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Impact Healthcare REIT (LSE: IHR)

Last close As at 26/07/2024

GBP0.88

▲ −0.40 (−0.45%)

Market capitalisation

GBP363m

Impact Healthcare REIT (IHR) 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.

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.

Latest Insights

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Real Estate | Flash note

Impact Healthcare REIT — Non-core sales enhance the portfolio

Real Estate | Outlook

Impact Healthcare REIT — Visibly growing income and capital

Real Estate | Update

Impact Healthcare REIT — Strong cash flow underpins further DPS growth

Real Estate | Update

Impact Healthcare REIT — On track to meet dividend target
Impact Healthcare REIT_resized
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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)

185.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.7 3.9 (5.0)
Relative 2.0 1.7 (11.1)
52 week high/low 93.0p/78.9p

Financials

Impact Healthcare REIT has exchanged contracts for the sale of five non-core homes for a combined £8.8m, in line with the most recent valuation. The sale is consistent with Impact’s active asset management approach, enhances the quality and long-term sustainability of its overall portfolio, reduces tenant concentration and provides the opportunity to recycle capital. There is no change to our forecasts.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 45.4 38.6 32.6 8.4 10.4 11.6
2023A 53.1 46.0 34.5 8.3 10.6 10.9
2024E 54.9 47.5 35.3 8.5 10.3 8.4
2025E 58.9 51.1 38.9 9.4 9.3 8.3

Research

Outlook

Real Estate

Impact Healthcare REIT — Visibly growing income and capital
Impact Healthcare REIT_resized

Update

Real Estate

Impact Healthcare REIT — Strong cash flow underpins further DPS growth

Real Estate

Flash note

Impact Healthcare REIT — Non-core sales enhance the portfolio
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Thematics

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