Primary Health Properties (PHP)

Sector:

Property Investment Trusts

Index:

FTSE 250

95.70p
   
  • Change Today:
    -0.100p
  • 52 Week High: 107.00p
  • 52 Week Low: 85.50p
  • Currency: UK Pounds
  • Volume: 2,081,470
  • RiskGrade: 84

Key Financials

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Growth Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Annualisation Factor 1.0 1.0 n/a 1.0 1.0
Dividend Yield 6.5% 5.9% 4.1% 3.9% 3.5%
           
Continuing Operations          
PE Ratio - Adjusted 15.3 16.8 24.4 26.3 29.1
PE Ratio - Diluted 51.9
42.5		 50.4
18.0		 15.4
24.8		 17.6
28.3		 n/a
35.0
PEG - Adjusted 5.1 2.8 3.5 4.4 4.8
PEG - Diluted n/a
n/a		 n/a
18.0		 1.2
1.9		 n/a
1.6		 n/a
n/a
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Operating Margin 41.87%
47.35%		 63.08%
83.71%		 121.36%
83.45%		 110.94%
83.53%		 (23.91%)
77.74%
           
Continuing & Discontinued Operations          
PE Ratio - Adjusted 15.3 16.8 2,419.2 26.3 29.1
PE Ratio - Diluted 51.9
42.5		 50.4
18.0		 1,530.5
2,455.6		 17.6
28.3		 n/a
35.0
PEG - Adjusted 5.1 0.0 n/a 4.4 4.8
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
1.6		 n/a
n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Net Gearing 92.92% 85.92% 83.09% 78.75% 91.60%

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Value Metrics 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Price/Book Value 1.0 1.0 1.3 1.4 1.4
Price/Tangible Book Value 1.0 1.0 1.3 1.4 1.4
Price/ Cash Flow 10.4 12.6 14.3 16.3 18.6
Price/Revenue 8.17 9.60 1,370.51 13.92 14.40
Price/R&D n/a n/a n/a n/a n/a
Net Asset Value per Share (exc. Intangibles) 106.08p 111.04p 112.74p 111.69p 112.50p
Net Cash per Share n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Annualised Fundamentals 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Continuing Operations          
Revenue 169.80 154.10 1.47 139.00 121.30
EBITDA 72.00
81.30		 97.20
129.00		 1.78
1.23		 154.20
116.10		 (29.00)
94.30
Depreciation (0.90)
(0.90)		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Net Interest (45.00)
(45.00)		 (40.30)
(40.30)		 (0.35)
(0.35)		 (41.80)
(41.80)		 (41.20)
(41.20)
Profit Before Tax 26.10
35.40		 56.90
88.70		 1.43
0.87		 112.40
74.30		 (70.20)
53.10
           
Revenue per Share 12.71p 11.54p 0.11p 10.98p 11.11p
Pre-Tax Profit per Share 1.95p
2.65p		 4.26p
6.64p		 0.11p
0.066p		 8.88p
5.87p		 (6.43p)
4.86p
Market Capitalisation £ (Millions) n/a n/a 2,018.01 2,010.24 1,946.08
Enterprise Value (EV) £ (Millions) 1,314.40 1,301.30 3,297.01 3,227.64 3,214.48
EBITDA/EV 5.48%
6.19%		 7.47%
9.91%		 0.05%
0.04%		 4.78%
3.60%		 (0.90%)
2.93%
Operating Margin 41.87%
47.35%		 63.08%
83.71%		 121.36%
83.45%		 110.94%
83.53%		 (23.91%)
77.74%
Capital Employed £ (Millions) 2,747.80 2,790.20 2,784.00 2,635.30 2,500.00
Return on Capital Employed n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a		 n/a
n/a
Invested Equity Capital £ (Millions) 1,427.70 1,487.60 1,504.30 1,417.90 1,231.60
           
Earnings per Share - Basic 2.00p
2.65p		 4.20p
6.64p		 10.50p
6.59p		 8.80p
5.83p		 (6.50p)
4.76p
Earnings per Share - Diluted 2.00p
2.44p		 2.20p
6.14p		 9.80p
6.11p		 8.70p
5.40p		 (6.50p)
4.57p
Earnings per Share - Adjusted 6.80p 6.60p 6.20p 5.80p 5.50p
Earnings per Share Growth - Basic -52%
-60%		 -60%
1%		 19%
13%		 n/a
22%		 n/a
-12%
Earnings per Share Growth - Diluted -9%
-60%		 -78%
1%		 13%
13%		 n/a
18%		 n/a
-12%
Earnings per Share Growth - Adjusted 3% 6% 7% 6% 6%
PE Ratio - Diluted 51.9
42.5		 50.4
18.0		 15.4
24.8		 17.6
28.3		 n/a
35.0
PEG - Diluted n/a
n/a		 n/a
18.0		 1.2
1.9		 n/a
1.6		 n/a
n/a
Tax Rate (4.60%) 1.05% 1.06% 0.36% (1.57%)
Dividend Cover 1.01
0.40		 1.02
1.02		 1.00
1.06		 0.98
0.99		 0.98
0.85
Interest Cover 1.58
1.78		 2.38
3.15		 4.94
3.41		 3.61
2.73		 (0.65)
2.25
           
Continuing & Discontinued Operations          
Earnings per Share - Basic 2.00p
2.65p		 4.20p
6.64p		 0.11p
0.067p		 8.80p
5.83p		 (6.50p)
4.76p
Earnings per Share - Diluted 2.00p
2.44p		 2.20p
6.14p		 0.099p
0.062p		 8.70p
5.40p		 (6.50p)
4.57p
Earnings per Share - Adjusted 6.80p 6.60p 0.063p 5.80p 5.50p
Earnings per Share Growth - Basic -52%
-60%		 3,863%
9,887%		 -99%
-99%		 n/a
22%		 n/a
-12%
Earnings per Share Growth - Diluted -9%
-60%		 2,124%
9,865%		 -99%
-99%		 n/a
18%		 n/a
-12%
Earnings per Share Growth - Adjusted 3% 10,446% -99% 6% 6%
PE Ratio - Diluted 51.9
42.5		 50.4
18.0		 1,530.5
2,455.6		 17.6
28.3		 n/a
35.0
PEG - Diluted n/a
n/a		 0.0
0.0		 n/a
n/a		 n/a
1.6		 n/a
n/a
Dividend Cover 1.01
0.40		 1.02
1.02		 0.01
0.01		 0.98
0.99		 0.98
0.85
Return on Equity (ROE) 1.91%
2.48%		 3.78%
5.96%		 0.09%
0.06%		 7.90%
5.21%		 (5.79%)
4.22%
Operating Cash Flow per Share 10.00p 8.81p 10.55p 9.39p 8.61p
Gross Cash Flow per Share cn/a cn/a cn/a cn/a cn/a
Cash Incr/Decr per Share (1.94p) (0.38p) (0.053p) (3.17p) 12.72p
Capital Expenditure per Share n/a n/a n/a n/a n/a
Dividend per Share 6.70p 6.50p 6.20p 5.90p 5.60p
Dividend per Share Growth 3.08% 4.84% 5.08% 5.36% 3.70%
Dividend Yield 6.5% 5.9% 4.1% 3.9% 3.5%
Shareholders Funds 1,423.90 1,482.20 1,499.90 1,414.40 1,228.50
Net Borrowings £ (Millions) 1,323.10 1,273.50 1,246.30 1,113.80 1,125.30
Net Asset Value per Share (inc. Intangibles) 106.08p 111.04p 112.74p 111.69p 112.50p

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - inc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds inc Intangibles 1,423.90 1,482.20 1,499.90 1,414.40 1,228.50
Net Borrowings £ (Millions) 1,323.10 1,273.50 1,246.30 1,113.80 1,125.30
Net Gearing 92.92% 85.92% 83.09% 78.75% 91.60%
Cash & Near Cash 3.20 29.10 33.40 103.60 143.10
Cash 0.22% 1.96% 2.23% 7.32% 11.65%
Gross Borrowings 1,326.30 1,302.60 1,279.70 1,217.40 1,268.40
Gross Gearing 93.15% 87.88% 85.32% 86.07% 103.25%
Borrowings Under 5 years 1,326.30 1,302.60 1,279.70 1,217.40 1,268.40
Under 5 years 93.15% 87.88% 85.32% 86.07% 103.25%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Gearing - exc Intangibles 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Shareholders' Funds exc Intangibles 1,417.70 1,482.20 1,499.90 1,414.40 1,228.50
Net Borrowings £ (Millions) 1,323.10 1,273.50 1,246.30 1,113.80 1,125.30
Net Gearing 93.33% 85.92% 83.09% 78.75% 91.60%
Cash & Near Cash 3.20 29.10 33.40 103.60 143.10
Cash 0.23% 1.96% 2.23% 7.32% 11.65%
Gross Borrowings 1,326.30 1,302.60 1,279.70 1,217.40 1,268.40
Gross Gearing 93.55% 87.88% 85.32% 86.07% 103.25%
Borrowings Under 5 years 1,326.30 1,302.60 1,279.70 1,217.40 1,268.40
Under 5 years 93.55% 87.88% 85.32% 86.07% 103.25%
Borrowings Under 1 year n/a n/a n/a n/a n/a
Under 1 year n/a n/a n/a n/a n/a

  £ (Millions) £ (Millions) £ (Millions) £ (Millions) £ (Millions)
Cover 31-Dec-23 31-Dec-22 31-Dec-21 31-Dec-20 31-Dec-19
Quick Ratio n/a n/a n/a n/a n/a
Current Ratio 0.56 0.75 0.73 1.78 2.42

Key

* GAAP

a. Includes discontinued activities

b. Based on operating cash flow before tax

c. Not disclosed under IFRS

d. Includes non-current assets

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Normalised ratios are shown in blue text

Note 6: Forecast figures based on normalised accounts.

 

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