Primary Health Properties (LSE: PHP)

Currency in GBP

Last close As at 30/11/2023


−2.45 (−2.45%)

Market capitalisation


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.

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Primary Health Properties


Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Harry Hyman


  • Richard Howell


  • Steven Owen


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 14.4 8.0 (11.9)
Relative 11.1 8.5 (10.5)
52 week high/low 117.0p/85.5p


Interim results showed PHP to be well on track to meet its fully covered 6.7p DPS target, the 27th consecutive year of growth. Adjusted earnings increased by £1.2m or 2.7% versus H122, with a similar rise in adjusted EPS, covering DPS 102%. Organic rent growth is the driver, and continues to accelerate, with an average 4.4% uplift on completed reviews, while the EPRA cost ratio of 10.1% remains among the lowest in the sector. The balance sheet is strong with a loan to value (LTV) of 45.6% in the middle of PHP’s target LTV range of 40–50% and c £300m of borrowing headroom. 97% of drawn debt was either fixed or hedged, providing protection from interest rate volatility. While a highly selective approach to investment continues, PHP continues to identify value-creating opportunities in asset management schemes and acquisitions in Ireland, where yields remain higher. It recently agreed the acquisition of Ireland’s first Enhanced Community Care facility for a total consideration of €30m.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 136.7 126.2 141.6 6.1 16.0 9.2
2022A 141.5 131.9 56.9 6.4 15.2 11.1
2023E 149.9 138.7 85.2 6.5 15.0 9.7
2024E 154.4 143.5 95.4 6.7 14.6 9.1



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