Unlocking the value in FKP

A change in management, lower debt and a clearer strategy could finally release the value in this property group.

If you wanted a poster child for the late 2000s debt-fuelled property boom, FKP would be a fine choice. Reporting earnings that regularly outstripped cash flow and paying handsome distributions was an unsustainable equation. When the GFC hit, FKP collapsed. Since the share price peaked at $52.85 on 1 November 2007 (adjusted for the recent consolidation) it has lost over 95% of its value.


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