Primary Health Properties (LSE: PHP)

Currency in GBP

Last close As at 09/06/2023

GBP1.02

−0.40 (−0.39%)

Market capitalisation

GBP1,363m

Primary Health Properties 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.

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Harry Hyman

    CEO

  • Richard Howell

    CFO

  • Steven Owen

    Chairman

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.2) (1.8) (29.5)
Relative (2.1) 2.3 (28.7)
52 week high/low 147.9p/98.7p

Financials

As expected, Primary Health Properties (PHP) reported a strong financial and operational performance in H122 and is well into its 26th year of unbroken DPS growth. The company is ‘encouraged’ by strengthening rental growth and continues to selectively source accretive investment opportunities. With 95% of borrowings fixed rate or hedged, we expect further growth.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2020A 131.2 118.0 112.4 5.7 17.9 10.9
2021A 136.7 126.2 141.6 6.1 16.7 9.7
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A

Thematics

Consumer

IPO apocalypse

TMT

ESG, moving beyond the box tick

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