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Primary Health Properties (LSE: PHP)

Last close As at 26/10/2024

GBP0.97

▲ −0.70 (−0.72%)

Market capitalisation

GBP1,293m

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. The new UK government is committed to increased investment in primary and community care.

Latest Insights

View More

Real Estate | Flash note

Primary Health Properties — Highlighting organic and investment-led growth

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
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 (3.8) 6.2 10.3
Relative (3.7) 5.0 (2.7)
52 week high/low 106.3p/86.6p

Financials

Primary Health Properties (PHP) has issued a Q324 trading update alongside its capital markets presentation. The presentation focused on the significant opportunities for growth that PHP has identified in both the UK and Irish markets. Most importantly, the trading statement shows organic rental growth continuing, underpinning PHP’s commitment to its progressive dividend policy. Our forecasts are, for now, unchanged.

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 14.7 11.0
2023A 151.0 137.3 26.1 6.8 14.2 9.7
2024E 154.5 141.1 49.7 6.9 14.0 9.3
2025E 157.3 144.2 124.8 7.0 13.8 8.9

Research

Update

Real Estate

Primary Health Properties — Continuing dividend growth

edison tv

Real Estate

Primary Health Properties – executive interview

Real Estate

Flash note

Primary Health Properties — Highlighting organic and investment-led growth
View All

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