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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.

Stock data

Market cap.£807.9m
Last close109.60p
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
Actual(1.1)(3.4)(2.3)
Relative *0.04.53.1

* % 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 23.3 10.8
2017A 71.3 62.6 31.0 5.1 21.5 11.0
2018E 75.9 66.0 36.9 5.2 21.1 11.4
2019E 81.4 71.2 43.3 5.5 19.9 11.9

Last updated on 02/11/2018

Investment summary

Primary Health Properties (PHP) recently held a capital markets day in the Republic of Ireland (RoI), where it now has eight assets and looks for further strong growth, towards 10% of the overall portfolio. The RoI market shares similar drivers and attractive characteristics to the UK and currently benefits from higher yields and lower funding costs. The visit provided additional comfort to our forecasts for further income and dividend growth driven by asset acquisition in both the UK and RoI, an improving outlook for rental growth and more opportunities to optimise average borrowing costs.

Last updated on 02/11/2018

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 26/10/2018

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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