Share Name Share Symbol Market Type Share ISIN Share Description
Medicx Fund LSE:MXF London Ordinary Share GG00B1DVQL92 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  -1.80p -2.25% 78.20p 765,251 16:35:19
Bid Price Offer Price High Price Low Price Open Price
78.40p 78.80p 80.00p 78.40p 80.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 37.42 33.31 9.40 8.3 346.4

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Date Time Title Posts
23/7/201808:33What future for Health Facilities !321
25/5/201816:13MEDICX1
19/3/201316:51mxf charts7

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Medicx (MXF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-10-19 15:35:1978.2031,27524,457.05UT
2018-10-19 15:10:1078.60807634.30O
2018-10-19 15:04:1078.4038,88130,482.70AT
2018-10-19 15:04:1078.401,6561,298.30AT
2018-10-19 15:04:1078.402,0431,601.71AT
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Medicx (MXF) Top Chat Posts

DateSubject
20/10/2018
09:20
Medicx Daily Update: Medicx Fund is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker MXF. The last closing price for Medicx was 80p.
Medicx Fund has a 4 week average price of 77.20p and a 12 week average price of 76.60p.
The 1 year high share price is 91.75p while the 1 year low share price is currently 75p.
There are currently 442,916,140 shares in issue and the average daily traded volume is 561,387 shares. The market capitalisation of Medicx Fund is £346,360,421.48.
22/5/2018
10:18
shawz007: "The shift to a policy of a fully covered dividend will not change the total return achieved by shareholders, but instead will re-balance how shareholders receive that return between income and capital growth." How does this work in practice? How will I see my return be the same? The share price itself will rise by the lost cash dividends?
22/5/2018
07:43
speedsgh: Interim Results accompanied by a significant change to the company's dividend policy. Move to a fully covered dividend as of FY19. Company forecasts no change to the shareholders' total return but a rebalancing of the return between income & capital growth. Based on Interim Results annualised full year dividend would have been 3.5p. Commitment to pay previously announced full year dividend of 6.04p in FY18 i.e. quarterly payments of 1.51p at end of Jun/Sep/Dec. Company says main shareholders are supportive. Rebasing of the dividend wef FY19 will represent a reduction of c40% on the current annual dividend. Likely to lead to some volatility in the short/medium term as various funds reallocate holdings? Interim Results - HTTPS://www.investegate.co.uk/medicx-fund-limited--mxf-/rns/interim-results/201805220700077952O/ ... Since MedicX was formed in 2006, primary healthcare has become a firmly established asset class for institutional capital, demonstrating consistently attractive returns, with a benchmark ten year track record of 9.4% per annum total return1. Over that same period, UK yields have tightened and are now around 4.25 - 4.75%2, considerably lower than those of approximately 6.0% available when MedicX was formed. Looking ahead, we expect competition for assets to remain strong with yields remaining at these new levels. There are signs of rents beginning to increase on new schemes as a consequence of both rising land costs and higher build costs. The macro environment is not unique to MedicX and the increased market focus on dividend cover for those companies with real illiquid assets was the backdrop for our recent strategic review by the Board. At this review we considered a wide range of matters to ensure the Company's long term sustainable growth, including risk and the corresponding expected levels of return, capital structure, investment policy, dividend policy and the Company's appeal to a wider range of investors which should be reflected in an improved share rating, enabling the Company to grow sustainably. Since MedicX was formed 12 years ago, we have maintained and grown a long term visible income stream for our shareholders, and as part of that strategy we have been an active acquirer of high quality assets. Over that period, we have paid dividends totalling over £156 million (62.89 pence per share) to our shareholders. Our Investment Adviser believes that yields are likely to remain stable for high quality, modern, purpose-built primary healthcare properties meeting our investment criteria and, consequently, this necessitated a review of the Company's dividend distribution policy. Since formation, the Company has leveraged at near 50% and paid a high dividend, materially above market sub-sector yields and rental returns, which has delivered significant shareholder returns, while our direct peers are currently paying substantially covered dividends. Were MedicX to maintain its current dividend policy, it would reduce our ability to evolve and take advantage of acquisition opportunities and also strengthen our capital structure. Following a consultation with a number of our major shareholders, the Board has taken the decision to rebase the dividend going forward and to lower the risk associated with the need for a relatively high leverage to support the existing dividend policy. It will also transition to a fully covered dividend for the 2019 financial year onwards. The new policy will better align the Company's dividend distributions with its current level of cash flows. The Company sees opportunities to grow its portfolio substantially and deliver the benefits of economies of scale; it would not be resetting the dividend if this were not the case and it is appreciative of the level of support received from shareholders consulted. During this transition period to a fully covered dividend, your Board intends to maintain its previous announced guidance that it will declare and pay dividends totalling 6.04 pence per share for the 2018 financial year. Therefore, subject to unforeseen circumstances, dividends of 1.51 pence per Ordinary Share are expected to be paid in respect of the quarters ending 31 March, 30 June and 30 September 2018, payable quarterly up to 31 December 2018. Following this transition period, the Board expect to pay a rising quarterly dividend from a covered position. As an illustration, if the Company had declared and paid a fully covered dividend on the basis of the results for the six months ended 31 March 2018, less headroom of 5%, the dividend declared on an annualised basis would have been 3.5 pence per share3. Based on the share price at 31 March 2018, this would have given a covered dividend with a dividend yield of 4.45%. The shift to a policy of a fully covered dividend will not change the total return achieved by shareholders, but instead will re-balance how shareholders receive that return between income and capital growth. In light of the Company's strong pipeline of opportunities and society's increasing need for modern, purpose-built, integrated healthcare premises, the Board continues to consider that primary healthcare remains a compelling proposition with your Company being well placed to deliver long term value to shareholders.
12/12/2017
09:12
skinny: Full Year Results BUILDING A BRIGHTER FUTURE FOR PRIMARY HEALTHCARE INVESTMENT MedicX Fund is a leading investor in modern purpose-built primary healthcare properties. Our investment supports the transformation of the primary healthcare estate in the United Kingdom and Republic of Ireland. FINANCIAL HIGHLIGHTS AND KEY ACHIEVEMENTS A strong year, reflecting progress and achieving notable milestones. FINANCIAL RESULTS · Continued increase in rent receivable, up 5.7% to £37.1million (2016: £35.1 million); · Profit before tax was £33.3 million for the year; 18.1% higher than the profit after before for 2016 of £28.2 million; · 7.5% increase in annualised rent roll1 from £37.2 million to £40.0 million; · 89.7% (2016: 89.2%) of rent roll was directly from or reimbursed by the NHS, Irish GPs or HSE; · 2.9% increase in EPRA11 earnings per Ordinary Share, from 3.4p per share to 3.5p per share; · Increase in underlying dividend cover to 69.5% (2016: 68.5%); · 12.7% total return on EPRA NAV2 for the financial year (2016: 11.8%); and · Total Shareholder Return3 of 9.6% (2016: 22.5%). GOOD PROGRESS ON INVESTMENTS · 11.1% increase in the value of the property portfolio to £680.4 million1,4. This is as a result of £51.1 million of capital investment to acquire standing let properties and fund developments through forward funding schemes and a £18.6 million net valuation gain; · New committed investments in UK and Republic of Ireland, since 1 October 2016, of £49.4 million with an average cash yield of 5.22%1; · £8 million average value of new committed investments and selective disposals improved portfolio quality; and · Substantially increased strong pipeline of approximately £175 million of acquisition opportunities1 (2016: £108 million). CAPITAL MANAGEMENT · Quarterly dividend of 1.5p per share announced on 1 November 20175; total dividends of 6.0p per Ordinary Share for the year or 6.6% dividend yield on a share price of 91 pence per share at 30 September 20176 (2016: total dividends of 5.95p per Ordinary Share; 6.7% dividend yield); · Total drawn debt facilities of £372.8 million with an average all-in fixed rate cost of debt of 4.29% and an average unexpired term of 12.7 years, close to the average unexpired lease term of the investment properties of 14.1 years and compared with 4.45% and 14.0 years for the prior year1; · Net debt of £340.7 million equating to 49.5% adjusted gearing at 30 September 2017 (30 September 2016: £315.3 million; 50.8%)1,7; and · Market capitalisation £390.0 million1 following share price appreciation and £34.6 million net proceeds raised from 39.8 million shares issued since 1 October 2016 at an average issue price of 87.9 pence per share. more.....
05/12/2017
12:04
pooroldboy55: If anyone interested go to 3i there's a response to an email about share price from MXF very interesting and positive.
04/12/2017
14:19
speedsgh: Premiums to last stated NAV: MXF +7.3% (based on 81.0p offer; NAV 75.5p as at 30/6/17) PHP +17.8% (based on 113.25p offer; NAV 96.1p as at 30/6/17) Fall of over 10% in a month is certainly unusual for a tortoise share such as MXF. The difference in premium to NAV compared to PHP is striking, although I note that the PHP share price has also fallen c8% since early Oct.
26/5/2017
21:08
speedsgh: Will the dividend ever be fully covered? Does it matter? From Edison's Dec 2016 research note... "MedicX’s key attraction is its access to sources of secure, long-term income that underpins its dividend payments. The company, barring unforeseen circumstances, expects to pay dividends of 6.0p per share in FY17, 1% above FY16, a yield of 6.8% on the current share price. We expect this to be 64.4% covered by EPRA earnings, the highest level since 2009. Portfolio growth would allow cover to continue to grow, and the use of block listing above NAV to finance acquisitions may allow acceleration of dividend cover growth. The prospective dividend yield is the highest among the peer group of property companies specialising in long-let assets, despite the considerable (c 20%) premium to NAV at which the shares trade. In fact, MedicX has recently had the highest dividend yield on EPRA NAV of the group as well as the highest premium to NAV, implying investor appetite for yield even when this is in part paid from capital. Notably, the three primary care property companies with mainly government-funded income trade on higher premiums than the other three, indicating that the market may place more importance on the tenant covenant than the unexpired lease term of the portfolio, or dividend cover." HTTP://www.edisoninvestmentresearch.com/research/report/medicx-fund18/preview/
28/7/2016
12:06
ridicule: This share is beginning to pop again. Great yield, but the current share price is well above current NAV. This has kept the share price pegged in the high 80s. People are beginning to understand, however, that NAV will rise as the 15 or so medical centres in their construction phase come on line as rent generators. This is a rock solid high yield investment with further capital gains to come as new medical centres are commissioned.
21/4/2016
09:29
ih_552354: Could be pi's diversifying and taking a 7% yield...+ a little share price increase per annum gives a nice return. V good for an ISA.
10/12/2015
08:57
eeza: Tipped in Telegraph Questor share tip: MedicX offers 7pc dividend income from infrastructure The fund invests in a portfolio of GP surgeries across the country that generate healthy dividends from rental income, says Questor By John Ficenec, Questor Editor - 5:40PM GMT 09 Dec 2015 MedicX 84.75p -0.25p Questor says BUY MedicX [LON:MXF], the infrastructure fund that owns GP surgeries across the UK and Ireland, delivered a solid set of annual results yesterday, with the 7pc dividend looking increasingly attractive. Prior to the formation of the National Health Service in 1948, surgeries largely lacked the facilities their patients needed. Nowadays, GP surgeries are used as the front line of the health service, and only modern, purpose-built facilities will do. MedicX raises the finance for these structures to be built. The company then owns the buildings for their lifetime and earns rent for their use. These rental payments are almost entirely backed by the Government due to the essential role of GP surgeries in the health care system. The debt MedicX uses to finance its portfolio is agreed for 15 years and fixed at a low interest rate of 4.45pc, on average. The company’s investment portfolio increased by 8pc to £559m in the year to the end of September. The rent charged on those buildings rose 9.1pc to £35.8m. MedicX has a conservative 50pc loan-to-value ratio, with net debts of £281m at the end of September. The value of the investment portfolio, minus the debt, gives a net asset value of £258m, or 70.8p per share, at the end of September. MedicX steadily returns cash to investors through quarterly dividend payments, which total 5.9p for the year, or a prospective yield of 7pc given the current 84.25p share price. The shares trade at a 20pc premium to the net asset value but that looks warranted given the steady income and opportunity for growth. Buy. http://tinyurl.com/o9khaqr
09/12/2015
08:05
skinny: Results for the year ended 30 September 2015 Key achievements of 2015 Financial results · 5.4 pence per share increase in EPRA NAV for the year to 70.8 pence per share (30 September 2014: 65.4 pence per share) · Quarterly dividend of 1.475p per share announced in October 20154; total dividends of 5.9p per share for the year or 7.0% dividend yield (2014: total dividends of 5.8p per share; 6.9% dividend yield)4,5 · EPRA earnings of £13.4 million, an increase of £4.7 million or 54% from prior year, equivalent to 3.7p per share (30 September 2014: £8.7 million; 2.5p per share)6 · Dividend and underlying dividend cover 63.3% and 68.0% respectively (30 September 2014: 53.6% and 67.1%)7 · Discounted cash flow net asset value of £346.3 million equivalent to 94.9p per share (30 September 2014: £331.1 million; 93.4p per share) · EPRA NNNAV of £228.9 million equivalent to 62.7p per share (30 September 2014: £229.2 million; 64.7p per share)6 Investments · New committed and approved investments since 1 October 2014 of £41.2 million acquired at a cash yield of 5.78%1 · First investment made in the Republic of Ireland of €10.1 million · £559.5 million committed investment in 148 primary healthcare properties as at 4 December 2015, an increase of 8.0% (8 December 2014): £518.2 million, 137 properties)1,8 · Annualised rent roll at 4 December 2015 of £35.8 million with 88.3% of rents reimbursed by the NHS, an increase of £3.0 million, or 9.1%, since 8 December 20141 · Strong pipeline of approximately £126.0 million of acquisition opportunities1 Funding · Market capitalisation £308.5 million1 following share price appreciation and £6.9 million net proceeds raised from 8.3 million shares issued since 1 October 2014 at an average issue price of 83.1p per share1 · New £50 million loan note with an agreed term of thirteen years and five months with an all-in fixed rate of 3.838% · The maturity on an existing £50 million loan note was extended nine years and three months to mature in December 2028 · Total drawn debt facilities of £338.3 million with an average all-in fixed rate cost of debt of 4.45% and an average unexpired term of 15.0 years, close to average unexpired lease term of the investment properties of 15.8 years and compared with 4.35% and 13.3 years for the prior year · Net debt of £281.4 million equating to 50.2% adjusted gearing at 30 September 2015 (30 September 2014: £255.2 million; 49.9%) more....
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