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PHP Primary Health Properties Plc

93.75
-1.25 (-1.32%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Primary Health Properties Plc LSE:PHP London Ordinary Share GB00BYRJ5J14 ORD 12.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.25 -1.32% 93.75 93.90 94.10 94.40 92.50 92.50 3,303,953 16:35:18
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 169.8M 27.3M - N/A 0
Primary Health Properties Plc is listed in the Real Estate Agents & Mgrs sector of the London Stock Exchange with ticker PHP. The last closing price for Primary Health Properties was 95p. Over the last year, Primary Health Properties shares have traded in a share price range of 84.30p to 109.00p.

Primary Health Properties currently has 1,336,500,000 shares in issue.

Primary Health Properties Share Discussion Threads

Showing 976 to 1000 of 1550 messages
Chat Pages: Latest  50  49  48  47  46  45  44  43  42  41  40  39  Older
DateSubjectAuthorDiscuss
21/8/2014
08:58
Peel Hunt morning note...

Interims, returning to full dividend cover

PHP's dividend cover has been transformed through the PPP acquisition, a reduced cost base and significantly lower financing costs. The company's super-secure income stream produces a 5.7% dividend yield – one of the highest in the
sector – and cover has improved to 76% in H1 and is set to return rapidly to full cover. Buy.

Adj NAV +2.7% to 308p – already ahead of our Dec 2014E forecast of 306p.

NAV was driven by a property valuation surplus of +1.7%, which offset the
partially uncovered dividend and convertible issue costs. The valuation rise was
driven by 7bps yield compression, with the equivalent yield now 5.64%. We
previously assumed a +1.5% surplus in the full year (increased to +3% today).

Adjusted EPS increased substantially by +54% to 7.4p. This is broadly in line
with our expectations for H1, and the year-on-year increase was driven by:

Lower average cost of debt – PHP announces further revisions and
extensions to loans and, combined with the PPP refinancing, PHP's
average cost of debt fell to just 4.6% in H1, from 5.3% in 2013.

Acquisitions – rent in the period is +50% higher than H1 last year, driven by
purchases, including the £233m acquisition of the PPP property portfolio.

A reduction in the cost base following the switch of admin/accountancy
services to Nexus, saving £1.2m on an annualised basis from May 2014.

The interim dividend (9.75p) and the proposed second interim dividend (also
9.75p) are both as expected and equate to a 5.7% dividend yield. In H1, the
dividend was 76% covered, and this is set to rise following further acquisitions
and as the full benefit of the lower financing and management costs is absorbed.
We now forecast full-year cover of 80%, rising to 92% next year.

PHP has made £23m of acquisitions in H1 and has a "strong pipeline" of
£85m of assets in solicitors' hands or at advanced stages of negotiations. PHP
is optimistic that further assets will be purchased or committed in H2.

The average annualised uplift on rent reviews was +1.9% – a slight reduction
over last year (2.2%), but in line with management guidance and our +2.0%
assumption. Management expects to see reviews continue at this lower level in
the immediate future, but then increase as developments progress.
Dec 2014E forecasts upgraded:

Adjusted NAV increased +3% to 316p (from 306p) for a +9% premium.

Adjusted EPS increased to 15.7p (from 15.4p); this assumes a further £20m in
acquisitions in H2.

DPS unchanged at 19.5p for 5.7% yield.

PHP trades on a 4.6% EPS yield and 5.7% dividend yield, versus Assura on a
4.8% EPS yield and 4.2% dividend yield (as per consensus).

scallywagkid
21/8/2014
07:40
Good report remember what the crow said, good buy at 340 on the 8th August.
old crow
21/8/2014
06:33
Good figures this morning..........Harry well on the way to his target of getting the divi covered. At some stage the share price will wake up to what is going on here!
ygor706
20/8/2014
07:18
Surely if the div is uncovered its size is not important as they should never have been in that position , ie not what this type of investment is all about , security.
holts
08/8/2014
10:28
Could be wrong but reckon lots will wish they bought in around 340
when they declare div on the 21st this month.

old crow
14/5/2014
11:42
£75m convertible bond issue interview with Harry Hyman. hxxp://goo.gl/994rUL
diegorodriguez
13/5/2014
07:58
Yes, but it is convertible at the company's discretion, not the bond holders. Doesn't that change the view?
goliard
13/5/2014
07:53
a convertible is a good thing if the shares do well - you only convert if they are in the money.
edwardt
13/5/2014
07:30
Unimpressed with the new bond offering. Maybe they will get it away, but it feels like the opposite of what a bond should be, ie risky. The yield just doesn't justify the risk of being forced to take shares at a PREMIUM should the company wish to pay back that way. If / when rates rise next year this becomes even less attractive for investors. I guess they will probably get it away, but wouldn't be for me.
goliard
14/4/2014
19:00
New Edison note out at



forecasting dividend cover by 2015..

rik shaw
21/2/2014
09:26
Hi Sammy, what's your thoughts on the link to Summit Germany Limited
old crow
20/2/2014
08:42
Going LIVE AT 9am
WATCH: Video update with Harry Hyman, MD & Phil Holland, FD, Primary Health Properties.
Preliminary results for the year ended 31 December 2013

Click the link below to watch

sammy_smith
20/2/2014
08:15
Although the dividend cover has only marginally improved in 2013 the results demonstrate that a strategy is now in place for remedying that situation. Statements look to be just about in line with market expectation. Numbers should improve in 2014.
ygor706
05/11/2013
09:54
The IMS today goes into remarkable detail.

Does 12 year money at £2.2% over LIBOR seem a good deal?

How did PHP ever find itself with an uncovered dividend?

mctmct
16/10/2013
19:21
The share price drop has led me to look into the accounts.

Income is growing. The damage has been done to profits by property revaluation and finance costs.

It seems that the Apollo purchase has been a problem. Hopefully it will turn out ok in the long run. More worrying are the profits after financing costs. Surely this is just the normal business of PHP. My questions are: why have the 2012 figures at this stage of the accounts deteriorated so much and why will they recover?

I'm no accountant and mostly take into consideration other factors. However looking at the company report the figures in the accounts do look at odds with the cheery tones of the commentary.

bernardhy
04/10/2013
10:34
Hi Stevie, I do get the REIT point, but they are currently paying well over 100% of taxable income out as a dividend. If they cut it to 90% it would be a very large decrease in dividend and associated yield.

I think the board has been more concerned about keeping their record of increasing the dividend each year, than they have about doing the right thing. If they do have to cut the dividend then income investors may sell up. it is just a false yield at the moment as they raise capital and then pay some of it straight back as a dividend.

Just to finish my rant about paying dividends out of capital, I think that there should be a rule that companies who pay dividends from capital should have to report it separately as a "Return of Capital Dividend" and dividends from profits should be paid separately as "Profits Dividends". It really is misleading to investors to not differentiate between the two.

goliard
04/10/2013
09:07
Hi goliard,

I believe that as a REIT, the company is required to distribute at least 90% of its taxable income to investors so they are a bit limited as to how much they can cut the dividend.

gostevie63
04/10/2013
08:38
It just feels like they are coming unstuck a bit after many years of being the market leader with a sound investment policy. They really need to cut the dividend, but the board is obviously scared that there will be a lot of selling if they do that. I see the possible downside here to be about 10-20% below NAV, so potentially 230p, or a bit lower. If that does happen then all those dividends over the years will be pretty much wiped out.
goliard
19/9/2013
06:58
It all depends on perspective I guess, as for me this is one of the most boring shares in my portfolio. It's been in a gently rising channel since 2009, and all the while we collect our dividends. The rest is noise. So I don't watch it very keenly!
westcountryboy
18/9/2013
22:48
Well the drop is greater than the dividend on a slightly lower day--disconcerting. The share needs to be watched. Price has been yo-yoing a lot recently.
bscuit
18/9/2013
22:48
Well the drop is greater than the dividend on a slightly lower day--disconcerting. The share needs to be watched. Price has been yo-yoing a lot recently.
bscuit
18/9/2013
20:02
thanks for that Nil desperandum. I thought there must be something dire I had missed.
3800

3800
18/9/2013
19:28
went XD today
nil desperandum
18/9/2013
18:38
By paying out more in dividend than it recieved in rent mctmct.
I haven't seen any news to justify todays price drop has there been a sell recomendation anywhere?
3800

3800
18/9/2013
16:31
Can someone remind me how PHP got into the situation of having an uncovered dividend?
mctmct
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