Share Name Share Symbol Market Type Share ISIN Share Description
Target Healthcare REIT LSE:THRL London Ordinary Share JE00B95CGW71 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.20p +0.17% 116.60p 116.20p 116.60p 116.60p 115.00p 115.00p 39,349 16:18:59
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 22.0 14.8 5.3 22.2 449.01

Target Healthcare Share Discussion Threads

Chat Pages: 1
Great piece of research.
Excellent set of results. What an under rated company this is. Salty
Yes, very well researched and informative indeed. I am a holder, but consider switching some or all of my holding into the forthcoming PHP offer.
Thanks for sharing your research Erstwhile. A very interesting post.
I researched this one. On the face of it it stands up as a nice index linked income steam from a REIT with low gearing. But the risk lies with the credit quality of the tenant-operators, rather than the vale of the homes. Take Ideal Care Homes (operator of 40% of THRL's assets at launch). 100% owned by, and with rental steams to THRL guaranteed by, its ultimate parent LNT Group Limited. LNT is owned by a serial entrepreneur (tomlinson) in the care construction and operation industry. > 10 of 16 ICH homes have substandard CQC rating at last inspection > LNT himself has removed himself from the board of ICH last year for some reason > Which? Rated ICH as the country's worst care home operator > ICH while moving into profit recently is clearly exposed on regulatory, brexit staff, minimum wage etc issues > Supposedly 35 year index linked tenancies. Thats massive duration risk for a thinly capitalised operator who will just walk away if rates/inflation just break them. Watch out for LNT depleting it's own asset base so the guarantee has little asset backing It looked horrible the more I got into it. If an operator goes bust, whats the value of the home then? Who steps in? etc etc. Sure THRL is a REIT with asset backing. Sure, demand for care is rising indefinitely. But the supply of care may have a significantly higher cost base in future. I remember schemes where investors put up the equity to leverage into commercial property which was Jarvis' HQ. Jarvis went bust. The property with no tenant was worth significantly less than the leverage and investors loss was total. Here, THRL isn't leveraged much, so it wont go to 0 if operators go bust, but the yield on this doesn't compensate properly for operator risk
A couple of big institutional holders do not appear to have supported the latest raise....
Not sure why the big upsurge in price here, but I'm not complaining!? NAV went up 1.7% in last week's RNS, but is still only 98p, so the company sits on a large premium. That said, they are a quality operator, in a niche and growing sector and offer a 5.4% yield even at today's price. And that yield is set to outpace inflation (6.4p forecast for 2017), so offers protection against rising interest rates. Ex-divi later this week for 1.53p. A long term hold for me.
Big volume of buys this week probably caused by last weeks recomendations in Moneyweek and the IC and the first tick up.I guess there must be a lot of stock available.
I saw REITs suggested as an alternative to bonds and equities for those concerned about valuations in those areas. This is one of a few I'm looking at. These REITs don't seem as conservatively managed as I'd expect - one consistently pays out more than earnings, and this one has said: Following the addition of these properties the Company has now invested all of its existing equity and has drawn down substantially all of a £30 million term loan and revolving credit facility. That seems surprising to me; perhaps they had to strike while the iron was hot. The next week or two should be interesting.
Yes, many of us have enjoyed ACD...the search is on for a replacement as perhaps we are now into the last 6months of life there, unless one opts for the Continuation of course. Likewise, have a good weekend - though for me, being retired, life is one long weekend holiday!
Hi Sky! Blimey another poster LOL! Yeah, I'm not particularly comfortable with the premium to NAV either and like you suspect they'll raise at around the original launch price. I've a small holding tucked away in my SIPP and will probably add to my holding if we get the chance to participate. By the way, I should thank you for originally drawing my attention to ACD. I initially bought around 80p and added up to £1, so its been a great investment for me. Have a good weekend.
Hi Wirral - I have been alerted to these by David Stevenson's article in MoneyWeek of 30th May. He suggested an share price of 102p; an NAV of 96p and a yield of 5.8% estimated by Numis. I now see this, which I suspect presages a large placing at par - 100p. so will hold off for the moment; though I remain interested. ==================================================== Following the Company's successful launch in March 2013 and subsequent capital raises in June and October 2013, the Company has acquired a portfolio of 18care homes across England and Scotland which have a market value of over GBP87 million. Target Advisers LLP, the Company's Investment Adviser, is currently in advanced discussions, or has entered into exclusivity arrangements, in respect of a number of further acquisition opportunities in line with the Company's investment policy. If completed, these opportunities would result in the Company having invested all of its remaining available cash reserves and having drawn down substantially all of a proposed GBP30 million term loan and revolving credit facility. Your Board announces therefore that it is discussing, with its advisers, a proposal to raise additional equity. The Company has today published a circular to convene a general meeting to seek authority from shareholders of the Company to allot a further 50 million Ordinary Shares on a non pre-emptive basis under a placing and offer for subscription. Your Board believes that raising additional capital will allow the Investment Adviser to take advantage of the acquisition opportunities it has identified. Your Board also believes that it is in the best interests of the Company's shareholders to increase the size of the Company to spread the fixed costs over a wider asset base and to increase the market capitalisation and liquidity in the shares of the Company. If the Board and its advisers identify sufficient investor demand, the Company will publish a prospectus. The price at which the shares will be issued by the Company pursuant to these proposals will not be dilutive to the Company's existing shareholders. ================================================
Have some of these in my SIPP, and as there's no other thread, thought I'd set one up. Any fellow holders out there..?
Company Website: hxxp:// Twitter: Looking to pay out 6% p.a. With our Ageing population, would seem they are in a good position to benefit.
Chat Pages: 1
Your Recent History
Target Hea..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20190422 08:01:43