Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

141.80p
   
  • Change Today:
      0.80p
  • 52 Week High: 142.20
  • 52 Week Low: 108.00
  • Currency: UK Pounds
  • Shares Issued: 1,214.41m
  • Volume: 2,298,377
  • Market Cap: £1,722.04m
  • RiskGrade: 94
  • Beta: 0.11

Primary Health earnings boosted by MedicX merger

By Iain Gilbert

Date: Thursday 25 Jul 2019

LONDON (ShareCast) - (Sharecast News) - Primary Health Properties saw first half earnings from operational activities grow after its merger with MedicX back in March delivered a 22.7% total shareholder return.
The FTSE 250 listed healthcare property investor reported a 12% increase in adjusted EPRA earnings per share to 2.8p, while net rental income grew 44% in the six months ended 30 June to £53.8m.

Taking away the MedicX merger, Primary Health's adjusted earnings grew 19% to £20.3m, with the merger adding an additional £7.6m.

PHP also delivered operating synergies of £4m per annum, outlined at the time the MedicX deal was announced in January, as well as further finance cost savings.

Excluding exceptional adjustments related to the MedicX merger, PHP's IFRS pre-tax profit was £41.5m, ahead of the £38.7m recorded a year earlier.

Looking forward, chief executive Harry Hyman said: "Continuing improvements to the rental growth outlook and further reductions in the cost of finance will help to maintain our strategy of paying a progressive dividend to our shareholders which is fully covered by earnings."

Analysts at Peel Hunt upgraded its EPS estimates on the group following the update, again highlighting the impact of MedicX's integration into the group.

"We increase adjusted EPS 5% to 6p (excluding performance fee). Dividend per share unchanged at 5.6p for 4.2% yield. Net asset value unchanged at 107p for a 26% premium," said Peel Hunt, which reiterated its 'add' rating and 145p target price.

As of 1035 BST, PHP shares had inched forward 0.30% to 134.80p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

PHP Market Data

Currency UK Pounds
Share Price 141.80p
Change Today 0.80p
% Change 0.57 %
52 Week High 142.20
52 Week Low 108.00
Volume 2,298,377
Shares Issued 1,214.41m
Market Cap £1,722.04m
Beta 0.11
RiskGrade 94

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
87.25% below the market average87.25% below the market average87.25% below the market average87.25% below the market average87.25% below the market average
66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average66.67% below the sector average
Price Trend
81.26% above the market average81.26% above the market average81.26% above the market average81.26% above the market average81.26% above the market average
72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average
Income
12.09% below the market average12.09% below the market average12.09% below the market average12.09% below the market average12.09% below the market average
41.18% below the sector average41.18% below the sector average41.18% below the sector average41.18% below the sector average41.18% below the sector average
Growth
18.89% below the market average18.89% below the market average18.89% below the market average18.89% below the market average18.89% below the market average
37.14% below the sector average37.14% below the sector average37.14% below the sector average37.14% below the sector average37.14% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 3
Sell 0
Strong Sell 0
Total 5
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PHP Dividends

  Latest Previous
  Q4 Q3
Ex-Div 10-Oct-19 11-Jul-19
Paid 22-Nov-19 23-Aug-19
Amount 1.40p 1.40p

Trades for 21-Oct-2019

Time Volume / Share Price
16:48 8,448 @ 141.63p
16:35 920,873 @ 141.80p
16:29 1,319 @ 141.80p
16:29 575 @ 141.80p
16:29 1,484 @ 141.80p

PHP Key Personnel

Finance Director Richard Howell

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