Edison issues update on Primary Health Properties

RNS Number : 0228O
Primary Health Properties PLC
14 May 2018
 

 

London, UK, 14 May 2018

Edison issues update on Primary Health Properties (PHP)

With a successfully completed £115m (gross) equity raise behind it, PHP is well funded for continuing growth in its investment portfolio, targeting returns that are supportive the progressive dividend policy, now in its 22nd year. The prospects for cash deployment look positive, with a c £151m pipeline of investment prospects, of which more than a third are at a highly advanced stage of negotiation. Reduced gearing leaves Primary Health Properties (PHP) well placed to seize additional opportunities that may arise, with the NHS commissioning of primary healthcare investment finally showing signs of acceleration, and the Republic of Ireland (RoI) operation becoming established, with a fourth asset recently added.

 

Our DPS estimates are unchanged despite the increase in share count, and our forecasts show the FY18 DPS substantially (99%) covered for a yield of 4.7%. Revenues are supported by secure, long-term income, substantially subject to upwards-only review, with little exposure to the economic cycle, or fluctuations in occupancy. The reduction in gearing makes faster asset and income growth possible, should opportunities arise. 

Click here to view the full report.

 

All reports published by Edison are available to download free of charge from its website

www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Martyn King, +44 (0)20 3077 5745

Andrew Mitchell, +44 (0)20 3681 2500

financials@edisongroup.com

 

Learn more at www.edisongroup.com and connect with Edison on: 

LinkedIn        https://www.linkedin.com/company/edison-investment-research 

Twitter           www.twitter.com/Edison_Inv_Res 

YouTube       www.youtube.com/edisonitv 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
NRAEASSLFADPEFF
UK 100

Latest directors dealings