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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.

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 24.2 11.4
2017A 73.0 63.0 31.0 5.2 22.3 11.6
2018E 77.0 67.0 36.0 5.1 22.8 11.9
2019E 83.0 72.0 42.0 5.4 21.5 12.5

Last updated on 25/06/2018

Latest research

Investment summary

PHP will report results for the six months ended 30 June 2018 on 25 July. It recently completed a £115m (gross) equity raise, providing funding for continuing growth in its investment portfolio, targeting returns that are supportive of the progressive dividend policy, now in its 22nd year. With the equity raise it provided details of a c £151m pipeline of investment prospects, of which more than a third were at a highly advanced stage of negotiation. It has since completed the acquisition of a modern, purpose-built medical centre in Swindon, its second property in the town, for £6.1m, with a WAULT of c 27.5 years. PHP is well placed to seize additional opportunities that may arise. NHS commissioning of primary healthcare investment is finally showing signs of acceleration and PHP's Republic of Ireland operation is becoming established, with a fourth asset recently added.

Last updated on 29/06/2018

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 29/06/2018

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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