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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Primary Recommendations

The Property Franchise Group - Synergies from Belvoir to power eps to 31p in ’25; soon-to-be forward PE just 11.3

May 2024

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • TPFG
  • Price:
  • 355p
Over the month I met with Gareth Samples and David Raggett, CEO and CFO of The Property Franchise Group (TPFG), a chain of franchised estate and lettings agents, which has just completed the acquisition of rival Belvoir, thereby more than doubling its number of offices by 333 to around 730, alongside a c. 200-strong network of hybrid franchisees working out of their bedroom. It’s fair to say both these businesses are top drawer with TPFG having increased revenues every year bar one (because of Pandemic disruption) from £3.7m in 2012 to £20.3m in FY’22, while Belvoir has expanded from £4m to £33.7m in the same period. Both businesses are also highly profitable with the enlarged group operating profit margins expected to build towards almo ...

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