PHP

Primary Health PropertiesLSE:PHP Stock Report

Market Cap

UK£2.2b

7D

-1.8%

1Y

8.3%

Updated

18 Sep, 2021

Data

Company Financials +
PHP fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance4/6
Financial Health1/6
Dividends5/6

PHP Overview

Primary Health Properties (PHP) is the leading investor in modern healthcare properties in the UK & Ireland.

Primary Health Properties Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Primary Health Properties
Historical stock prices
Current Share PriceUK£1.62
52 Week HighUK£1.38
52 Week LowUK£1.70
Beta0.0011
1 Month Change-2.53%
3 Month Change3.06%
1 Year Change8.31%
3 Year Change42.76%
5 Year Change43.01%
Change since IPO527.57%

Recent News & Updates

Feb 22
Could The Primary Health Properties PLC (LON:PHP) Ownership Structure Tell Us Something Useful?

Could The Primary Health Properties PLC (LON:PHP) Ownership Structure Tell Us Something Useful?

Every investor in Primary Health Properties PLC ( LON:PHP ) should be aware of the most powerful shareholder groups...

Shareholder Returns

PHPGB REITsGB Market
7D-1.8%-0.4%-1.0%
1Y8.3%29.4%19.2%

Return vs Industry: PHP underperformed the UK REITs industry which returned 29.4% over the past year.

Return vs Market: PHP underperformed the UK Market which returned 19.2% over the past year.

Price Volatility

Is PHP's price volatile compared to industry and market?
PHP volatility
PHP Beta0.0011
Industry Beta0.84
Market Beta1

Stable Share Price: PHP is less volatile than 75% of UK stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: PHP's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1995n/aHarry Hymanhttps://www.phpgroup.co.uk

Primary Health Properties (PHP) is the leading investor in modern healthcare properties in the UK & Ireland. PHP is a UK based Real Estate Investment Trust (REIT) with a clear objective to create progressive returns to shareholders through a combination of earnings growth and capital appreciation. PHP achieve this by investing in healthcare real estate let on long-term leases, backed by a secure underlying covenant funded mostly by government bodies.

Valuation

Is Primary Health Properties undervalued compared to its fair value and its price relative to the market?

2.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PHP (£1.62) is trading below our estimate of fair value (£1.65)

Significantly Below Fair Value: PHP is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: PHP is good value based on its PE Ratio (15x) compared to the UK REITs industry average (15.7x).

PE vs Market: PHP is good value based on its PE Ratio (15x) compared to the UK market (23.5x).


Price to Earnings Growth Ratio

PEG Ratio: PHP's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: PHP is overvalued based on its PB Ratio (1.5x) compared to the GB REITs industry average (0.9x).


Future Growth

How is Primary Health Properties forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

-0.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PHP's earnings are forecast to decline over the next 3 years (-0.4% per year).

Earnings vs Market: PHP's earnings are forecast to decline over the next 3 years (-0.4% per year).

High Growth Earnings: PHP's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PHP's revenue (3.8% per year) is forecast to grow slower than the UK market (5% per year).

High Growth Revenue: PHP's revenue (3.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Past Performance

How has Primary Health Properties performed over the past 5 years?

4.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PHP has a large one-off gain of £69.3M impacting its June 30 2021 financial results.

Growing Profit Margin: PHP's current net profit margins are higher than last year (56.2%).


Past Earnings Growth Analysis

Earnings Trend: PHP's earnings have grown by 4.9% per year over the past 5 years.

Accelerating Growth: PHP's earnings growth over the past year (92.6%) exceeds its 5-year average (4.9% per year).

Earnings vs Industry: PHP earnings growth over the past year (92.6%) exceeded the REITs industry 46.5%.


Return on Equity

High ROE: PHP's Return on Equity (9.8%) is considered low.


Financial Health

How is Primary Health Properties's financial position?


Financial Position Analysis

Short Term Liabilities: PHP's short term assets (£87.4M) do not cover its short term liabilities (£132.1M).

Long Term Liabilities: PHP's short term assets (£87.4M) do not cover its long term liabilities (£1.1B).


Debt to Equity History and Analysis

Debt Level: PHP's debt to equity ratio (82.5%) is considered high.

Reducing Debt: PHP's debt to equity ratio has reduced from 137.4% to 82.5% over the past 5 years.

Debt Coverage: PHP's debt is not well covered by operating cash flow (10.3%).

Interest Coverage: PHP's interest payments on its debt are not well covered by EBIT (2.9x coverage).


Balance Sheet


Dividend

What is Primary Health Properties's current dividend yield, its reliability and sustainability?

3.84%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PHP's dividend (3.84%) is higher than the bottom 25% of dividend payers in the UK market (1.34%).

High Dividend: PHP's dividend (3.84%) is low compared to the top 25% of dividend payers in the UK market (3.92%).


Stability and Growth of Payments

Stable Dividend: PHP's dividends per share have been stable in the past 10 years.

Growing Dividend: PHP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (57.9%), PHP's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PHP's dividends in 3 years are forecast to be covered by earnings (95.1% payout ratio).


Next Steps

Management

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

2.0yrs

Average management tenure


CEO

Harry Hyman (65 yo)

0.67

Tenure

UK£574,000

Compensation

Mr. Harry Abraham Hyman has been an Independent Non-Executive Chairman at Summit Properties Limited since September 2020. Mr. Hyman is the Founder of Primary Health Properties PLC and has been its Chief Ex...


CEO Compensation Analysis

Compensation vs Market: Harry's total compensation ($USD789.47K) is below average for companies of similar size in the UK market ($USD1.66M).

Compensation vs Earnings: Harry's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: PHP's management team is considered experienced (2 years average tenure).


Board Members

Experienced Board: PHP's board of directors are considered experienced (3.4 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Primary Health Properties PLC's employee growth, exchange listings and data sources


Key Information

  • Name: Primary Health Properties PLC
  • Ticker: PHP
  • Exchange: LSE
  • Founded: 1995
  • Industry: Health Care REITs
  • Sector: Real Estate
  • Market Cap: UK£2.153b
  • Shares outstanding: 1.33b
  • Website: https://www.phpgroup.co.uk

Location

  • Primary Health Properties PLC
  • Greener House
  • 5th Floor
  • London
  • East Lothian
  • SW1Y 4RF
  • United Kingdom

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/18 17:33
End of Day Share Price2021/09/17 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.