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.
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Andrew Cowley
Managing partner, Impact Health Partners
David Yaldron
FD
Rupert Barclay
Non-executive chairman
Forecast net cash (£m)
185.3
Forecast gearing ratio (%)
N/A
% | 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 |
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 |