Target Healthcare (THRL)

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Company name:	Target Healthcare REIT
EPIC:	THRL	Trading Currency:	GBX
Market Sector:	SSC5	ISIN:	JE00B95CGW71
Market Segment:	SSMM	Share Type:	DE
WWW Address:		Description:	ORD NPV
Industry Sector:	REAL ESTATE INVESTMENT TRUSTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
108.50	0.5 [0.46]	108.50	109.00	107.50	109.00	107.50	481,192
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
417.82	385.09	0.01	5.25	-	20.67	-	116.50 - 101.50

Target Healthcare Key Figures

(at previous day's close)
Market Cap.	417.82	m
Shares In Issue	385.09	m
Prev. Close	108.00
PE Ratio	20.67
Dividend Yield	-	%
EPS - basic	5.25	p
Dividend PS	-	p
Dividend Cover	-
Cash Flow PS	5.75	p
Return On Equity (ROE)	4.14	%
Operating Margin	67.31	%
PEG Factor	2.44
EPS Growth Rate	8.47	%
Dividends PS Growth Rate	-	%
Net Debt	34.82	m
Gross Gearing	17.53	%
Quick Assets	71.90	m
Net Working Capital	64.54	m
Intangibles / Fixed Assets	-	%
Turnover PS	5.72	p
Pre-Tax Profit PS	3.85	p
Retained Profit PS	3.85	p
Cash PS	10.75	p
Net Cash PS	8.84	p
Net Tangible Asset Value PS *	93.12	p
Net Asset Value PS	105.70	p
Spread	0.50 (0.46%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Target Healthcare Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	110.00	106.50
4 weeks	110.00	104.50
12 weeks	113.00	104.50
1 year	116.50	101.50

Share Price Chart (5 years)

Target Healthcare Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	109.00	-0.50	-0.46	106.50	0.47		107.99
4 weeks	106.50	2.00	1.88	104.50	0.61		107.24
12 weeks	112.00	-3.50	-3.13	104.50	0.42		108.17
26 weeks	112.00	-3.50	-3.13	104.50	0.37		110.79
1 year	115.00	-6.50	-5.65	101.50	0.35		110.15
3 years	107.75	0.75	0.70	101.50	0.33		111.33
5 years	102.50	6.00	5.85	98.25	0.26		110.32
† periods calculated are whole weeks rather than calendar months

Target Healthcare Key Management Ratios

Target Healthcare Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	3.31
PE Ratio	20.67
Tobin's Q Ratio	1.13
Tobin's Q Ratio (excl. intangibles)	1.13
Dividend Yield	-	%
Market-to-Book Ratio	1.17
Price-to-Pre-Tax Profit PS	28.17
Price-to-Retained Profit PS	28.15
Price-to-Cash Flow PS	18.87
Price-to-Sales PS	18.96
Price-to-Net Tangible Asset Value PS	1.03
Price-to-Cash PS	10.09
Net Working Capital PS	16.76
Price Pct to Working Capital PS	6.47	%
Earnings Yield	4.84	%
Average PE	22.42
Years in average	5
PE to PE average	92.19	%

Target Healthcare Financial Ratios

(Leverage Ratios)
Debt Ratio	16.11	%
Debt-to-Equity Ratio	0.19
Debt-to-Equity Ratio (excl. Intgbl)	0.19
Debt-to-Equity Market Value	0.16
Net Gearing	8.01	%
Net Gearing (excl. Intangibles)	8.01	%
Gross Gearing	17.53	%
Gross Gearing (excl. Intangibles)	17.53	%
Gearing Under 1 Year	1.69	%
Gearing Under 1 Year (excl. Intgbl)	1.69	%
Assets/Equity	1.21
Cash/Equity	11.54
(Liquidity Ratios)
Net Working Capital to Total Assets	14.84	%
Current Ratio	9.77
Quick Ratio (Acid Test)	9.77
Liquidity Ratio	5.63
Cash & Equiv/Current Assets	57.58	%
(Solvency Ratios)
Enterprise Value	445.28	m
CFO/Sales	1.00
CFO/Attributable Profit	1.49
CFO/Assets	0.05
CFO/Debt	0.29
Total Debt/Equity Market Value	0.18
Total Debt/Sales	3.46
Total Debt/Pre-Tax Profit	5.14
Total Debt	76.22	m
Total Debt/Net Current Assets	1.18	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	3.47	%
5 yr Compound Earnings Growth	4.61	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	1

Beta (60-Mnth)	Beta (36-Mnth)
0.0099	0.0064

Target Healthcare Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	3.47	%
Return On Assets (ROA)	4.01	%
Net Profit Margin	67.37	%
Assets Turnover	0.06
Return On Equity (ROE)	4.14	%
Return On Investment (ROI)	4.08	%
Dividend Payout Ratio	-	%
Plowback Ratio	100.00	%
Growth from Plowback Ratio	4.82	%
Net Income Of Revenues	67.37	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.07
Fixed Assets Turnover	0.07
Current Assets Turnover	0.39
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	16.82
Debtors-to-Sales	136.44	%
Debt Collection Period	498.01	Days

Target Healthcare Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
27 Jul 2018	Interim	GBX	1.62	30/06/2017	30/06/2018	09/08/2018	10/08/2018	31/08/2018	-
26 Apr 2018	Interim	GBX	1.61	01/12/2017	31/03/2018	03/05/2018	04/05/2018	25/05/2018	-
19 Jan 2018	Interim	GBX	1.61	01/07/2017	31/12/2017	01/02/2018	02/02/2018	23/02/2018	-
09 Nov 2017	Interim	GBX	1.61	30/05/2017	30/09/2017	16/11/2017	17/11/2017	30/11/2017	-
27 Jul 2017	Final	GBX	1.57	30/06/2016	30/06/2017	03/08/2017	04/08/2017	25/08/2017	6.28
26 Apr 2017	Interim	GBX	1.57	01/12/2016	31/03/2017	04/05/2017	05/05/2017	26/05/2017	-
26 Jan 2017	Interim	GBX	1.57	01/07/2016	31/12/2016	02/02/2017	03/02/2017	24/02/2017	-
27 Oct 2016	Interim	GBX	1.57	30/05/2016	30/09/2016	03/11/2016	04/11/2016	25/11/2016	-
02 Aug 2016	Final	GBX	1.39	30/06/2015	30/06/2016	11/08/2016	12/08/2016	26/08/2016	6.02
15 Apr 2016	Interim	GBX	1.54	01/12/2015	31/03/2016	28/04/2016	29/04/2016	27/05/2016	-
04 Feb 2016	Interim	GBX	1.55	01/07/2015	31/12/2015	11/02/2016	12/02/2016	26/02/2016	-
05 Nov 2015	Interim	GBX	1.54	30/05/2015	30/09/2015	12/11/2015	13/11/2015	27/11/2015	-
06 Aug 2015	Final	GBX	1.53	30/06/2014	30/06/2015	13/08/2015	14/08/2015	28/08/2015	6.12
07 May 2015	Interim	GBX	1.53	01/12/2014	31/03/2015	14/05/2015	15/05/2015	29/05/2015	-
05 Feb 2015	Interim	GBX	1.53	01/07/2014	31/12/2014	12/02/2015	13/02/2015	27/02/2015	-
06 Nov 2014	Interim	GBX	1.53	30/05/2014	30/09/2014	13/11/2014	14/11/2014	28/11/2014	-
29 Jul 2014	Final	GBX	1.50	30/06/2013	30/06/2014	06/08/2014	08/08/2014	29/08/2014	6.00
29 Apr 2014	Interim	GBX	1.50	01/12/2013	31/03/2014	07/05/2014	09/05/2014	30/05/2014	-
30 Jan 2014	Interim	GBX	1.06	01/07/2013	31/12/2013	05/02/2014	07/02/2014	28/02/2014	-
17 Oct 2013	Interim	GBX	0.44	27/06/2013	27/10/2013	23/10/2013	25/04/2014	28/02/2014	-
17 Oct 2013	Interim	GBX	1.50	30/05/2013	30/09/2013	23/10/2013	25/10/2013	29/11/2013	-
01 Aug 2013	Final	GBX	2.00	30/06/2012	30/06/2013	07/08/2013	09/08/2013	30/08/2013	2.00

Target Healthcare Fundamentals

	30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		30 Jun 2017 (GBP)		30 Jun 2018 (GBP)
turnover	9.90	100.00%	12.74	100.00%	17.98	100.00%	22.03	100.00%	m
pre tax profit	6.84	69.15%	8.16	64.08%	12.18	67.73%	14.83	67.31%	m
attributable profit	6.81	68.75%	8.14	63.90%	12.20	67.87%	14.84	67.37%	m
retained profit	6.81	68.75%	8.14	63.90%	12.20	67.87%	14.84	67.37%	m
eps - basic (p)	5.71		4.74		4.84		5.25
eps - diluted (p)	5.71		4.74		4.84		5.25
dividends per share	6.12		6.02		6.28		-

Target Healthcare Balance Sheet

	30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		30 Jun 2017 (GBP)		30 Jun 2018 (GBP)


	30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		30 Jun 2017 (GBP)		30 Jun 2018 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	138.16	78.36%	200.72	70.98%	266.22	86.93%	362.92	83.46%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	8.99	5.10%	16.96	6.00%	29.62	9.67%	30.50	7.02%	m
cash & securities	29.16	16.54%	65.11	23.02%	10.41	3.40%	41.40	9.52%	m

TOTAL	176.31	100%	282.79	100%	306.25	100%	434.82	100%	m

LIABILITIES
creditors - short	3.62	2.05%	5.00	1.77%	5.98	1.95%	7.36	1.69%	m
creditors - long	33.40	18.94%	24.51	8.67%	43.33	14.15%	68.86	15.84%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	37.02	21.00%	29.51	10.43%	49.31	16.10%	76.22	17.53%	m

EQUITY
ord cap, reserves	139.29	79.00%	253.28	89.57%	256.94	83.90%	358.61	82.47%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	139.29	79.00%	253.28	89.57%	256.94	83.90%	358.61	82.47%	m

OTHER
NAV Basic	-		-		101.90		105.70
NAV Diluted	-		-		101.90		105.70

Target Healthcare Cash Flow Statement

	30 Jun 2015 (GBP)	30 Jun 2016 (GBP)	30 Jun 2017 (GBP)	30 Jun 2018 (GBP)
Operating CF	7.52	8.06	3.24	22.14	m
Pre-Financing CF	-50.06	-53.86	-57.84	-67.84	m
Retained CF	12.03	35.95	-54.70	30.99	m

Target Healthcare Brokers

Broker infomation is not available for this class of stock.