Target Healthcare REIT
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Target Healthcare REIT provide a range of tailored funding solutions to support operators to increase the provision of modern, purpose-built care homes across the UK. The last earnings update was 77 days ago. More info.
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THRL Share Price and Events
7 Day Returns
1 Year Returns
THRL Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Target Healthcare REIT (THRL) | -1.2% | -1.4% | -1.7% | 6.5% | 6.9% | 11.1% |
| GB REITs | 0.3% | -0.1% | 1.3% | -7.2% | -6.8% | 5.7% |
| GB Market | 1.5% | -2.1% | 1.8% | -6.3% | 15.4% | 2% |
1 Year Return vs Industry and Market
- THRL outperformed the REITs industry which returned -7.2% over the past year.
- THRL outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -6.3% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Target Healthcare REIT
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Target Healthcare REIT.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 2 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 6% |
| Perpetual Growth Rate | 10-Year GB Government Bond Rate | 1.2% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year GB Govt Bond Rate | 1.2% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.52 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.523 (1 + (1- 20%) (15.71%)) |
0.724 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 5.96%) |
6% |
Discounted Cash Flow Calculation for LSE:THRL using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Target Healthcare REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Target Healthcare REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (GBP, Millions) | Source |
Present Value Discounted (@ 6%) |
|
|---|---|---|---|
| 2019 | 20.00 | Analyst x1 | 18.87 |
| 2020 | 26.10 | Analyst x1 | 23.23 |
| 2021 | 27.10 | Analyst x1 | 22.76 |
| 2022 | 29.96 | Est @ 10.55% | 23.73 |
| 2023 | 32.28 | Est @ 7.75% | 24.13 |
| 2024 | 34.15 | Est @ 5.79% | 24.08 |
| 2025 | 35.66 | Est @ 4.42% | 23.73 |
| 2026 | 36.90 | Est @ 3.47% | 23.16 |
| 2027 | 37.93 | Est @ 2.79% | 22.46 |
| 2028 | 38.81 | Est @ 2.32% | 21.68 |
| Present value of next 10 years cash flows | £227.83 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= £38.81 × (1 + 1.23%) ÷ (6% – 1.23%) |
£823.97 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= £823.97 ÷ (1 + 6%)10 |
£460.32 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= £227.83 + £460.32 |
£688.15 |
| Equity Value per Share (GBP) |
= Total value / Shares Outstanding
= £688.15 / 385.09 |
£1.79 |
| Calculation | Result | |
|---|---|---|
| Value per share (GBP) | From above. | £1.79 |
| Current discount | Discount to share price of
£1.15
= -1 x (£1.15 - £1.79) / £1.79 |
35.6% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Target Healthcare REIT's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Target Healthcare REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Target Healthcare REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Target Healthcare REIT's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in GBP | £0.08 |
| LSE:THRL Share Price ** | LSE (2019-05-21) in GBP | £1.15 |
| United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio | Median Figure of 44 Publicly-Listed REITs Companies | 12.15x |
| United Kingdom of Great Britain and Northern Ireland Market PE Ratio | Median Figure of 789 Publicly-Listed Companies | 16.22x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Target Healthcare REIT.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = LSE:THRL Share Price ÷ EPS (both in GBP) = 1.15 ÷ 0.08 |
13.59x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Target Healthcare REIT is overvalued based on earnings compared to the GB REITs industry average.
- Target Healthcare REIT is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does
Target Healthcare REIT's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 13.59x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
21.3%per year |
| United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio | Median Figure of 25 Publicly-Listed REITs Companies | -0.28x |
| United Kingdom of Great Britain and Northern Ireland Market PEG Ratio | Median Figure of 575 Publicly-Listed Companies | 1.5x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 13.59x ÷ 21.3% |
0.64x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Target Healthcare REIT is good value based on expected growth next year.
Price based on value of assets
What value do investors place on
Target Healthcare REIT's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in GBP | £1.07 |
| LSE:THRL Share Price * | LSE (2019-05-21) in GBP | £1.15 |
| United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio | Median Figure of 54 Publicly-Listed REITs Companies | 0.93x |
| United Kingdom of Great Britain and Northern Ireland Market PB Ratio | Median Figure of 1,368 Publicly-Listed Companies | 1.5x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = LSE:THRL Share Price ÷ Book Value per Share (both in GBP) = 1.15 ÷ 1.07 |
1.08x |
* Primary Listing of Target Healthcare REIT.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Target Healthcare REIT is overvalued based on assets compared to the GB REITs industry average.
Value checks
We assess Target Healthcare REIT's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Target Healthcare REIT has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Target Healthcare REIT's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
- Target Healthcare REIT's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
- Target Healthcare REIT's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| LSE:THRL Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 21.3% |
| LSE:THRL Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 15.1% |
| United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 17.6% |
| United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 2.2% |
| United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate | Market Cap Weighted Average | 11% |
| United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate | Market Cap Weighted Average | 5% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Date (Data in GBP Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 44 | 32 | 44 | 1 |
| 2020-06-30 | 43 | 31 | 41 | 1 |
| 2019-06-30 | 34 | 24 | 26 | 1 |
| Date (Data in GBP Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 31 | 12 | 28 |
| 2018-09-30 | 30 | 17 | 28 |
| 2018-06-30 | 28 | 22 | 28 |
| 2018-03-31 | 27 | 19 | 25 |
| 2017-12-31 | 26 | 16 | 22 |
| 2017-09-30 | 25 | 9 | 21 |
| 2017-06-30 | 23 | 3 | 19 |
| 2017-03-31 | 21 | 6 | 17 |
| 2016-12-31 | 20 | 9 | 14 |
| 2016-09-30 | 18 | 9 | 13 |
| 2016-06-30 | 17 | 9 | 12 |
| 2016-03-31 | 16 | 8 | 13 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (4 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from Target Healthcare REIT Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in GBP Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-06-30 | 0.11 | 0.11 | 0.11 | 1.00 |
| 2020-06-30 | 0.11 | 0.11 | 0.11 | 1.00 |
| 2019-06-30 | 0.07 | 0.07 | 0.07 | 1.00 |
| Date (Data in GBP Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.08 |
| 2018-09-30 | 0.09 |
| 2018-06-30 | 0.10 |
| 2018-03-31 | 0.09 |
| 2017-12-31 | 0.09 |
| 2017-09-30 | 0.08 |
| 2017-06-30 | 0.08 |
| 2017-03-31 | 0.07 |
| 2016-12-31 | 0.06 |
| 2016-09-30 | 0.07 |
| 2016-06-30 | 0.07 |
| 2016-03-31 | 0.09 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if Target Healthcare REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess Target Healthcare REIT's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Target Healthcare REIT has a total score of 4/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has Target Healthcare REIT performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Target Healthcare REIT has delivered over 20% year on year earnings growth in the past 5 years.
- Target Healthcare REIT's 1-year earnings growth is less than its 5-year average (25.7% vs 40.2%)
- Target Healthcare REIT's earnings growth has exceeded the GB REITs industry average in the past year (25.7% vs 9.5%).
Earnings and Revenue History
All data from Target Healthcare REIT Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in GBP Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 30.66 | 28.16 | ||
| 2018-09-30 | 29.52 | 27.89 | ||
| 2018-06-30 | 28.37 | 27.61 | ||
| 2018-03-31 | 27.26 | 25.01 | ||
| 2017-12-31 | 26.14 | 22.41 | ||
| 2017-09-30 | 24.63 | 20.77 | ||
| 2017-06-30 | 23.11 | 19.12 | ||
| 2017-03-31 | 21.46 | 16.74 | ||
| 2016-12-31 | 19.82 | 14.36 | ||
| 2016-09-30 | 18.35 | 13.03 | ||
| 2016-06-30 | 16.87 | 11.70 | ||
| 2016-03-31 | 16.06 | 13.34 | ||
| 2015-12-31 | 15.24 | 14.97 | ||
| 2015-09-30 | 14.48 | 12.26 | ||
| 2015-06-30 | 13.72 | 9.55 | ||
| 2014-12-31 | 8.68 | 3.28 | ||
| 2014-09-30 | 6.58 | 1.92 | ||
| 2014-06-30 | 4.48 | 0.55 | ||
| 2013-12-31 | 3.44 | -0.88 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Target Healthcare REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Target Healthcare REIT used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
- Target Healthcare REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Target Healthcare REIT's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Target Healthcare REIT has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is Target Healthcare REIT's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Target Healthcare REIT's finances.
The net worth of a company is the difference between its assets and liabilities.
- Target Healthcare REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Target Healthcare REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Target Healthcare REIT Company Filings, last reported 4 months ago.
| Date (Data in GBP Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 411.42 | 69.58 | 28.81 |
| 2018-09-30 | 411.42 | 69.58 | 28.81 |
| 2018-06-30 | 358.61 | 64.30 | 41.40 |
| 2018-03-31 | 358.61 | 64.30 | 41.40 |
| 2017-12-31 | 263.38 | 79.66 | 14.85 |
| 2017-09-30 | 263.38 | 79.66 | 14.85 |
| 2017-06-30 | 256.94 | 39.34 | 10.41 |
| 2017-03-31 | 256.94 | 39.34 | 10.41 |
| 2016-12-31 | 256.75 | 20.35 | 26.68 |
| 2016-09-30 | 256.75 | 20.35 | 26.68 |
| 2016-06-30 | 253.28 | 20.77 | 65.11 |
| 2016-03-31 | 253.28 | 20.77 | 65.11 |
| 2015-12-31 | 173.61 | 31.01 | 41.15 |
| 2015-09-30 | 173.61 | 31.01 | 41.15 |
| 2015-06-30 | 139.29 | 30.87 | 29.16 |
| 2014-12-31 | 111.97 | 26.43 | 5.90 |
| 2014-09-30 | 111.97 | 26.43 | 5.90 |
| 2014-06-30 | 90.22 | 11.76 | 17.13 |
| 2013-12-31 | 91.30 | 0.00 | 45.35 |
- Target Healthcare REIT's level of debt (16.9%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has increased over the past 5 years (0.1% vs 16.9% today).
- Debt is not well covered by operating cash flow (17.2%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 9.3x coverage).
Financial health checks
We assess Target Healthcare REIT's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Target Healthcare REIT has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is Target Healthcare REIT's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
£2,000 of
Target Healthcare REIT
shares you are expected to receive
£114
in your first year as a dividend.
Dividend Amount
- Target Healthcare REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2%).
- Target Healthcare REIT's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.27%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield | Market Cap Weighted Average of 49 Stocks | 4.2% |
| United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield | Market Cap Weighted Average of 705 Stocks | 4.3% |
| United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield | 10th Percentile | 1% |
| United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield | 25th Percentile | 2% |
| United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield | 75th Percentile | 5.3% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in £) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-06-30 | 0.07 | 2.00 |
| 2020-06-30 | 0.07 | 2.00 |
| 2019-06-30 | 0.07 | 2.00 |
| Date (Data in £) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-04-25 | 0.066 | 5.662 |
| 2019-01-31 | 0.066 | 5.678 |
| 2018-10-15 | 0.066 | 6.038 |
| 2018-07-27 | 0.065 | 5.690 |
| 2018-01-19 | 0.065 | 5.880 |
| 2017-11-09 | 0.065 | 5.757 |
| 2017-07-27 | 0.063 | 5.324 |
| 2017-04-26 | 0.063 | 5.325 |
| 2017-01-26 | 0.063 | 5.567 |
| 2016-09-30 | 0.062 | 5.568 |
| 2016-09-29 | 0.062 | 5.574 |
| 2015-10-02 | 0.062 | 5.630 |
| 2014-10-07 | 0.080 | 7.616 |
| 2014-02-28 | 0.046 | 4.422 |
| 2013-09-20 | 0.060 | 5.752 |
| 2013-08-01 | 0.065 | 6.136 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Target Healthcare REIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
- Dividend payments have increased, but Target Healthcare REIT only paid a dividend in the past 6 years.
Income/ dividend checks
We assess Target Healthcare REIT's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Target Healthcare REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Target Healthcare REIT has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
CEO Bio
Mr. Kenneth Macangus MacKenzie, MA CA serves as Chief Executive of Target Advisers LLP. Mr. MacKenzie founded the Target Advisers LLP in 2010. He is a Chartered Accountant with 40 years of business leadership experience, last 9 in healthcare. Prior to healthcare sector, Mr. MacKenzie has businesses in the publishing, IT, shipping and accountancy sectors and he holds a number of pro-bono charitable roles. Significant work was done researching the UK healthcare market and he led the due diligence on the business. His experience from this exercise and contacts with the Chief Executive Officer of a REIT in the US was a key reason why he went on to found the Kames Target Healthcare Property Unit Trust. Preceding his involvement in the healthcare sector, he has owned businesses in the publishing, IT, shipping and accountancy sectors and he holds a number of pro-bono charitable roles.
CEO Compensation
- Insufficient data for Kenneth to compare compensation growth.
- Insufficient data for Kenneth to establish whether their remuneration is reasonable compared to companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure
Average tenure of the Target Healthcare REIT management team in years:
- The average tenure for the Target Healthcare REIT management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Kenneth MacKenzie
Chief Executive Officer
Gordon Bland
Finance Director
John Flannelly
Head of Investment - Target Advisers LLP
9.3 yrs
Andrew Brown
Head of Healthcare - Target Advisers LLP
9.3 yrs
Donald Campbell
Head of Tax
2.7 yrs
Scott Steven
Head of Asset Management
1.3 yrs
Board of Directors Tenure
Average tenure and age of the Target Healthcare REIT board of directors in years:
- The tenure for the Target Healthcare REIT board of directors is about average.
Board of Directors
Robert Naish
Independent Non-Executive Chairman
£40K
65
6.3 yrs
Gordon Coull
Independent Non-Executive Director
£35K
6.3 yrs
Hilary Jones
Independent Non-Executive Director
£15K
4.8 yrs
June Andrews
Independent Non-Executive Director
£30K
6.3 yrs
Tom Hutchison
Senior Independent Director
£30K
76
6.3 yrs
Craig Stewart
Independent Non-Executive Director
£7K
53
1.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (£) | Value (£) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Target Healthcare REIT's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Target Healthcare REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
What Kind Of Shareholders Own Target Healthcare REIT Limited (LON:THRL)?
View our latest analysis for Target Healthcare REIT LSE:THRL Ownership Summary, May 17th 2019 What Does The Institutional Ownership Tell Us About Target Healthcare REIT? … We can see that Target Healthcare REIT does have institutional investors; and they hold 47% of the stock. … Insider Ownership Of Target Healthcare REIT While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.
Simply Wall St - – Full articleIs Target Healthcare REIT Limited's (LON:THRL) 6.8% ROE Better Than Average?
By way of learning-by-doing, we'll look at ROE to gain a better understanding of Target Healthcare REIT Limited (LON:THRL). … Our data shows Target Healthcare REIT has a return on equity of 6.8% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleIf You Had Bought Target Healthcare REIT (LON:THRL) Stock Five Years Ago, You Could Pocket A 14% Gain Today
For example, the Target Healthcare REIT Limited (LON:THRL) share price is up 14% in the last 5 years, clearly besting than the market return of around 6.1% (ignoring dividends). … During the five years of share price growth, Target Healthcare REIT moved from a loss to profitability. … It might be well worthwhile taking a look at our free report on Target Healthcare REIT's earnings, revenue and cash flow.
Simply Wall St - – Full articleShould Investors Be Happy About Target Healthcare REIT Limited’s (LON:THRL) Cash Levels?
I will take you through Target Healthcare REIT’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Target Healthcare REIT’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … I will be analysing Target Healthcare REIT’s FCF by looking at its FCF yield and its operating cash flow growth.
Simply Wall St - – Full articleWhat Can We Expect From Target Healthcare REIT Limited's (LON:THRL) Earnings In The Year Ahead?
Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … In June 2018, Target Healthcare REIT Limited (LON:THRL) released its earnings update.
Simply Wall St - – Full articleShould You Invest In Target Healthcare REIT Limited (LON:THRL)?
Target Healthcare REIT Limited is a UK£414m. … View our latest analysis for Target Healthcare REIT … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation
Simply Wall St - – Full articleHave You Considered This Before Investing In Target Healthcare REIT Limited (LON:THRL)?
Target Healthcare REIT Limited (LON:THRL) shareholders, and potential investors, need to understand how much cash the business makes from its core operational activities, as well as how much is invested back into the business. … I will take you through Target Healthcare REIT’s cash flow health and the risk-return concept based on the stock’s cash flow yield, using the most recent financial data. … Free cash flow (FCF) is the amount of cash Target Healthcare REIT has left after it pays off its expenses, including its net capital expenditures, which is what the company needs to spend each year to maintain or grow its business operations.
Simply Wall St - – Full articleIs Target Healthcare REIT Limited's (LON:THRL) ROE Of 7.7% Impressive?
This article is for those who would like to learn about Return On Equity (ROE). … Our data shows Target Healthcare REIT has a return on equity of 7.7% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleInvesting In Property Through Target Healthcare REIT Limited (LON:THRL)
Target Healthcare REIT Limited is a UK£388.4m. … real estate investment trust (REIT) based in Saint Helier, Jersey. … Check out our latest analysis for Target Healthcare REIT
Simply Wall St - – Full articleIs It Time To Buy Target Healthcare REIT Limited (LON:THRL)?
Target Healthcare REIT Limited (LON:THRL), a reits company based in Jersey,. … Today I will analyse the most recent data on Target Healthcare REIT’s outlook and valuation to see if the opportunity still exists? … See our latest analysis for Target Healthcare REIT?
Simply Wall St - – Full articleCompany Info
Description
Target Healthcare REIT provide a range of tailored funding solutions to support operators to increase the provision of modern, purpose-built care homes across the UK.
Details
| Name: | Target Healthcare REIT Limited |
| THRL | |
| Exchange: | LSE |
| Founded: | 2013 |
| £442,852,865 | |
| 385,089,448 | |
| Website: | http://www.targethealthcarereit.co.uk |
| Address: |
Target Healthcare REIT Limited Ordnance House, 31 Pier Road, Saint Helier, JE4 8PW, Jersey |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| LSE | THRL | Ordinary Shares | London Stock Exchange | GB | GBP | 07. Mar 2013 | |
| BATS-CHIXE | THRLL | Ordinary Shares | BATS 'Chi-X Europe' | GB | GBP | 07. Mar 2013 |
Number of employees
Current staff
Industry
| Health Care REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/21 22:02 |
| End of day share price update: | 2019/05/21 00:00 |
| Last estimates confirmation: | 2019/04/30 |
| Last earnings filing: | 2019/03/05 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/06/30 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
