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Currency in GBP
Last close As at 24/03/2023
GBP0.94
▲ −0.50 (−0.53%)
Market capitalisation
GBP392m
Impact Healthcare REIT 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, underpinned by structural growth in demand for care.
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.
Director, Financials
Andrew Cowley
Managing partner, Impact Health Partners
David Yaldron
FD
Rupert Barclay
Non-executive chairman
Forecast net cash (£m)
120.3
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (5.9) | (6.8) | (19.0) |
| Relative | (1.3) | (7.7) | (18.1) |
| 52 week high/low | 127.0p/92.2p |
With its Q422 NAV update, Impact Healthcare REIT (IHR) increased it DPS target for FY23 to 6.77p (+3.5%). With earnings continuing to be driven by inflation-indexed rental growth, significantly protected by fixed costs on 80%, we expect DPS to be fully covered by cash earnings. The Q4 impact of yield widening across the broad property sector was limited by the long-indexed leases, while low gearing mitigated the impact on NAV.
| Y/E Dec | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (p) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2020A | 30.8 | 25.7 | 23.1 | 7.3 | 12.6 | 14.0 |
| 2021A | 36.5 | 31.0 | 27.4 | 8.1 | 11.4 | 13.2 |
| 2022E | 45.5 | 38.6 | 32.7 | 8.4 | 11.0 | 14.2 |
| 2023E | 52.9 | 44.7 | 35.0 | 8.4 | 11.0 | 10.1 |
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