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Primary Health Properties (LSE: PHP)

Last close As at 21/11/2024

GBP0.93

— 0.00 (0.00%)

Market capitalisation

GBP1,243m

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

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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 (6.1) (3.0) (6.4)
Relative (2.8) (0.6) (13.4)
52 week high/low 106.3p/88.5p

Financials

Primary Health Properties’ (PHP’s) Q3 trading update provided details of the continuing organic rental growth that underpins its commitment to progressive dividends. PHP has already declared dividends of 6.9p per share (+3%) for FY24 and we expect further growth in FY25, which would mark 30 years of unbroken dividend growth. An in-depth presentation to analysts and investors (a recording of which is available on the company’s website) focused on the significant opportunities for growth that PHP has identified in both the UK and Irish markets. The company is well placed to help meet the need for investment in both countries where it is economically viable. In this respect, the increasing signs of market rent adjustment are highly encouraging.

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 14.1 10.6
2023A 151.0 137.3 26.1 6.8 13.7 9.3
2024E 154.5 141.1 49.7 6.9 13.5 9.0
2025E 157.3 144.2 124.8 7.0 13.3 8.6

Research

Update

Real Estate

Primary Health Properties — Refinancing enhances earnings/dividend outlook

Update

Real Estate

Primary Health Properties — Positively as expected

Real Estate

Outlook

Primary Health Properties — Continuing strong DPS growth well supported

Update

Real Estate

Primary Health Properties — AGM statement shows progress as expected

Outlook

Real Estate

Primary Health Properties — Resilient growth set to continue

Flash note

Real Estate

Primary Health Properties — Management internalisation

Update

Real Estate

Primary Health Properties — Robust and resilient growth

Update

Real Estate

Primary Health Properties — Secure income continuing

Update

Real Estate

Primary Health Properties — Successful merger and strong outlook

Outlook

Real Estate

Primary Health Properties — A scale platform for further growth

Update

Real Estate

Primary Health Properties — Ireland enhancing overall growth

Update

Real Estate

Primary Health Properties — Asset and rental growth drive strong performance

Update

Real Estate

Primary Health Properties — Funded for growth

research

Real Estate

Primary Health Properties — Strong 2017 with good growth prospects

Update

Real Estate

Primary Health Properties — Steady long-term income

research

Real Estate

Primary Health Properties — Update 27 February 2017

Update

Real Estate

Primary Health Properties — Update 27 February 2017

Outlook

Real Estate

Primary Health Properties — Update 26 August 2016

Update

Real Estate

Primary Health Properties — Update 22 February 2016

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