First Property (FPO) AI Stock Analysis

• Market Cap: £22.92M
• Dividend Yield: N/A
• Average Volume (3M): 25.95K
• Price to Earnings (P/E): 5.0
• Beta (1Y): 0.53
• Revenue Growth: -7.14%
• EPS Growth: N/A
• Country: UK
• Employees: 51
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Services
• EPS (TTM): <0.01
• Shares Outstanding: 147,843,110
• 10 Day Avg. Volume: 15,265
• 30 Day Avg. Volume: 25,947
• PEG Ratio: -0.06
• Price to Book (P/B): 0.38
• Price to Sales (P/S): 2.30
• P/FCF Ratio: -29.82
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.02
• Revenue Forecast (FY): £6.89M

• Rating: 70 Outperform
• Price Target: 17.00 p ▼(-9.33% Downside)
• Action: Upgraded Date: 12/07/25
• Date: Action: Upgraded 12/07/25

First Property's strong technical momentum and positive corporate events are the most significant factors driving the score. The company's financial performance shows recovery but remains challenged by inconsistent revenue growth and cash flow generation. Valuation is reasonable, but the lack of a dividend yield is a minor drawback.

Positive Factors

Balance sheet strength

Manageable leverage and a solid equity base provide lasting financial flexibility. A healthy cash position supports capital allocation choices—covering capex, funding selective acquisitions or property improvements, and absorbing sector cycles—reducing refinancing risk over the next several quarters.

Active portfolio management

Strategic property sales that materially boosted cash and cut net debt show management is executing portfolio rebalancing to strengthen liquidity and capital structure. This asset-rotation approach can improve returns and lower leverage, supporting sustainable operations through market cycles.

Profitability recovery

A rebound in net income and recovering EBITDA margins indicate improving operational efficiency and cost discipline. If sustained, these margin gains can translate into stronger recurring earnings and better cash conversion, improving the firm's ability to invest and service debt over multiple quarters.

Negative Factors

Revenue decline trend

A multi-year revenue decline undermines scale and can compress long-term cash generation. For a property investor, shrinking rental or disposal-derived revenues reduce reinvestment capacity and make it harder to rebuild margins or cover fixed costs without further asset sales or restructuring.

Inconsistent free cash flow

Irregular free cash flow limits the company's ability to fund maintenance, acquisitions, or debt reduction from internal sources. Reliance on occasional disposals or external financing increases execution risk and leaves the firm exposed if markets tighten, affecting long-term financial resilience.

Shrinking asset base & earnings volatility

Declining asset levels alongside volatile earnings suggest the company may be shrinking portfolio income or crystallizing impairments. A smaller or more volatile asset base reduces predictable rental cash flows and complicates long-term planning for stable returns and debt servicing.

First Property Business Overview & Revenue Model

Company Description

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.

How the Company Makes Money

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First Property Financial Statement Overview

Summary

First Property shows signs of recovery in profitability and operational efficiency, but faces challenges in maintaining consistent revenue growth and generating positive free cash flow. The balance sheet reflects moderate leverage and a strong equity position, offering financial stability.

Income Statement

The company's revenue has experienced fluctuations, with a notable decline from 2020 to 2025. Gross profit margins have been moderately stable, but net income has been volatile, improving significantly in 2025 after a loss in 2024. EBITDA margins have shown signs of recovery in the recent year, indicating operational efficiency improvements.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio, indicating manageable leverage levels. Equity ratio reflects a solid equity base, but total assets have seen slight declines. The company has maintained a healthy cash position, enhancing its financial stability and flexibility.

Cash Flow

Cash flow analysis shows inconsistent free cash flow generation, with improvements in operating cash flow in 2025. However, negative free cash flow in recent years poses a concern. The operating cash flow to net income ratio indicates some alignment between cash earnings and reported profits.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	7.26M	7.55M	7.85M	7.25M	8.64M	12.12M
Gross Profit	2.15M	4.82M	4.97M	4.99M	5.72M	7.99M
EBITDA	1.67M	4.16M	-3.56M	3.12M	7.50M	-2.99M
Net Income	2.27M	2.14M	-4.58M	1.92M	6.78M	-7.45M
Balance Sheet
Total Assets	68.45M	78.71M	75.81M	83.48M	76.98M	81.28M
Cash, Cash Equivalents and Short-Term Investments	3.29M	4.82M	4.63M	7.65M	6.42M	16.24M
Total Debt	9.39M	9.45M	10.59M	13.37M	15.03M	35.78M
Total Liabilities	19.10M	31.39M	34.88M	38.01M	33.99M	44.29M
Stockholders Equity	47.03M	45.09M	38.98M	43.44M	42.77M	36.79M
Cash Flow
Free Cash Flow	443.00K	-582.00K	-1.30M	2.45M	-3.12M	38.43M
Operating Cash Flow	444.00K	856.00K	398.00K	3.48M	-1.44M	38.73M
Investing Cash Flow	-1.45M	-77.00K	-840.00K	2.76M	-4.28M	1.05M
Financing Cash Flow	-1.94M	-575.00K	-2.66M	-5.09M	-4.08M	-30.66M

First Property Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:FPO, the sentiment is Negative. The current price of 18.75 is above the 20-day moving average (MA) of 16.41, above the 50-day MA of 17.02, and above the 200-day MA of 15.95, indicating a bearish trend. The MACD of -0.40 indicates Positive momentum. The RSI at 20.70 is Positive, neither overbought nor oversold. The STOCH value of 15.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:FPO.

First Property Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PNS	76 Outperform	£50.18M	3.28	6.10%	3.92%	-6.10%	889.93%
FPO	70 Outperform	£22.92M	5.00	5.05%	―	-7.14%	―
CDFF	69 Neutral	£27.29M	19.57	4.44%	0.91%	-2.80%	30.05%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
GR1T	52 Neutral	£34.23M	-0.40	-11.20%	―	15.55%	-116.52%
PSDL	51 Neutral	£155.65M	-6.51	-9.62%	―	―	―
DCI	42 Neutral	£39.80M	28.06	―	―	―	―