Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    IRLAB Therapeutics

    MCap

    SEK653m

    Last close

    SEK14.10

    ▲ 1.50 (11.90%)

    VolitionRx

    MCap

    USD51m

    Last close

    USD0.60

    ▲ 0.05 (9.82%)

    Portobello SpA

    MCap

    EUR12m

    Last close

    EUR2.38

    ▲ 0.20 (9.17%)

  • Sectors

    Sectors

  • Thematics

    Thematics

    View All Thematics

    Latest

  • Audiovisual

    Audiovisual

    View All Audiovisual

    Latest

Primary Health Properties (LSE: PHP)

Last close As at 04/11/2024

GBP0.96

▲ 0.70 (0.73%)

Market capitalisation

GBP1,275m

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
Visit Website

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 (6.5) 3.3 6.2
Relative (4.9) 6.9 (5.2)
52 week high/low 106.3p/88.5p

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 14.4 10.8
2023A 151.0 137.3 26.1 6.8 14.0 9.5
2024E 154.5 141.1 49.7 6.9 13.8 9.2
2025E 157.3 144.2 124.8 7.0 13.6 8.8

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

Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick
View All

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free