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Target Healthcare REIT (THRL)

Business description

Target Healthcare REIT invests in modern, purpose-built residential care homes in the UK let on long leases to high-quality care providers. It selects assets according to local demographics and intends to pay increasing dividends underpinned by structural growth in demand for care.

Stock data

Market cap.£385m
Last close113.50p
High / Low (52 weeks)121.7p / 101.5p
Stock market listingLN
Forecast net cash (£m)0
Forecast gearing ratio (%)N/A
TeamProperty
SectorProperty

Price performance

%1m3m12m
Actual0.44.1(7.3)
Relative *2.77.2(9)

* % Relative to local index

Other companies in sector Show

Company news

Target Healthcare has the REIT stuff

Mon, 07 Nov 2016 11:23:27 GMT

5 REITs with yields up to 7.5%: Land Securities Group plc, Intu Properties plc ...

Mon, 20 Jun 2016 11:48:45 GMT

Care homes acquired by specialist investor

Tue, 09 Jan 2018 08:37:30 GMT

Who Owns Target Healthcare REIT Limited (LSE:THRL)?

Mon, 27 Nov 2017 10:00:02 GMT

When Should You Buy Target Healthcare REIT Limited (LSE:THRL)?

Thu, 28 Sep 2017 08:34:32 GMT

Investment summary

Target is making good progress in the deployment of its available capital resources, including the £94m (gross) proceeds of February’s equity issue and extended, but unutilised, debt facilities. A significant pipeline of investment opportunities remains, on terms that management believes are consistent with dividend cover on a fully invested basis. We continue to forecast full investment in the current financial year and dividend cover in FY20. The 5.7% dividend yield is backed by very long-dated, RPI-linked leases, and supported by careful asset and operator selection.

Last updated on 09/08/2018

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 16.9 N/A 8.1 4.7 24.1 24.2
2017A 23.6 N/A 12.2 4.8 23.6 88.5
2018E 29.3 N/A 14.8 5.2 21.8 17.3
2019E 35.5 N/A 20.2 6.0 18.9 19.4

Last updated on 09/08/2018

Latest research

Portfolio performing well and growing

Update | Property | 09/08/2018

Funded for growth opportunities

Update | Property | 16/03/2018

Income growth and growing NAV

Update | Property | 09/11/2017

Careful investment paying dividends

Update | Property | 30/10/2017

Nearing full investment

Update | Property | 01/08/2017

Portfolio growth

Update | Property | 28/04/2017

Care home specialist

Initiation | Property | 20/03/2017

Latest video

Executive interview - Target Healthcare REIT

Industry outlook

The UK population over the age of 85 is expected to increase by 140% from 2014 to 2039 which, combined with a current shortage of high-quality care homes, suggests a strong investment demand in years to come.

Last updated on 27/07/2018

Key management

Kenneth MacKenzie, CEO
Gordon Bland, FD

Company address

Ordnance House
31 Pier Road
St Helier
Jersey
JE4 8PW
United Kingdom
+44 (0)1786 845 912
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