LSE:AGR

Stock Analysis Report

Executive Summary

Assura plc, a constituent of the FTSE 250 and the EPRA* indices, is a UK REIT and long-term investor in and developer of primary care property.


Snowflake Analysis

Proven track record second-rate dividend payer.


Similar Companies

Share Price & News

How has Assura's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: AGR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

6.0%

AGR

2.5%

GB REITs

3.9%

GB Market


1 Year Return

46.2%

AGR

-19.9%

GB REITs

-22.4%

GB Market

Return vs Industry: AGR exceeded the UK REITs industry which returned -19.9% over the past year.

Return vs Market: AGR exceeded the UK Market which returned -22.4% over the past year.


Shareholder returns

AGRIndustryMarket
7 Day6.0%2.5%3.9%
30 Day11.5%-19.7%-16.1%
90 Day7.5%-28.1%-26.1%
1 Year52.1%46.2%-16.6%-19.9%-18.2%-22.4%
3 Year60.6%41.4%-1.8%-15.2%-11.7%-23.1%
5 Year69.6%36.9%-2.9%-22.1%1.9%-21.5%

Price Volatility Vs. Market

How volatile is Assura's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Assura undervalued compared to its fair value and its price relative to the market?

24.13x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: AGR (£0.84) is trading above our estimate of fair value (£0.64)

Significantly Below Fair Value: AGR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: AGR is poor value based on its PE Ratio (24.1x) compared to the REITs industry average (13.2x).

PE vs Market: AGR is poor value based on its PE Ratio (24.1x) compared to the UK market (12.8x).


Price to Earnings Growth Ratio

PEG Ratio: AGR is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: AGR is overvalued based on its PB Ratio (1.6x) compared to the GB REITs industry average (0.8x).


Next Steps

Future Growth

How is Assura forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

15.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AGR's forecast earnings growth (15.4% per year) is above the savings rate (0.5%).

Earnings vs Market: AGR's earnings (15.4% per year) are forecast to grow slower than the UK market (15.5% per year).

High Growth Earnings: AGR's earnings are forecast to grow, but not significantly.

Revenue vs Market: AGR's revenue (5.4% per year) is forecast to grow faster than the UK market (2.4% per year).

High Growth Revenue: AGR's revenue (5.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AGR's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

How has Assura performed over the past 5 years?

16.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: AGR has a large one-off gain of £18.0M impacting its September 30 2019 financial results.

Growing Profit Margin: AGR's current net profit margins (77.1%) are higher than last year (37.3%).


Past Earnings Growth Analysis

Earnings Trend: AGR's earnings have grown by 16% per year over the past 5 years.

Accelerating Growth: AGR's earnings growth over the past year (131.8%) exceeds its 5-year average (16% per year).

Earnings vs Industry: AGR earnings growth over the past year (131.8%) exceeded the REITs industry -21.6%.


Return on Equity

High ROE: AGR's Return on Equity (6.4%) is considered low.


Next Steps

Financial Health

How is Assura's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: AGR has a high level of physical assets or inventory.

Debt Coverage by Assets: AGR's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: AGR's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if AGR has a sufficient allowance for bad loans.

Low Risk Liabilities: AGR reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if AGR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: AGR has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if AGR has an appropriate level of bad loans.


Next Steps

Dividend

What is Assura's current dividend yield, its reliability and sustainability?

3.34%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: AGR's dividend (3.34%) is higher than the bottom 25% of dividend payers in the UK market (2.68%).

High Dividend: AGR's dividend (3.34%) is low compared to the top 25% of dividend payers in the UK market (7.27%).


Stability and Growth of Payments

Stable Dividend: AGR has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: AGR's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (89.1%), AGR's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: AGR's dividends in 3 years are forecast to be covered by earnings (97.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average management tenure


CEO

Jonathan Murphy (47yo)

3.42s

Tenure

UK£760,000

Compensation

Mr. Jonathan Stewart Murphy, ACA, MBA has been the Chief Executive Officer of Assura Plc since February 27, 2017. Mr. Murphy serves as Company Secretary of Regenesis Group PLC. He has significant experienc ...


CEO Compensation Analysis

Compensation vs Market: Jonathan's total compensation ($USD946.20K) is below average for companies of similar size in the UK market ($USD2.46M).

Compensation vs Earnings: Jonathan's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Jonathan Murphy
CEO, Member of Executive Board & Executive Director3.42yrsUK£760.00k0.089% £1.8m
Jayne Marie Cottam
CFO, Member of Executive Board & Executive Director2.5yrsUK£344.00k0.0038% £77.2k
Orla Ball
Head of Legalno datano datano data
Patrick Lowther
Head of Investment & Member of Executive Boardno datano datano data
Simon Gould
Head of Development & Member of Executive Boardno datano datano data
Belinda Lewis
Head of HR & Member of Executive Board1.33yrsno datano data
Simon Oborn
Head of Portfolio Management & Member of Executive Board0.58yrno datano data
Joanne Cullen
Senior Management Accountantno datano datano data
Debbie Chalcraft
Group Compliance Manager0.17yrno datano data
Carolyn Jones
Head of Investor Relations & Communications7.17yrsno datano data

1.9yrs

Average Tenure

Experienced Management: AGR's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Jonathan Murphy
CEO, Member of Executive Board & Executive Director3.42yrsUK£760.00k0.089% £1.8m
Jayne Marie Cottam
CFO, Member of Executive Board & Executive Director2.5yrsUK£344.00k0.0038% £77.2k
Jonathan Davies
Senior Independent Director0.67yrUK£32.20kno data
Jenefer Greenwood
Non-Executive Director7.83yrsUK£47.30k0.0049% £97.9k
Louise Fowler
Non-Executive Director0.75yrno datano data
John Edward Smith
Independent Non-Executive Chairman1.67yrsUK£119.60k0.0038% £77.2k

2.1yrs

Average Tenure

57yo

Average Age

Experienced Board: AGR's board of directors are not considered experienced ( 2.1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: AGR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.1%.


Top Shareholders

Company Information

Assura Plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Assura Plc
  • Ticker: AGR
  • Exchange: LSE
  • Founded:
  • Industry: Health Care REITs
  • Sector: Real Estate
  • Market Cap: UK£2.015b
  • Shares outstanding: 2.41b
  • Website: https://www.assuraplc.com

Number of Employees


Location

  • Assura Plc
  • The Brew House
  • Greenalls Avenue
  • Warrington
  • East Lothian
  • WA4 6HL
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AGRLSE (London Stock Exchange)YesNew Ordinary SharesGBGBPNov 2003
AGRlBATS-CHIXE (BATS 'Chi-X Europe')YesNew Ordinary SharesGBGBPNov 2003
75ADB (Deutsche Boerse AG)YesNew Ordinary SharesDEEURNov 2003
ARSS.FOTCPK (Pink Sheets LLC)YesNew Ordinary SharesUSUSDNov 2003

Biography

Assura plc, a constituent of the FTSE 250 and the EPRA* indices, is a UK REIT and long-term investor in and developer of primary care property. The company, headquartered in Warrington, works with GPs, health professionals and the NHS to create outstanding spaces for health services in our communities. At 30 September 2019, Assura's property portfolio was valued at £2,039 million. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/01 00:11
End of Day Share Price2020/03/31 00:00
Earnings2019/09/30
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.