Primary Health Properties (PHP)

Business description

Primary Health Properties is a long-term investor in primary healthcare property in the UK and, recently, Ireland. Assets are mainly long-let to GPs and the NHS or the HSE, organisations backed by the UK and Irish governments, respectively.

Stock data

Market cap.£811.1m
Last close111.00p
High / Low (52 weeks)123.1p / 108.8p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamProperty
SectorProperty

Price performance

%1m3m12m
Actual0.9(2.4)(1)
Relative *(5.2)1.6(5.1)

* % Relative to local index

Other companies in sector Show

Company news

Director Deals - Primary Health Properties Plc (PHP)

Thu, 19 Apr 2018 16:05:16 GMT

Doctors' surgery owner Primary Health Properties raises higher-than-expected ...

Wed, 18 Apr 2018 07:21:10 GMT

Primary Health Properties raises funds to expand its portfolio

Fri, 23 Mar 2018 07:39:11 GMT

Primary Health Properties to raise up to £100mln to fund growing pipeline

Tue, 27 Mar 2018 09:45:00 GMT

Primary Health Properties dividend higher again as rental growth picks up

Thu, 15 Feb 2018 09:31:50 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 67.0 59.0 27.0 4.8 23.1 10.9
2017A 73.0 63.0 31.0 5.2 21.3 11.1
2018E N/A N/A N/A N/A N/A N/A
2019E N/A N/A N/A N/A N/A N/A

Last updated on 28/03/2018

Investment summary

PHP has announced its intention to raise up to £100m (before costs) in new equity, issuing up to 92.6m new shares at a price of 108p. The board may increase the size of the issue by up to 25%, if there is sufficient demand. The issue is subject to shareholder approval at an EGM scheduled for 18 April 2018. The proceeds are intended to fund transactions from PHP’s current acquisition and development pipeline totalling some £81.8m in the UK and some €79.0m in the Republic of Ireland, and existing asset management projects. Existing revolving debt may be repaid in the meantime. The recently released 2017 results showed EPRA NAV per share increasing by 10.5% to 100.7p and with dividends of 5.25p paid the NAV total return for the year was 16.4%.

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 Republic of Ireland. In addition to providing investment opportunities, this seems likely to support rental growth.

Last updated on 06/04/2018

Key management

Alun Jones, Chairman
Harry Hyman, MD

Company address

c/o Nexus PHP Management Ltd
2nd Floor, Griffin House, West Street
Woking
GU21 6BS
United Kingdom
+44 (0) 1483 749 020
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