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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.

Y/E Sep Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2017A 35.9 N/A 33.3 3.6 24.6 N/A
2018A 39.1 N/A 49.1 3.9 22.7 N/A
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A

Last updated on 30/01/2019

Investment summary

MedicX will report its results for the year ended 30 September 2018 in December. It has a high quality portfolio in the UK and Republic of Ireland (RoI, c 7% of the total) and the Q3 report showed this continues to perform well. During Q3, further tightening in valuation yields, supported a 1.5% increase in EPRA NAV per share to 80.5p, and including dividends paid the Q3 EPRA NAV total was 3.4%, taking the nine-month total return to 11.4%. H218 also included a significant portfolio acquisition and an important restructuring of some long-term debt facilities, increasing the company’s borrowing flexibility and extending its facilities at a lower marginal cost. We expect rebalanced FY19 DPS to be fully covered by earnings, providing an attractive c 5% yield, while the shares trade at a discount to NAV.

Last updated on 01/02/2019

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 01/02/2019

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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