MedicX Fund (MXF)

Business description

MedicX Fund is a specialist REIT, listed on the premium segment of the LSE, investing in primary healthcare infrastructure in the UK and the Republic of Ireland.

Stock data

Market cap.£341.5m
Last close79.60p
High / Low (52 weeks)92.2p / 77.0p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *(2.9)0.9(13.2)

* % Relative to local index

Other companies in sector Show

Company news

MedicX Fund Raises GBP27.5 Million Through Loan Notes

Wed, 26 Jul 2017 13:41:15 GMT

MedicX Fund Acquires Medical Centre In Peterborough For GBP3.2 Million

Thu, 19 Apr 2018 17:03:45 GMT

MedicX: An investment trust offering a 7.2pc income based on Government-backed ...

Tue, 20 Oct 2015 10:41:15 GMT

5 REITs with yields up to 7.5%: Land Securities Group plc, Intu Properties plc ...

Mon, 20 Jun 2016 11:48:45 GMT

Octopus wraps tentacles around MedicX in £1bn deal

Fri, 04 Jul 2014 12:27:38 GMT

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 34.3 N/A 28.2 3.8 20.9 N/A
2017A 35.9 N/A 33.3 3.6 22.1 N/A
2018E 40.4 N/A 27.6 4.0 19.9 N/A
2019E 45.9 N/A 30.5 4.4 18.1 N/A

Last updated on 26/03/2018

Investment summary

MedicX produced a 3.9% EPRA NAV total return in the three months ended 31 December 2017, with EPRA NAV per share increasing to 78.0p from 76.5p, and including the 1.5p per share dividend paid in the period. A quarterly dividend of 1.51p per share was declared and has been paid in March. The investment portfolio increased by £18.3m to £698.6m, up 2.6%, including a revaluation gain of £8.3m and £15.2m of capital investment offset by £5.2m of non-core disposals. The UK valuation yield tightened further to 5.05% versus 5.08% at 30 September, with a yield forecast of more than 6% in the Republic of Ireland (RoI). The pipeline of investment opportunities remains strong, with c £108m of UK properties undergoing legal due diligence, and Irish assets with a value of c €60m that are either under final negotiation or undergoing legal due diligence and structuring analysis. With investment advisor fees frozen until the portfolio reaches £782m, further portfolio growth should have a geared impact on earnings and dividend cover.

Last updated on 06/04/2018

Industry outlook

Healthcare planning, with broad political support, suggests strong underlying demand for modern healthcare properties in both the UK and the RoI. In addition to providing investment opportunities, this seems likely to support rental growth.

Last updated on 06/04/2018

Key management

David Staples, Chairman
Mike Adams, CEO
Alan Pennell, Financial Controller

Company address

5 Godalming Business Centre
Woolsack Way
United Kingdom
+ 44 (0) 1483 869 500
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