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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Assura Plc | AGR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.10 | 0.21% | 47.14 | 09:55:32 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 47.20 | 47.00 | 47.24 | 47.04 |
| Industry Sector |
|---|
| FOOD & DRUG RETAILERS |
| Top Posts |
|---|
Posted at 12/3/2025 09:48 by williamcooper104 Yep Less bothered about Americans - the ultimate owners/LPs are global pension/institutions |
Posted at 10/3/2025 10:23 by pavey ark As I pointed out before (and at the time) I bought in seven lots from 24/12/24 to 22/1/25 at an average of 37.5p .......It looks like I have made a 30% profit in c. three months.. but ....I am far from happy!!I had seen that the dividend would soon be 3.5p (and rising) and at 44p this would give a yield of 8%.....happy to let things roll on for a number of years. I calculated that if the share price drifted up to 44/45p over the next two years my return (capital + dividend ) would be 20% per year and I would still have a low risk investment yielding 8%+ at a 15%+ discount.......obvio I don't think the management had the support of the institutional investors and the 7% held by Northwest didn't help. The USS and the hospital purchases looked very good deals and should have been recognised as such by the London market. |
Posted at 04/3/2025 09:19 by george stobart KKR is the only salvation for this stock.Assura investors should visit KKR offices and bent the knee and beg the kind gentlemen not to withdraw their bid. Otherwise if you don't beg them, 33p is coming non-stop in a straight line |
Posted at 27/2/2025 11:54 by williamcooper104 Green street news - looking better for not selling Two prominent Assura shareholders have expressed support for the board's rejection of takeover approaches from KKR and the pension fund USS, Green Street News can reveal.KKR said last week it was still considering whether to pursue a deal, having made four approaches, all of which were rejected. The latest was at 48p a share, representing a 28.2% premium to the undisturbed share price, but a 2.8% discount to September's net asset value. USS was not involved in the two latest offers and said it does not intend to make a further offer.Following KKR's statement, Assura said that having reviewed the latest offer it had "concluded that it materially undervalued the company"."Rarity value"Two leading shareholders have come out in support of this stance. Romney Fox at Abrdn, which is a top 10 shareholder with a 2.9% stake in the company, pointed to the underlying strength of demand for healthcare property and argued that Assura's share price does not properly reflect its long-term prospects.Fox said: "This country has a major healthcare crisis, the health secretary has specifically stated that more community healthcare space is part of the solution, and this is just the type of space that Assura, as the UK's largest healthcare REIT, provides. The interest rate cycle has been tough on the value of property over the last few years, but we are now seeing signs of a recovery, so Assura should not rush into the arms of a suitor other than at a compelling price."Meanwhile, Matthew Norris, head of real estate securities at Gravis, a top 20 shareholder, said: "There is exceptional rarity value to Assura, and the board is absolutely right to unanimously reject the approaches to date. Assura's management team have built up a group with a leading portfolio of 600 healthcare assets, and with a very strong development capability. "There is a clear strategy for the group, which means it is in a prime position to provide the critical healthcare infrastructure the NHS so badly wants and needs. So why would the management team want to sell the group on the cheap?"Assura diversified into private hospitals last year with a £500m acquisition from NorthWest Healthcare PropertiesThe Assura portfolio largely comprises GP surgeries, although it diversified into private hospitals last year with with a £500m acquisition. Like its peer Primary Health Properties, it has delivered steady long-term earnings growth, but has been hit in recent years by rising interest rates and its inability to keep pace with inflation as the government's District Valuer Services has restricted rent increases. This has also blocked the development of new GP surgeries by making it unviable.The comments from the two shareholders come as two other leading shareholders have called for Assura to engage with KKR.Tom Furlong, portfolio manager at CCLA, which holds a 4.7% stake, told Investors Chronicle last week that KKR's latest bid looked sensible and that it "would strongly encourage the board to engage with KKR". Marcus Phayre-Mudge, fund manager at TR Property Investment Trust, which held a smaller 0.5% stake as of March, has also argued that investors should be given the chance to decide on the future of the company, describing the consensus EPS growth outlook of 3% a year over the next three years as "anaemic". |
Posted at 21/2/2025 20:22 by wad collector Shareholders in healthcare real estate investment trust Assura (AGR) have said the board should engage with potential buyer KKR after so far rejecting its advances.The mercurial private equity giant has made four bids for Assura, all of which had been rejected by its board without consulting shareholders. The latest offer of 48p per share is a 2.8 per cent discount to EPRA net tangible asset value and a 28 per cent premium to the undisturbed share price. It was unanimously rejected by the board on 15 February, which said the offer “materially undervalued the company and its prospects”. Some shareholders expressed surprise about the decision to reject the bid. "Public markets have failed to recognise the value [of Assura] fully," said Tom Furlong, portfolio manager at CCLA. "At 48p, it looks to be a sensible bid and we strongly encourage the board to engage with KKR," he added. CCLA holds a 4.7 per cent stake in Assura. “The board’s reaction to KKR’s bid was somewhat surprising, given that Assura’s shares had been trading well below net asset value for some time," said Marcus Phayre-Mudge, fund manager at TR Property Investment Trust. "Shareholders will be justified in seeking further explanation from the directors given that the consensus EPS (earnings per share) for the next three years is an anaemic 3 per cent per annum. Investors should be given the opportunity to decide the future of their company." TR Property Investment held £6.8mn worth of Assura shares as of 31 March 2024, around 0.5 per cent of the issued shares at the time. Two of KKR's offers, including the fourth, were made in conjunction with the Universities Superannuation Scheme (USS), which announced a £250mn joint venture with Assura last year. The involvement of USS raised eyebrows in the City. “Was the joint venture a due diligence exercise for USS” said Oli Creasy, head of property research at Quilter Cheviot. USS then said on Monday that it had ruled itself out of the process. “KKR is considering whether there is any merit in continuing to try and engage with the board,” the private equity business said in a statement on Monday. KKR has an infrastructure fund that has access to a lower cost of capital than real estate specialists, and Investors' Chronicle understands the company would look to grow the Assura portfolio. Unlike other property sectors, healthcare has good headwinds, with the current government keen to improve the condition of the NHS estate. Assura recently disposed of £48.4mn worth of properties in line with book value, giving credence to the valuations. But a source familiar with the matter emphasised to Investors’ Chronicle that Assura's discount to net asset value (NAV) showed structural change was needed. “If the structural growth in the sector is so good, why was this not already reflected in the share price?” |
Posted at 18/2/2025 17:53 by williamcooper104 For core long leased commercial assets the most relevant benchmark is the 10 and 20 year gilt - in theory it ought to be linkers but mostly investors focus on nominal yields No institution prices it over base rates - if you're leveraged you are influenced by 5 year swaps Pricing over base matters for retail |
Posted at 18/2/2025 17:38 by williamcooper104 Yep - hence why it's likely we won't see these assets fall as much as gilt yields would suggest Remember many investors have been burnt in the sector - NWH has been a disaster and MPW worse - and before that care homes (not the same as health/hospitals but it's still relevant as a comp) blew up many The trick used to be doing a sale and leaseback at super high rental levels to EBITDAR such that you launder operating income (think 8-12x) into rent (c17-22x) |
Posted at 22/1/2025 19:09 by pavey ark I think the main reason is the lack of detailed analysis by the professionals and lack of research by private investors.The 49% LTV scares some but the debt profile is almost the best I've seen. Five minutes with a calculator give £660m of debt with a weighted term of 7.2 years at 1.67% !! The disposals are a breeze and a further £200m will go (people either ignore or don't understand the USS deal). With the disposals the £660m above represents 50% of the debt. The disposals remove the expensive RCF , the debt due this year £75m and the debt due the year after £100m. A possible way of looking at the LTV after the disposals is to say that under 23% is up for refinancing but none of that for three years. I did like the suggestion that the dividend is somehow under threat......no it isn't. Over the last 10 years this company has provided a fully covered dividend that has compounded at over 7% and although the CFO has stated that the increase wouldn't be at this level for the next few years I fully expect 3%......so we have a 9% + inflation yield. Another very important point is that the yield and performance here is largely sheltered from the usual ups and downs .....high street retail, offices, over supply of warehouse sheds etc......only real danger here is if people start getting younger or stop getting ill. |
Posted at 20/1/2025 00:26 by davidosh Can any of you explain to me what has happened over the last three years as I am considering investing here for the yield and I remember investors saying it had a safe yield because Assura invests in doctors surgeries and health centres with guaranteed rent payment as the government would not allow them to go bust as modern surgeries are badly needed etc.Assura got through Covid/lockdowns no problem but in the last three years have fallen from 80p to just 36p despite paying that regular dividend. So why are investors now scared off or what is the lurking problem? |
Posted at 14/1/2025 10:46 by george stobbart I don’t have the full Dutch report but it is fair to assume international investors aren't seeing a future in a country whose primary activities are gang rape and chromosomal abnormalities. |
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