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Primary Health Props (PHP)

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Thursday 23 November, 2017

Primary Health Props

Hardman Research: Gilt edged rent collector

RNS Number : 3919X
Primary Health Properties PLC
23 November 2017
 

Hardman Research: Gilt edged rent collector - accelerating dividends

PHP rental income is effectively entirely HM Government underwritten and PHP's unbroken dividend growth is in its 21st year. In May 2017, PHP acquired its 300th primary care centre and now has 305. In 2018E, debt-financed investment continues in UK and Republic of Ireland (the latter on yields well above 6%). Interim results announced 27th July showed an acceleration in the rate of rent rises agreed (with more to come) and reduced cost of debt. We see good scope for acceleration in dividend growth, albeit 2018E may focus also on raising its cover.

Please click here for the full report:

http://hardmanandco.com/docs/default-source/company-docs/primary-health-properties-documents/23.11.17-gilt-edged-rent-collector-accelerating-dividends.pdf

To contact us:   

Hardman & Co

35 New Broad Street

London

EC2M 1NH

Contacts:

Mike Foster

[email protected]

 

Telephone: +44 20 7194 7622

Follow us on Twitter @HardmanandCo

www.hardmanandco.com 

About Hardman & Co: For the past 20 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.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies.  It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.


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