Target Healthcare (THRL)

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
107.50	1.5 [1.42]	106.00	107.50	106.00	108.00	106.00	536,924
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
364.66	339.22	0.01	4.84	6.28	22.21	5.84	123.25 - 101.50

Target Healthcare Key Figures

(at previous day's close)
Market Cap.	364.66	m
Shares In Issue	339.22	m
Prev. Close	106.00
PE Ratio	22.21
Dividend Yield	5.84	%
EPS - basic	4.84	p
Dividend PS	6.28	p
Dividend Cover	0.77
Cash Flow PS	0.95	p
Return On Equity (ROE)	4.75	%
Operating Margin	67.73	%
PEG Factor	10.53
EPS Growth Rate	2.11	%
Dividends PS Growth Rate	4.32	%
Net Debt	38.90	m
Gross Gearing	16.10	%
Quick Assets	40.03	m
Net Working Capital	34.05	m
Intangibles / Fixed Assets	-	%
Turnover PS	5.30	p
Pre-Tax Profit PS	3.59	p
Retained Profit PS	3.60	p
Cash PS	3.07	p
Net Cash PS	1.31	p
Net Tangible Asset Value PS *	75.74	p
Net Asset Value PS	101.90	p
Spread	1.50 (1.40%)
* 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	109.00	104.50
4 weeks	109.00	102.50
12 weeks	115.50	101.50
1 year	123.25	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	105.50	2.00	1.90	104.50	0.35		105.14
4 weeks	103.00	4.50	4.37	102.50	0.42		105.30
12 weeks	112.50	-5.00	-4.44	101.50	0.36		106.84
26 weeks	115.75	-8.25	-7.13	101.50	0.31		109.63
1 year	115.00	-7.50	-6.52	101.50	0.28		113.32
3 years	106.00	1.50	1.42	101.50	0.31		110.86
5 years	104.25	3.25	3.12	98.25	0.21		110.06
† 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	18.14
PE Ratio	22.21
Tobin's Q Ratio	1.24
Tobin's Q Ratio (excl. intangibles)	1.24
Dividend Yield	5.84	%
Market-to-Book Ratio	1.42
Price-to-Pre-Tax Profit PS	29.94
Price-to-Retained Profit PS	29.88
Price-to-Cash Flow PS	112.69
Price-to-Sales PS	20.28
Price-to-Net Tangible Asset Value PS	1.05
Price-to-Cash PS	35.03
Net Working Capital PS	10.04
Price Pct to Working Capital PS	10.71	%
Earnings Yield	4.50	%
Average PE	22.80
Years in average	4
PE to PE average	97.42	%

Target Healthcare Financial Ratios

(Leverage Ratios)
Debt Ratio	14.43	%
Debt-to-Equity Ratio	0.17
Debt-to-Equity Ratio (excl. Intgbl)	0.17
Debt-to-Equity Market Value	0.12
Net Gearing	12.70	%
Net Gearing (excl. Intangibles)	12.70	%
Gross Gearing	16.10	%
Gross Gearing (excl. Intangibles)	16.10	%
Gearing Under 1 Year	1.95	%
Gearing Under 1 Year (excl. Intgbl)	1.95	%
Assets/Equity	1.19
Cash/Equity	4.05
(Liquidity Ratios)
Net Working Capital to Total Assets	11.12	%
Current Ratio	6.69
Quick Ratio (Acid Test)	6.69
Liquidity Ratio	1.74
Cash & Equiv/Current Assets	26.01	%
(Solvency Ratios)
Enterprise Value	397.58	m
CFO/Sales	0.18
CFO/Attributable Profit	0.27
CFO/Assets	0.01
CFO/Debt	0.07
Total Debt/Equity Market Value	0.14
Total Debt/Sales	2.74
Total Debt/Pre-Tax Profit	4.05
Total Debt	49.31	m
Total Debt/Net Current Assets	1.45	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	1

Beta (60-Mnth)	Beta (36-Mnth)
0.0110	0.0072

Target Healthcare Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	4.06	%
Return On Assets (ROA)	4.14	%
Net Profit Margin	67.87	%
Assets Turnover	0.06
Return On Equity (ROE)	4.75	%
Return On Investment (ROI)	4.22	%
Dividend Payout Ratio	129.75	%
Plowback Ratio	-29.75	%
Growth from Plowback Ratio	-1.42	%
Net Income Of Revenues	67.87	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.07
Fixed Assets Turnover	0.08
Current Assets Turnover	0.29
Net Working Capital Turnover
Inventory Turnover	-
(Other Operating Ratios)
Total Assets-to-Sales	16.38
Debtors-to-Sales	129.53	%
Debt Collection Period	472.78	Days

Target Healthcare Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
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 2014 (GBP)		30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		30 Jun 2017 (GBP)
turnover	4.52	100.00%	9.90	100.00%	12.74	100.00%	17.98	100.00%	m
pre tax profit	3.05	67.54%	6.84	69.15%	8.16	64.08%	12.18	67.73%	m
attributable profit	3.04	67.23%	6.81	68.75%	8.14	63.90%	12.20	67.87%	m
retained profit	3.04	67.23%	6.81	68.75%	8.14	63.90%	12.20	67.87%	m
eps - basic (p)	4.19		5.71		4.74		4.84
eps - diluted (p)	4.19		5.71		4.74		4.84
dividends per share	6.00		6.12		6.02		6.28

Target Healthcare Balance Sheet

	30 Jun 2014 (GBP)		30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		30 Jun 2017 (GBP)


	30 Jun 2014 (GBP)		30 Jun 2015 (GBP)		30 Jun 2016 (GBP)		30 Jun 2017 (GBP)
ASSETS
fixed assets	-	-%	-	-%	-	-%	-	-%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	81.42	77.49%	138.16	78.36%	200.72	70.98%	266.22	86.93%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	-	-%	-	-%	-	-%	-	-%	m
debtors	6.52	6.21%	8.99	5.10%	16.96	6.00%	29.62	9.67%	m
cash & securities	17.13	16.30%	29.16	16.54%	65.11	23.02%	10.41	3.40%	m

TOTAL	105.07	100%	176.31	100%	282.79	100%	306.25	100%	m

LIABILITIES
creditors - short	3.09	2.94%	3.62	2.05%	5.00	1.77%	5.98	1.95%	m
creditors - long	11.76	11.20%	33.40	18.94%	24.51	8.67%	43.33	14.15%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	14.85	14.14%	37.02	21.00%	29.51	10.43%	49.31	16.10%	m

EQUITY
ord cap, reserves	90.22	85.86%	139.29	79.00%	253.28	89.57%	256.94	83.90%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	90.22	85.86%	139.29	79.00%	253.28	89.57%	256.94	83.90%	m

OTHER
NAV Basic	94.70		-		-		101.90
NAV Diluted	94.70		-		-		101.90

Target Healthcare Cash Flow Statement

	30 Jun 2014 (GBP)	30 Jun 2015 (GBP)	30 Jun 2016 (GBP)	30 Jun 2017 (GBP)
Operating CF	4.49	7.52	8.06	3.24	m
Pre-Financing CF	-81.01	-50.06	-53.86	-57.84	m
Retained CF	17.13	12.03	35.95	-54.70	m

Target Healthcare Brokers

Broker infomation is not available for this class of stock.