Primary Health Properties (LSE: PHP)

Last close As at 27/03/2024

GBP0.95

0.65 (0.69%)

Market capitalisation

GBP1,261m

Primary Health Properties (PHP) is a long-term investor in primary healthcare property in the UK and the Republic of Ireland. Assets are mainly long-let to GPs and the NHS or the HSE, organisations backed by the UK and Irish governments respectively.

The primary health property market is driven by supportive demographic trends and the need to modernise health provision rather than the economy. PHP’s leases are long and substantially upward-only, 89% backed directly or indirectly by government bodies.

Latest Insights

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Real Estate | Update

Primary Health Properties — Stability with income growth

Real Estate | Update

Primary Health Properties — Sustaining dividend growth

Primary Health Properties

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Harry Hyman

    CEO

  • Richard Howell

    CFO

  • Steven Owen

    Chairman

Balance Sheet

Forecast net cash (£m)

1268.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.8 (9.5) (6.0)
Relative 2.6 (11.9) (12.2)
52 week high/low 107.0p/85.5p

Financials

The key feature of Primary Health Properties’ (PHP’s) 2023 results was the further acceleration in rental uplifts, rising at the fastest pace for 15 years. This is driving organic earnings growth to fully cover progressive dividends, which are now in the 28th year of unbroken increase.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 141.5 131.9 56.9 6.6 14.4 10.8
2023A 151.0 137.3 26.1 6.8 14.0 9.5
2024E 154.3 141.6 77.5 6.9 13.8 8.9
2025E 157.9 144.9 127.1 7.0 13.6 8.7

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