MedicX Fund

LN: MXF

£427m market cap

96.4p last close

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.

Investment summary

MedicX will report its results for the year ended 30 September 2018 in December. H218 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. NAV total return during Q3 was a strong 3.4%, following 8.0% in H118, while the pipeline of identified investment opportunities in the UK and the Republic of Ireland remained strong. The shares offer an attractive prospective yield of 4.8%, with full dividend cover, and currently trade at a small discount to NAV.

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 26.8 N/A
2018A 39.1 N/A 49.1 3.9 24.7 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
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 13/03/2019
Share price graph
Price performance
%
1m
3m
12m
Actual 8.1 20.8 17.0
Relative* 8.3 15.4 17.6
52-week high/low 96.4p/73.2p
*% relative to local index
Key management
David Staples Chairman
Mike Adams CEO
Alan Pennell Financial Controller