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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, more 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.£884.4m
Last close114.60p
High / Low (52 weeks)117.2p / 106.4p
Stock market listingLN
Forecast net debt (£m)623
Forecast gearing ratio (%)80
TeamProperty
SectorProperty

Price performance

%1m3m12m
Actual4.43.40.8
Relative *0.04.511.7

* % Relative to local index

Other companies in sector Show

Company news

Liberum Capital upgrades Primary Health Properties, says in strong position to ...

Wed, 02 May 2018 09:17:05 GMT

Primary Health adds to Irish portfolio with €5.8mln Mountmellick Healthcare ...

Wed, 09 May 2018 06:33:45 GMT

Champagne moment - Primary Health Properties joins FTSE 250 index from today

Tue, 24 Apr 2018 13:56:35 GMT

Primary Health Properties raises funds to expand its portfolio

Fri, 23 Mar 2018 07:39:11 GMT

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

Wed, 18 Apr 2018 07:21:10 GMT

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 66.6 59.2 26.7 4.7 24.4 11.3
2017A 71.3 62.6 31.0 5.1 22.5 11.5
2018E 75.9 66.0 36.9 5.2 22.0 11.9
2019E 81.4 71.2 43.3 5.5 20.8 12.4

Last updated on 27/11/2018

Investment summary

In H118 EPRA earnings grew 11% to £17.1m, although near-term dilution from the £115m (gross) equity raise completed in April slightly reduced EPRA EPS (2.5p versus 2.6p in H117). H118 EPRA NAV per share was 103.4p and including 2.7p of DPS paid, the EPRA NAV total return in the period was 6.2%. The growth that we forecast is underpinned by a full period contribution from recent acquisitions, continued deployment of the proceeds of April’s equity issue into a strong pipeline of opportunities, an increasingly positive outlook for rental growth and further opportunities to lower average borrowing costs. Since H118, PHP has continued to grow its portfolio both in the UK and Ireland. The acquisition of three primary care centres in Ireland for €38.6m, fully let on long unexpired leases, has taken the Irish portfolio to more than €100m and PHP sees further good growth prospects. A presentation and video covering the Irish portfolio an opportunity can be viewed on the PHP website.

Last updated on 29/11/2018

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 29/11/2018

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
View website