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Vital Healthcare Property Trust

NZSE:VHP
Snowflake Description

Established dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VHP
NZSE
NZ$1B
Market Cap
  1. Home
  2. NZ
  3. Real Estate
Company description

Vital Healthcare Property Trust is a real estate investment trust externally managed by Vital Healthcare Management Limited. The last earnings update was 79 days ago. More info.


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VHP Share Price and Events
7 Day Returns
5.3%
NZSE:VHP
2%
NZ REITs
0.6%
NZ Market
1 Year Returns
18.8%
NZSE:VHP
21.2%
NZ REITs
10.4%
NZ Market
VHP Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Vital Healthcare Property Trust (VHP) 5.3% 13.5% 13.2% 18.8% 10.9% 76.5%
NZ REITs 2% 3.9% 7.5% 21.2% 16.9% 50.3%
NZ Market 0.6% 1.7% 7.1% 10.4% 26.2% 51.2%
1 Year Return vs Industry and Market
  • VHP underperformed the REITs industry which returned 21.2% over the past year.
  • VHP outperformed the Market in New Zealand which returned 10.4% over the past year.
Price Volatility
VHP
Industry
5yr Volatility vs Market

VHP Value

 Is Vital Healthcare Property Trust undervalued based on future cash flows and its price relative to the stock market?

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 Vital Healthcare Property Trust 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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Vital Healthcare Property Trust.

NZSE:VHP Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year NZ Government Bond Rate 2.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NZSE:VHP
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year NZ Govt Bond Rate 2.4%
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- 28%) (71.16%))
0.86
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.86
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.37% + (0.86 * 5.96%)
7.49%

Discounted Cash Flow Calculation for NZSE:VHP using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Vital Healthcare Property Trust 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.

NZSE:VHP DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (NZD, Millions) Source Present Value
Discounted (@ 7.49%)
2019 34.18 Est @ -13.28% 31.80
2020 31.24 Est @ -8.58% 27.04
2021 29.59 Est @ -5.3% 23.82
2022 28.70 Est @ -3% 21.50
2023 28.30 Est @ -1.39% 19.72
2024 28.23 Est @ -0.26% 18.30
2025 28.38 Est @ 0.53% 17.11
2026 28.69 Est @ 1.08% 16.09
2027 29.11 Est @ 1.47% 15.19
2028 29.61 Est @ 1.74% 14.38
Present value of next 10 years cash flows NZ$204.96
NZSE:VHP DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= NZ$29.61 × (1 + 2.37%) ÷ (7.49% – 2.37%)
NZ$591.80
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= NZ$591.80 ÷ (1 + 7.49%)10
NZ$287.33
NZSE:VHP Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= NZ$204.96 + NZ$287.33
NZ$492.29
Equity Value per Share
(NZD)
= Total value / Shares Outstanding
= NZ$492.29 / 445.51
NZ$1.1
NZSE:VHP Discount to Share Price
Calculation Result
Value per share (NZD) From above. NZ$1.10
Current discount Discount to share price of NZ$2.40
= -1 x (NZ$2.40 - NZ$1.10) / NZ$1.10
-117.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Vital Healthcare Property Trust is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Vital Healthcare Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Vital Healthcare Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NZSE:VHP PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in NZD NZ$0.21
NZSE:VHP Share Price ** NZSE (2019-05-17) in NZD NZ$2.4
New Zealand REITs Industry PE Ratio Median Figure of 10 Publicly-Listed REITs Companies 9.59x
New Zealand Market PE Ratio Median Figure of 90 Publicly-Listed Companies 17.94x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Vital Healthcare Property Trust.

NZSE:VHP PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NZSE:VHP Share Price ÷ EPS (both in NZD)

= 2.4 ÷ 0.21

11.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Vital Healthcare Property Trust is overvalued based on earnings compared to the NZ REITs industry average.
  • Vital Healthcare Property Trust is good value based on earnings compared to the New Zealand market.
Price based on expected Growth
Does Vital Healthcare Property Trust's expected growth come at a high price?
Raw Data
NZSE:VHP PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-8.1%per year
New Zealand REITs Industry PEG Ratio Median Figure of 10 Publicly-Listed REITs Companies -0.34x
New Zealand Market PEG Ratio Median Figure of 66 Publicly-Listed Companies 1.51x

*Line of best fit is calculated by linear regression .

NZSE:VHP PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.2x ÷ -8.1%

-1.38x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Vital Healthcare Property Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Vital Healthcare Property Trust's assets?
Raw Data
NZSE:VHP PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in NZD NZ$2.24
NZSE:VHP Share Price * NZSE (2019-05-17) in NZD NZ$2.4
New Zealand REITs Industry PB Ratio Median Figure of 10 Publicly-Listed REITs Companies 1.11x
New Zealand Market PB Ratio Median Figure of 125 Publicly-Listed Companies 1.55x
NZSE:VHP PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NZSE:VHP Share Price ÷ Book Value per Share (both in NZD)

= 2.4 ÷ 2.24

1.07x

* Primary Listing of Vital Healthcare Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Vital Healthcare Property Trust is good value based on assets compared to the NZ REITs industry average.
X
Value checks
We assess Vital Healthcare Property Trust's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Vital Healthcare Property Trust has a total score of 2/6, 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.

VHP Future Performance

 How is Vital Healthcare Property Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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!
Annual Growth Rate
-8.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Vital Healthcare Property Trust expected to grow at an attractive rate?
  • Vital Healthcare Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.4%.
Growth vs Market Checks
  • Vital Healthcare Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the New Zealand market average.
  • Vital Healthcare Property Trust's revenue growth is positive but not above the New Zealand market average.
Annual Growth Rates Comparison
Raw Data
NZSE:VHP Future Growth Rates Data Sources
Data Point Source Value (per year)
NZSE:VHP Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -8.1%
NZSE:VHP Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 1.6%
New Zealand REITs Industry Earnings Growth Rate Market Cap Weighted Average -17%
New Zealand REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.3%
New Zealand Market Earnings Growth Rate Market Cap Weighted Average 6.9%
New Zealand Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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
Raw Data
NZSE:VHP Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in NZD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NZSE:VHP Future Estimates Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-06-30 105 71 4
2020-06-30 101 80 4
2019-06-30 98 81 4
NZSE:VHP Past Financials Data
Date (Data in NZD Millions) Revenue Cash Flow Net Income *
2018-12-31 110 39 94
2018-09-30 107 90
2018-06-30 104 46 100
2018-03-31 99 207
2017-12-31 94 49 225
2017-09-30 103 219
2017-06-30 99 58 218
2017-03-31 97 131
2016-12-31 95 59 104
2016-09-30 79 122
2016-06-30 77 40 117
2016-03-31 73 146

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Vital Healthcare Property Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Vital Healthcare Property Trust's revenue is expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NZSE:VHP 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 4 Analyst Estimates (S&P Global) See Below

All data from Vital Healthcare Property Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:VHP Future Estimates Data
Date (Data in NZD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-06-30 0.15 0.17 0.14 2.00
2020-06-30 0.19 0.24 0.15 2.00
2019-06-30 0.15 0.18 0.13 3.00
NZSE:VHP Past Financials Data
Date (Data in NZD Millions) EPS *
2018-12-31 0.21
2018-09-30 0.21
2018-06-30 0.23
2018-03-31 0.48
2017-12-31 0.52
2017-09-30 0.51
2017-06-30 0.52
2017-03-31 0.33
2016-12-31 0.27
2016-09-30 0.34
2016-06-30 0.34
2016-03-31 0.43

*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.
  • Vital Healthcare Property Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Vital Healthcare Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the New Zealand market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the New Zealand market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Vital Healthcare Property Trust has a total score of 0/6, 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.

VHP Past Performance

  How has Vital Healthcare Property Trust 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
Below we compare Vital Healthcare Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Vital Healthcare Property Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Vital Healthcare Property Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Vital Healthcare Property Trust's 1-year earnings growth is negative, it can't be compared to the NZ REITs industry average.
Earnings and Revenue History
Vital Healthcare Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Vital Healthcare Property Trust Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NZSE:VHP Past Revenue, Cash Flow and Net Income Data
Date (Data in NZD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 109.83 93.98 13.10
2018-09-30 107.31 89.93 13.10
2018-06-30 103.94 100.07 13.10
2018-03-31 99.48 206.58 12.31
2017-12-31 94.28 224.98 12.31
2017-09-30 103.37 219.01 12.31
2017-06-30 99.47 217.62 12.31
2017-03-31 97.40 131.31
2016-12-31 95.43 103.74 6.32
2016-09-30 79.41 121.62
2016-06-30 77.12 117.21 6.32
2016-03-31 73.26 146.08
2015-12-31 70.21 141.55
2015-09-30 68.73 97.94
2015-06-30 67.71 96.51
2015-03-31 67.41 35.62 5.28
2014-12-31 67.13 34.80
2014-09-30 66.37 35.34 5.28
2014-06-30 65.72 37.43
2014-03-31 66.44 34.03 5.12
2013-12-31 67.05 36.74 2.02
2013-09-30 66.68 36.33 5.47
2013-06-30 66.01 34.72 4.87
2013-03-31 63.53 24.60 5.55
2012-12-31 60.79 18.34 5.33
2012-09-30 58.49 13.66 5.11
2012-06-30 56.20 8.98 4.90

*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.
  • Vital Healthcare Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Vital Healthcare Property Trust used its assets less efficiently than the NZ REITs industry average last year based on Return on Assets.
  • Vital Healthcare Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Vital Healthcare Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Vital Healthcare Property Trust has a total score of 1/6, 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.

VHP Health

 How is Vital Healthcare Property Trust'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 Vital Healthcare Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Vital Healthcare Property Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Vital Healthcare Property Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Vital Healthcare Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x 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.
Raw Data

All data from Vital Healthcare Property Trust Company Filings, last reported 4 months ago.

NZSE:VHP Past Debt and Equity Data
Date (Data in NZD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 998.45 763.99 8.51
2018-09-30 986.46 708.99 5.87
2018-06-30 987.98 683.19 5.39
2018-03-31 944.73 613.16 6.62
2017-12-31 952.31 613.59 10.45
2017-09-30 912.03 472.69 4.79
2017-06-30 879.82 414.12 3.35
2017-03-31 764.97 355.37 3.18
2016-12-31 711.25 271.63 3.53
2016-09-30 689.65 266.93 3.27
2016-06-30 523.72 363.92 12.98
2016-03-31 495.52 360.67 3.19
2015-12-31 476.60 297.63 2.70
2015-09-30 435.44 282.80 1.10
2015-06-30 439.76 270.66 1.02
2015-03-31 346.57 235.07 1.38
2014-12-31 352.23 230.93 1.17
2014-09-30 364.02 233.73 1.59
2014-06-30 353.52 200.26 0.84
2014-03-31 342.94 209.48 0.95
2013-12-31 345.63 209.95 1.09
2013-09-30 346.15 229.64 0.95
2013-06-30 308.99 277.81 1.37
2013-03-31 307.22 287.56 1.93
2012-12-31 300.35 293.67 0.95
2012-09-30 300.35 293.67 0.95
2012-06-30 287.43 259.85 1.33
  • Vital Healthcare Property Trust's level of debt (76.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (60.7% vs 76.5% today).
  • Debt is not well covered by operating cash flow (5.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Vital Healthcare Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Vital Healthcare Property Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

VHP Dividends

 What is Vital Healthcare Property Trust'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
Dividend payments
3.65%
Current annual income from Vital Healthcare Property Trust dividends. Estimated to be 3.72% next year.
If you bought NZ$2,000 of Vital Healthcare Property Trust shares you are expected to receive NZ$73 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Vital Healthcare Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in New Zealand (3.3%).
  • Vital Healthcare Property Trust's dividend is below the markets top 25% of dividend payers in New Zealand (5.68%).
Upcoming dividend payment

Purchase Vital Healthcare Property Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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.
Raw Data
NZSE:VHP Annualized Past and Future Dividends
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 4 Analyst Estimates (S&P Global) See Below
New Zealand REITs Industry Average Dividend Yield Market Cap Weighted Average of 10 Stocks 4.1%
New Zealand Market Average Dividend Yield Market Cap Weighted Average of 73 Stocks 3.8%
New Zealand Minimum Threshold Dividend Yield 10th Percentile 2.2%
New Zealand Bottom 25% Dividend Yield 25th Percentile 3.3%
New Zealand Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NZSE:VHP Future Dividends Estimate Data
Date (Data in NZ$) Dividend per Share (annual) Avg. No. Analysts
2021-06-30 0.09 4.00
2020-06-30 0.09 4.00
2019-06-30 0.09 4.00
NZSE:VHP Past Annualized Dividends Data
Date (Data in NZ$) Dividend per share (annual) Avg. Yield (%)
2019-03-01 0.088 4.058
2018-11-09 0.088 4.183
2018-08-09 0.088 4.189
2018-05-11 0.085 4.117
2018-02-27 0.085 4.072
2017-11-09 0.085 3.916
2017-08-10 0.085 3.800
2017-05-11 0.085 3.783
2017-02-23 0.085 4.044
2016-11-09 0.085 4.180
2016-09-23 0.085 4.009
2016-05-11 0.085 3.819
2016-02-25 0.081 3.957
2015-11-10 0.081 4.332
2015-08-12 0.080 4.650
2014-08-14 0.079 4.995
2013-08-22 0.085 6.416
2012-08-24 0.077 5.873
2012-06-29 0.077 6.224
2012-02-23 0.077 6.392
2011-08-23 0.077 6.778
2010-08-19 0.085 7.445
2009-08-19 0.085 7.079

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Vital Healthcare Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.2x coverage).
X
Income/ dividend checks
We assess Vital Healthcare Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 2.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Vital Healthcare Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Vital Healthcare Property Trust has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

VHP Management

 What is the CEO of Vital Healthcare Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
David Carr
TENURE AS CEO 12.6 years
CEO Bio

Mr. David Car was an Executive Director of Vital Healthcare Management Limited since 2018 until December 21, 2018. Mr. Car is Chief Executive Officer of Vital Healthcare Management Limited, a manager of Vital Healthcare Property Trust from October 2006. Mr. Car has over 21 years’ experience in property and capital markets including as the Chief Executive of Vital since October 2006. He has overall accountability for implementing and delivering the Trust’s strategy and for its overall performance. He is responsible for all investment and capital initiatives for Vital and leads a team of passionate professionals in New Zealand and Australia. He has extensive experience in property investment, management and development across a range of asset classes. Mr. Car served as Chief Executive Officer of Vital Trust since October 2006. He is responsible for all investment and capital initiatives and activities for Vital Trust and leads a team of 12 professionals in New Zealand and Australia. He served as Chief Executive Officer of Vital Healthcare Management Limited at Northwest Real Estate Investment Trust since May 15, 2015. He has overall accountability for the implementation and delivery of the Trust’s strategy as well as overall performance of the Trust. He has a Bachelor of Business Studies in Property Valuation and Management from Massey University.

CEO Compensation
  • Insufficient data for David to compare compensation growth.
  • Insufficient data for David to establish whether their remuneration is reasonable compared to companies of similar size in New Zealand.
Management Team Tenure

Average tenure of the Vital Healthcare Property Trust management team in years:

4.5
Average Tenure
  • The tenure for the Vital Healthcare Property Trust management team is about average.
Management Team

David Carr

TITLE
Chief Executive Officer of Vital Healthcare Management Limited
TENURE
12.6 yrs

Stuart Harrison

TITLE
CFO & Company Secretary of Vital Healthcare Management Limited

Jason Kepecs

TITLE
Director of Investments & Investor Relations of Vital Healthcare Management Limited

Stephen Freundlich

TITLE
Fund Analyst & Investor Relations Manager of Vital Healthcare Management Limited

Richard Roos

TITLE
Managing Director of the Australian Business - Vital Healthcare Management Limited
TENURE
5.9 yrs

Drugh Woods

TITLE
New Zealand Asset Manager of Vital Healthcare Management Limited

Mark Norman

TITLE
National Development Manager of Vital Healthcare Management Limited

Cameron Ramsay

TITLE
National Acquisitions Manager of Vital Healthcare Management Limited
TENURE
3.1 yrs

Sophie Benfell-Brinsden

TITLE
Property Manager of Vital Healthcare Management Ltd.
TENURE
1.3 yrs

Chris Adams

TITLE
Executive Director
Board of Directors Tenure

Average tenure of the Vital Healthcare Property Trust board of directors in years:

7.3
Average Tenure
  • The tenure for the Vital Healthcare Property Trust board of directors is about average.
Board of Directors

Andrew Evans

TITLE
Independent Director of Vital Healthcare Management Limited
TENURE
11.8 yrs

Bernie Crotty

TITLE
Director of Vital Healthcare Management Limited
COMPENSATION
NZ$5K
AGE
56
TENURE
7.3 yrs

Paul Dalla Lana

TITLE
Director of Vital Healthcare Management Limited
AGE
51
TENURE
7.3 yrs

Graham Stuart

TITLE
Independent Director of NorthWest Healthcare Properties Management Limited
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (NZ$) Value (NZ$)
X
Management checks
We assess Vital Healthcare Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Vital Healthcare Property Trust 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.

VHP News

Simply Wall St News

Did Vital Healthcare Property Trust's (NZSE:VHP) Share Price Deserve to Gain 58%?

To wit, the Vital Healthcare Property Trust share price has climbed 58% in five years, easily topping the market return of 48% (ignoring dividends). … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … During five years of share price growth, Vital Healthcare Property Trust achieved compound earnings per share (EPS) growth of 13% per year.

Simply Wall St -

Can We See Significant Institutional Ownership On The Vital Healthcare Property Trust (NZSE:VHP) Share Register?

A look at the shareholders of Vital Healthcare Property Trust (NZSE:VHP) can tell us which group is most powerful. … Generally speaking, as a company grows, institutions will increase their ownership. … Vital Healthcare Property Trust is not a large company by global standards.

Simply Wall St -

Investing In Vital Healthcare Property Trust (NZSE:VHP): What You Need To Know

Vital Healthcare Property Trust is a NZ$925m. … See our latest analysis for Vital Healthcare Property Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Could The Vital Healthcare Property Trust (NZSE:VHP) Ownership Structure Tell Us Something Useful?

If you want to know who really controls Vital Healthcare Property Trust (NZSE:VHP), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … With a market capitalization of NZ$921m, Vital Healthcare Property Trust is a small cap stock, so it might not be well known by many institutional investors.

Simply Wall St -

Should You Invest In Vital Healthcare Property Trust (NZSE:VHP)?

Vital Healthcare Property Trust is a NZ$928m. … View our latest analysis for Vital Healthcare Property Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Who Are Vital Healthcare Property Trust's (NZSE:VHP) Major Shareholders?

In this article, I will take a quick look at Vital Healthcare Property Trust’s (NZSE:VHP) recent ownership structure – an unconventional investing subject, but an important one. … The implications of these institutions’ actions can either benefit or hinder individual investors, so it is important to understand the ownership composition of your stock investment. … Therefore, it is beneficial for us to examine VHP's ownership structure in more detail.

Simply Wall St -

Is Vital Healthcare Property Trust's (NZSE:VHP) CEO Pay Justified?

David Carr took the reins as CEO of Vital Healthcare Property Trust's (NZSE:VHP) and grew market cap to NZ$910.92m recently. … Understanding how CEOs are incentivised to run and grow their company is an important aspect of investing in a stock. … See our latest analysis for Vital Healthcare Property Trust

Simply Wall St -

Is Vital Healthcare Property Trust's (NZSE:VHP) ROE Of 21.87% Sustainable?

The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want a simplistic look at the return on Vital Healthcare Property Trust (NZSE:VHP) stock. … With an ROE of 21.87%, Vital Healthcare Property Trust (NZSE:VHP) outpaced its own industry which delivered a less exciting 10.02% over the past year.

Simply Wall St -

How Did Vital Healthcare Property Trust's (NZSE:VHP) 21.87% ROE Fare Against The Industry?

and want to better understand how you can grow your money by investing in Vital Healthcare Property Trust (NZSE:VHP). … With an ROE of 21.87%, Vital Healthcare Property Trust (NZSE:VHP) outpaced its own industry which delivered a less exciting 10.02% over the past year. … Return on Equity (ROE) is a measure of Vital Healthcare Property Trust’s profit relative to its shareholders’ equity.

Simply Wall St -

Is Buying Vital Healthcare Property Trust (NZE:VHP) For Its Upcoming $0.02 Dividend A Good Choice?

Vital Healthcare Property Trust (NZSE:VHP) will be distributing its dividend of NZ$0.02 per share on the 21 June 2018, and will start trading ex-dividend in 3 days time on the 06 June 2018. … Check out our latest analysis for Vital Healthcare Property Trust How I analyze a dividend stock When researching a dividend stock, I always follow the following screening criteria: Is its annual yield among the top 25% of dividend payers? … NZSE:VHP Historical Dividend Yield Jun 2nd 18 Does Vital Healthcare Property Trust pass our checks?

Simply Wall St -

VHP Company Info

Description

Vital Healthcare Property Trust is a real estate investment trust externally managed by Vital Healthcare Management Limited. The firm investments in health and medical related properties in New Zealand and Australia. It undertakes acquisition or development of medical or healthcare-related properties such as surgical and medical facilities, geriatric and continuing care facilities primary healthcare facilities, and health support facilities. The fund may invest in conjunction with other health service providers. It was formerly known as ING Medical Properties Trust and Calan Healthcare Properties Trust.

Details
Name: Vital Healthcare Property Trust
VHP
Exchange: NZSE
Founded: 1994
NZ$1,073,687,761
445,513,594
Website: http://www.vitalhealthcareproperty.co.nz
Address: Vital Healthcare Property Trust
AIG Building,
Level 16,
Auckland,
1010,
New Zealand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NZSE VHP Units New Zealand Stock Exchange NZ NZD 09. Sep 1999
Number of employees
Current staff
Staff numbers
0
Vital Healthcare Property Trust employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/19 10:32
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/12
Last earnings filing: 2019/03/01
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.