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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 |
Date | Subject | Author | Discuss |
---|---|---|---|
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..........Har | 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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