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 Shares Traded Last Trade
  1.00 0.69% 146.40 4,904,806 16:35:25
Bid Price Offer Price High Price Low Price Open Price
146.20 146.60 147.20 144.60 146.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 121.30 -70.20 -6.50 1,925
Last Trade Time Trade Type Trade Size Trade Price Currency
18:14:18 O 106,242 146.055 GBX

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Date Time Title Posts
29/7/202014:45PHP with charts937
06/12/201718:42Hardman & Co INTERVIEW - Primary Health Properties2
17/11/201713:40Primary Health Properties-
23/9/200509:19Primary Health Properties345

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Primary Health Properties Daily Update: Primary Health Properties Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker PHP. The last closing price for Primary Health Properties was 145.40p.
Primary Health Properties Plc has a 4 week average price of 144.60p and a 12 week average price of 144.60p.
The 1 year high share price is 167.60p while the 1 year low share price is currently 120.40p.
There are currently 1,315,158,283 shares in issue and the average daily traded volume is 6,294,595 shares. The market capitalisation of Primary Health Properties Plc is £1,925,391,726.31.
mirandaj: Hargreaves Lansdown – comment in part: “It's been a transformational year for Primary Health Properties (PHP). The merger with rival MedicX has hugely increased PHP's size. That's created opportunities for cost savings, both in the cost of debt and operating costs. That should provide a long term shot in the arm for profits. As a REIT, PHP has to pay out the vast majority of profits as a dividend so benefits will ultimately feed through to investors' pockets. Looking to the future we think PHP has several features which underpin long, term income paying potential. Investment in out-of-hospital care, which includes the GP and community healthcare services which use PHP's properties, is set to run ahead of wider NHS spending. Meanwhile the increased interest in mega-surgeries which bring together multiple primary care services bodes well for PHP's purpose built properties. With 90% of the group's rent roll funded by the NHS or its Irish equivalent, we view the group's tenants as lower risk. An average lease length of 12.8 years should mean rental income is secure for years to come. There are some good reasons for caution too though. Loan-to-value is high by industry standards at 44.2% - and that means that, while neither look likely at the moment, an uptick in interest rates or widespread increases in rental arears would be painful. LTV could fall as the group invests in new assets at lower multiples, but that will take time. The very fact of the group's REIT structure also means investors are likely to be asked to fork out extra cash from time-to-time. Because REITs have to pay out most of their profits it's difficult for them to fund growth organically. That means they often sell shares to fund new acquisitions, potentially diluting existing shareholders. However, the biggest challenge facing investors in our opinion is a PE ratio of 26.6, which is well above the long term average. A high share price has also driven the yield down to 3.6%, below the market average, with only modest growth in the future. That means that although we continue to see PHP as potentially interesting for income seeking portfolios, investors will need to take a long term view, and be prepared for ups-and-downs along the way.”
speedsgh: Am I correct in thinking that the last published EPRA NAV was 105.20p as at 30/6/19? If so, the current share price (158.70p) represents a 50% premium to last published NAV and offers a prospective 3.7% yield. Not often one sees a 50% premium to NAV. Does anyone have any consensus forecasts for NAV as at 31/12/19?
perfect choice: Looks like comparing share price to NAV method of valuation has been thrown out of the window for now in pursuit of relatively safe income going forward (so value here presumably for todays buyers, namely reliable income). Notice new intra day high of 149.4/149.6p as well. I bought my holding at lower levels for a nice base income but welcoming capital growth as well, be it higher than I was expecting myself.
pixelrobox: 1olddog Run has been exceptional. I do not recall php prem/nav being this high, having held since 2008. I would not draw much reassurance from my analysis however, I am a poor investor, I mentioned adding to my holding for sake of disclosure. The shift seems to be sector(al)though, some property sub sectors doing well (last mile logistics, flex work space) and others (out of town/retail) doing badly. PHP might be benefiting on a premium being placed on perceived rent roll security, analysts often allude to quasi'bond-like' characteristics, so maybe not a coincidence that since January the share price has spiked in tandem with CB's interest rate rises being delayed/reversed, bond yields dropping. Cant see what operationally has changed despite the merger, rents are hardly on fire and last set of results were fine, if rather pedestrian. Attraction for me has been the consistency of delivery and long term strategic premise.
jgh03: The portfolio update of 6 June stated that the book value of the properties was £2,316m, and that net debt was £1,115m (both as at 31 March, post merger with MedicX). Number of shares at 15 March (post merger) was 1,131,235,006. So that would mean NAV per share is 106.17p. However that excludes the recent 1.4p dividend and shares issued as part of the scrip dividend. Maybe its easiest just to subtract 1.4p to arrive at a NAV of 104.77p. Today's share price is 133p, which is 26.9% above NAV. This excludes the convertible bond. However, it looks rather higher than pixelrobox's estimate, so maybe I've missed something.
norland1: Thanks PC I must admit that I only skipped over the RNS. The end bit went over my head anyway. The premium I thought about was the share price relative to the NAV which looked high when I saw an item in The Property Chronicle. (freebie version of course ) Share price doesn't particularily worry me as I have changed from BTL to this investment -less hassle- but never thought about BTL valuation anyway so not going to worry about this share price. I understand the position when shareholders are asked to fork more cash which affects the share price but this Bond issue is much more complicated.
schofip: It seems like the market makers did a pretty good job of wrong footing and shaking a number shareholders out of the market before the share price took off. A nice way for them and institutions to take some cheap stock on board. The subsequent rise outstrips the dividends for the year.
norland1: Positive comments in Sunday Times today. Should see share price reduction tomorrow then.
typo56: Well, PHP was already in the FTSE All-Share index. Never mind. Over 10m shares uncrossed at close yesterday thanks to the index funds. A more normal 183k today. I'm not sure what it will mean for the share price. Possibly not that much. I see MRO took the opportunity to 'kitchen sink' their GKN acquisition today, now that they've safely made it into the FTSE100!
stupidboypike: A quick look at the financials comparing PHP to Assura (which I hold) looks like:- PHP NAV per share 83.5 share price 113.6 premium 36% Assura NAV per share 49.4 share price 60.9 premium 23% What am I missing please someone? Best regards SBP
Primary Health Properties share price data is direct from the London Stock Exchange
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