FKP: Result 2013

A satisfactory result and the shedding of development assets to repay debt mean our investment case for FKP is on track.

In Unlocking the value in FKP on 26 Feb 13 (Speculative Buy – $1.60) we made the case that FKP’s underlying assets were worth far more than the market price was implying, but that this value was unlikely to be realised until the company's structure was simplified. Thankfully, progress is being made on this front: FKP’s full-year result suggests that the new chief, Geoff Grady, is acutely aware of the property group’s problems.



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