about +4% (fairly valued). 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 (£0.1475); the fair value is what the company's own numbers justify (£0.1530). For First Property Group plc the two are £0.0055 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 21.9M GBX (market capitalisation, as of Sep 23, 2026). Per share that is £0.1475; our models calculate a fair value of £0.1530 per share.
What do the bullish and bearish scenarios say about FPO?
Our models span a range for First Property Group plc: cautious scenario £0.1105, base £0.1530, optimistic £0.1955 per share (as of Sep 23, 2026, price £0.1475). 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 7.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £0.1530 is built from several models across several years. Other multiples: P/B 0.6, P/S 3.3, EV/EBITDA 16.0.
How solid is the balance sheet of First Property Group plc (FPO)?
Balance-sheet figures for First Property Group plc (as of Sep 23, 2026): return on equity 6.0%, debt of 0.17 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is FPO from its 52-week high?
First Property Group plc trades at £0.1475, about 22% below its 52-week high of £0.1900 and 28% above the low of £0.1150 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of £0.1530 is for.
Which stocks are comparable to First Property Group plc?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Sep 23, 2026: price £0.1475, calculated fair value £0.1530 (+4%), Quality Score 43/100, from 14 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 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £0.1530, 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 13.0 % above its aggregate fair value. First Property Group plc currently trades 4 % below its own fair value, and the market average says nothing about that. 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 Sep 24, 2026 was £0.1475. Our model-based fair value is £0.1530, about +4% upside (fairly valued). 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 close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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 21.9M GBX. 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 2.27 (P/E × margin). 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 7.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of First Property Group plc (FPO)?
The net margin of First Property Group plc is 30.8% (fiscal year 2026). 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 +36.9% 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 GBX (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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