Care REIT (LSE: CRT)

Last close As at 20/11/2024

GBP0.82

0.30 (0.37%)

Market capitalisation

GBP342m

Care REIT (CRT) 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.

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.

Latest Insights

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Real Estate | Flash note

Impact Healthcare REIT — Successful turnaround

Real Estate | Update

Impact Healthcare REIT — Visible growth

Real Estate | Flash note

Impact Healthcare REIT — Non-core sales enhance the portfolio

Real Estate | Outlook

Impact Healthcare REIT — Visibly growing income and capital

Impact Healthcare REIT_resized

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Cowley

    Managing partner, Impact Health Partners

  • David Yaldron

    FD

  • Rupert Barclay

    Non-executive chairman

Balance Sheet

Forecast net cash (£m)

175.9

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (6.8) (7.8) (5.3)
Relative (3.5) (5.5) (12.4)
52 week high/low 92.6p/78.9p

Financials

Care REIT (formerly Impact Healthcare REIT) continues to benefit from positive operational and financial trends, with indexed rental growth driving income and capital values, strong tenant performance and a record level of rent cover. Quarterly DPS is tracking Care’s full-year target of 6.95p (+2.7%) and, including DPS paid, the H124 NTA total return was 5.5%, building on the 10.5% FY23 return, the highest since listing. Across the portfolio, tenant operators have benefited from the post-pandemic recovery in occupancy and strong fee growth. Against this background, the performance of the turnaround assets has improved and all seven homes have now been transferred to new long-term operators, paving the way for a resumption of rent payments.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 45.4 38.6 32.6 8.4 9.8 10.9
2023A 53.1 46.0 34.5 8.3 9.9 10.2
2024E 54.6 47.2 35.7 8.6 9.6 8.0
2025E 58.0 50.3 39.2 9.4 8.8 8.0

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