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Hardman & Co Research (PHP)

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Monday 29 October, 2018

Hardman & Co Research

Primary Health Properties (PHP): Growing the footprint; optimising income and NAV

Hardman & Co Research
Hardman & Co Research: Primary Health Properties (PHP): Growing the footprint; optimising income and NAV

29-Oct-2018 / 07:15 GMT/BST


Hardman & Co Research: Growing the footprint; optimising income and NAV

PHP's dividend growth is set to accelerate. In addition, we see a number of drivers to NAV growth. PHP invests in Government-income-backed, long leases. Two years ago, PHP extended into the Republic of Ireland (RoI), and has invested EUR101m in assets in newly built primary medical centres in that jurisdiction. UK assets are attractive to investors seeking low-risk assets and covenants, with upward-only rents on long leases. Notwithstanding possible rising bond yield valuations, we believe PHP's UK assets will see an element of upward revaluation. The RoI assets have similar characteristics but trade off higher yields. We see an ongoing trend of a narrowing down of the RoI asset valuation discount vs. the UK. Please click here for the full report:

https://www.hardmanandco.com/research/corporate-research/growing-the-footprint-optimising-income-and-nav/

 

To contact us:

Hardman & Co
35 New Broad Street
London
EC2M 1NH
www.hardmanandco.com
Follow us on Twitter @HardmanandCo
Contacts:

Mike Foster

+44 20 20 7451 7050


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About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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738423  29-Oct-2018 

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