The Property Franchise Group – AGM Trading Update highlights its recurring revenues, shares 477.50p, broker TP 660p

Mark Watson-Mitchell – 28.05.2026

This morning, ahead of The Property Franchise Group (LON:TPFG) holding its AGM, the £304.4m-capitalised business has issued a Trading Update.

The company is the UK’s largest multi-brand lettings and estate agency franchising group.

Over the last year, the group’s shares, which have been as low as 349p and up to 600p, closed at 477.50p, trading on just 12.3 times current-year estimated earnings.

The Business

The Bournemouth-based company was listed on AIM on the London Stock Exchange in 2013 and entered the AIM 100 in July 2024.

The Property Franchise Group PLC is the UK’s largest multi-brand property franchisor with a network of over 1,900 lettings and estate agency businesses and 300 mortgage advisers, delivering high-quality services to residential clients. 

With a diverse portfolio of 18 brands operating throughout the UK and internationally, comprising longstanding high-street focused brands and two hybrid brands, The Property Franchise Group is also a member of two leading mortgage networks through its mortgage brokers, Brook Financial (MAB) and The Mortgage Genie (Primis). 

It operates across 18 countries – spreading its international appeal.

Licensing

Comprises Fine & Country, where both UK and international licensees (1,042 in 2025) pay a fixed fee to trade under the brand whilst receiving marketing and regulatory support, and The Guild of Property Professionals, which offers its members a well-established brand that provides access to group buying power and regulatory guidance in return for an annual fee.

The AGM Trading Update

This morning, the group has issued a Trading Update ahead of its AGM later today.

It reported that trading is in line with expectations, benefiting from a resilient, cash-generative business model with substantial recurring revenues.

The company anticipates the Renters' Rights Act will create opportunities for its professionally managed operators due to increased regulatory burdens on self-managed landlords, with encouraging initial enquiries.

TPFG has strategically acquired Smart Advice Financial Solutions Ltd and invested in Meridian HoldCo Limited, parent of Legal & General Surveying Services Limited, to enhance financial services capabilities and broaden exposure across the property transaction ecosystem, supporting long-term earnings quality and diversification.

The Board remains confident in the group's long-term positioning and its ability to deliver on strategic opportunities, whilst continuing to adopt a measured and disciplined approach in light of the broader macroeconomic environment.

Broker's View

Four brokers have the group’s shares rated as a Strong Buy, while two others rate them a Buy.

Of note is the Target Price by Berenberg Bank, looking for 680p per share, while Cavendish Capital Markets has a bolder 710p objective.

The average estimates of those brokers suggest that the current year to end-December could show £87.65m in revenue, with pre-tax profits of £30.22m, earnings of 38.68p and a dividend of 22.03p per share.

For the 2027 year, estimates are for £91.72m revenues, £31.98m profits, 41.07p earnings and 23.33p of dividend.

At Canaccord Genuity Capital Markets, analyst Stephen Barratt has a 660p Target Price out on the group's shares.

"TPFG trades on an FY26E P/E of 12.2x and yields 5.0%.

We make no changes to our forecasts, but are encouraged by the trading update, as well as the continued development of the platform model, with management adding additional services and capabilities, which we believe will not only help drive revenue growth, but also further improve earnings quality for the group.

Our TP of 660p implies 38% upside and a 43% TSR."

The Equity

There are some 63.75m shares in issue.

The larger holders include Gresham House Asset Management (14.71%), Richard Martin (7.28%), Canaccord Genuity Wealth Management (5.03%), Bavaria Industries Group (4.58%), Trinity Bridge (4.57%), Octopus Investments (4.16%), and Hargreaves Lansdown (3.54%).

Broker’s Views

Four brokers have the group’s shares down as a Strong Buy, while another two rate them as a Buy.

Of note is the Target Price by Berenberg Bank, looking for 680p per share, while Cavendish Capital Markets has a bolder 710p objective.

The average estimates of those brokers suggests that the current year to end-December could show £87.65m in revenue, with pre-tax profits of £30.22m, earnings of 38.68p and a dividend of 22.03p per share.

For the 2027 year, estimates are for £91.72m revenues, £31.98m profits, 41.07p earnings and 23.33p of dividend.

My View

The Property Franchise Group presents a compelling investment opportunity underpinned by strategic acquisitions, scalable operations, and resilient business model that delivers reliable recurring income while supporting its network of entrepreneurial business owners. 

What I really like is that the highly cash-generative group has a very high degree of recurring revenue from its lettings, at some 51%.

(Profile 03.04.25 @ 424p set a Target Price of 500p*)

(Profile 09.12.25 @ 526p set a Target Price of 620p)

A wide mix of agencies