First Property (LON:FPO) - Proven growth model
Nov 19th 2008 - Edison Investment Research today published a report on First Property (FPO.L, LSE:FPO, LON:FPO) entitled "Proven Growth Model". In summary, the report says:
First Property Group operates an unusual, but well-balanced and resilient business model for the sector. Its three components are (1) a core, visible revenue stream derived from annual fees for management of institutional property funds; (2) participation in asset growth, via performance fees assessed on a three-year cycle; and (3) opportunistic property trading profits. The full year forecast is fully covered by contracted management fees, while a strong executive team, debt free balance sheet, NAV and well-covered dividend reinforce the investment case.
Edison Investment Research is a leading international investment research company. It has won industry recognition, with awards both in the UK and internationally. The team of 95 includes over 60 analysts supported by a department of supervisory analysts, editors and assistants. Edison writes on more than 400 companies across every sector and works directly with corporates, fund managers, investment banks, brokers and other advisers. Edison’s research is read by institutional investors, alternative funds and wealth managers in more than 100 countries. Edison, founded in 2003, has offices in London, New York and Sydney and is authorised and regulated by the Financial Services Authority (www.fsa.gov.uk/register/firmBasicDetails.do?sid=181584). more »
