Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

158.80p
   
  • Change Today:
      0.80p
  • 52 Week High: 160.20
  • 52 Week Low: 112.00
  • Currency: UK Pounds
  • Shares Issued: 1,216.32m
  • Volume: 2,325,087
  • Market Cap: £1,931.52m
  • RiskGrade: 75

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 158.80p
Change Today 0.80p
% Change 0.51 %
52 Week High 160.20
52 Week Low 112.00
Volume 2,325,087
Shares Issued 1,216.32m
Market Cap £1,931.52m
RiskGrade 75

PHP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
89.95% below the market average89.95% below the market average89.95% below the market average89.95% below the market average89.95% below the market average
71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average71.43% below the sector average
Price Trend
79.88% above the market average79.88% above the market average79.88% above the market average79.88% above the market average79.88% above the market average
72.22% above the sector average72.22% above the sector average72.22% above the sector average72.22% above the sector average72.22% above the sector average
Income
15.47% below the market average15.47% below the market average15.47% below the market average15.47% below the market average15.47% below the market average
69.7% below the sector average69.7% below the sector average69.7% below the sector average69.7% below the sector average69.7% below the sector average
Growth
17.74% below the market average17.74% below the market average17.74% below the market average17.74% below the market average17.74% below the market average
31.43% below the sector average31.43% below the sector average31.43% below the sector average31.43% below the sector average31.43% below the sector average

What The Brokers Say

Strong Buy 1
Buy 1
Neutral 4
Sell 0
Strong Sell 0
Total 6
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
  Q1 Q4
Ex-Div 09-Jan-20 10-Oct-19
Paid 21-Feb-20 22-Nov-19
Amount 1.48p 1.40p

Trades for 24-Jan-2020

Time Volume / Share Price
16:39 2,534 @ 158.80p
16:35 475,312 @ 158.80p
16:29 458 @ 158.80p
16:29 58 @ 158.80p
16:29 26 @ 158.60p

PHP Key Personnel

Finance Director Richard Howell

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