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Primary Health Properties (LSE: PHP)

Last close As at 26/07/2024

GBP0.91

▲ 0.25 (0.27%)

Market capitalisation

GBP1,221m

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 — Continuing dividend growth

Real Estate | edison tv

Primary Health Properties – executive interview

Real Estate | Update

Primary Health Properties — Stability with income growth

Real Estate | Flash note

Primary Health Properties — Strategic and accretive Irish expansion
Primary Health Properties
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Harry Hyman

    Chairman

  • Mark Daves

    CEO

  • Richard Howell

    CFO

Balance Sheet

Forecast net cash (£m)

1268.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (0.2) 0.4 (3.4)
Relative 0.0 (1.7) (9.6)
52 week high/low 106.3p/85.5p

Financials

Primary Health Properties’ (PHP’s) H124 results show continuing earnings and dividend growth, driven by rental income and underpinned by a low cost ratio and significantly fixed borrowing costs. With open market rental growth, covering two-thirds of rent roll, accelerating further, we forecast this to continue through FY26, which would mark 30 years of unbroken dividend growth.

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 13.8 10.4
2023A 151.0 137.3 26.1 6.8 13.4 9.1
2024E 154.5 141.1 49.7 6.9 13.2 8.8
2025E 157.3 144.2 124.8 7.0 13.1 8.4

Research

edison tv

Real Estate

Primary Health Properties – executive interview

Update

Real Estate

Primary Health Properties — Stability with income growth

Real Estate

Update

Primary Health Properties — Continuing dividend growth
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