Impact Healthcare REIT (LSE: IHR)

Currency in GBP

Last close As at 26/01/2023

GBP1.05

−0.80 (−0.75%)

Market capitalisation

GBP440m

Impact Healthcare REIT invests in a diversified portfolio of UK healthcare assets, particularly residential and nursing care homes, let on long leases to high-quality operators. It aims to provide shareholders with attractive and sustainable returns, primarily in the form of dividends, underpinned by structural growth in demand for care.

Care home demand is driven by demographics and care needs and benefits from supportive demand fundamentals including increasing requirements from a rapidly ageing population for high quality care and a need to reduce pressure on high-cost, medical care providers in the NHS.

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Cowley

    Managing partner, Impact Health Partners

  • David Yaldron

    FD

  • Rupert Barclay

    Non-executive chairman

Balance Sheet

Forecast net cash (£m)

138.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.7 4.2 (10.2)
Relative (2.1) (5.8) (12.4)
52 week high/low 127.0p/92.2p

Financials

Impact Healthcare REIT (IHR) has invested £56m, on an accretive basis, in a portfolio of six quality care homes, to be operated by existing tenant Welford Healthcare. The transaction is innovatively funded by a blend of new equity issued to the vendors, attractively priced at the last published NAV, and cash/newly hedged debt, managing near-term interest rate risks.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2020A 30.8 25.7 23.1 7.3 14.4 16.0
2021A 36.4 30.9 27.4 8.1 13.0 15.2
2022E 41.6 34.9 31.5 8.2 12.9 16.4
2023E 49.2 42.3 32.9 8.1 13.0 11.6

Thematics

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free