Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MEDICX FUND LTD. We currently have 17 research reports from 3 professional analysts.
|21Mar17 15:00||RNS||Issue of ordinary shares|
|17Mar17 07:00||RNS||Securities allotted from Block Listing|
|15Mar17 17:58||RNS||REIT Conversion|
|15Mar17 17:54||RNS||Scrip Dividend Declaration|
|13Mar17 07:00||RNS||Acquisition of a new primary healthcare centre|
|28Feb17 16:48||RNS||Acquisition of a new primary healthcare centre|
|27Feb17 14:32||RNS||Block listing application|
Frequency of research reports
Research reports on
MEDICX FUND LTD
MEDICX FUND LTD
A year of solid progress
15 Dec 16
MedicX Fund’s (MXF) FY16 results show progress on several key measures including adjusted EPS, EPRA NAV, DPS and dividend cover: EPRA NAV total return for the year was 11.8%. The portfolio was expanded while the cost of debt remained unchanged and its maturity is still closely matched to unexpired lease lengths. A change of the advisory agreement will reduce future incremental fees and the board is examining the benefits of converting the fund to a REIT. We have slightly adjusted our FY17 estimates to take account of better-than-expected performance in FY16 and expected future yield compression, and extended these into FY18.
More Irish expansion
11 Aug 16
Continuing yield compression generated additional valuation gains in Q3, while selective acquisitions continue at MedicX. The EU referendum result has no impact on the fundamental drivers of primary care and we doubt that the political will to deliver healthcare reforms will be dented. As a long-term investor in a broad portfolio of modern primary care properties, MedicX Fund has very secure, long-term cash flows to support the c 6.7% progressive dividend yield, while portfolio growth is increasing dividend cover. Lease duration is long and quasi-government backed, while debt is of similar duration with the cost fixed (gearing of 52.3% at 31 March 2016).
Continuing to find opportunities
07 Jun 16
In H116 MedicX Fund continued to selectively add assets, despite a highly competitive UK investment market, and it maintains a strong investment pipeline in both the UK and Republic of Ireland. Profit progression during the period was limited by the time between drawing on funding and income generation from investment; as this unwinds, earnings growth should pick up, supported by the new management fee structure. As a long-term investor in modern primary care properties in the UK and the Republic of Ireland, the fund should benefit from growing demand to meet healthcare needs. Leases are long, substantially government backed, and funded by fixed rate debt (c 52% LTV) of similar duration, underpinning secure cash flows to support the 6.8% prospective yield.
Hardman Monthly - April 2016
01 Apr 16
Our key feature this month is a review of the UK/EU Electricity sector by Nigel Hawkins who has recently joined Hardman to cover the utilities and renewable energy market. Nigel has had a long career in the City covering both industries having worked at Hoare Govett covering water and electricity privatisation, and at Yamaichi and W de Bröe.
Hardman Monthly – March 2016
08 Mar 16
This month’s feature article is the first publication of the top 15 drug companies in the 2015 global industry ranking and how this has changed over the last decade. In trying to analyse the changes that have taken place, we have looked at different strategies used by management teams. Many companies are featured, but there is emphasis on GlaxoSmithKline (GSK), AstraZeneca (AZN) and Shire Pharmaceuticals (SHP). In addition, we have analysed how drugs derived from antibodies have driven market growth and now represent just over 10% of annual industry sales.
Rent roll and NAV progress
18 Feb 16
Further property acquisitions and continued yield compression has seen the Fund’s rent roll and NAV per share continue to increase in Q116. The recent FY15 results showed strong underlying profit growth with operational gearing on target. A revised management fee will limit cost increases going forward. MXF is a long-term investor in a portfolio of modern primary care properties in the UK and the Republic of Ireland on long, quasi government-backed leases. Similar duration fixed-rate debt at modest (c 50%) gearing underpins secure cash flows to support the c 7% prospective yield.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.