Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on PRIMARY HEALTH PROPERTIES. We currently have 20 research reports from 4 professional analysts.
|02Dec16 03:14||RNS||Director/PDMR Shareholding|
|02Dec16 03:01||RNS||Director/PDMR Shareholding|
|30Nov16 05:32||RNS||Directors Interest in Shares|
|28Nov16 11:55||RNS||Director/PDMR Shareholding|
|25Nov16 04:37||RNS||Director/PDMR Shareholding|
|25Nov16 04:33||RNS||Director/PDMR Shareholding|
|25Nov16 04:30||RNS||Director/PDMR Shareholding|
Frequency of research reports
Research reports on
PRIMARY HEALTH PROPERTIES
PRIMARY HEALTH PROPERTIES
The Monthly November 2016
01 Nov 16
Share prices are built on expectations - expectations about all sorts of things, such as a company’s future sales growth, the trend in margins and the profits it can return. Understanding those expectations and how they move is critical to share price formation. Listing rules require quoted companies to update investors on progress relative to expectations. What managements often fail to understand is that many of their key investors do not have access to brokers’ research and, thus, cannot put management statements into context. It is these very investors that can cause shock movements in share prices on announcements in limited trading.
Primary Health Properties Plc - Completion of first investment in the Republic of Ireland
19 Oct 16
03 Oct 16
Many commentators realise that the traditional institutional broking model is no longer sustainable. However, the reduction in the quantity of non-corporate coverage that has already occurred, even before MiFID2 comes into effect, will still come as a shock. The evidence shows that there is no commercial sense in brokers covering non-corporate companies with less that £200,000 daily turnover in their shares.
The Impact of Brexit
01 Sep 16
The dramatic – and historic – vote on June 23rd for the UK to exit the EU caught many organisations short, not least the EU itself. Both stock markets and currency markets were anticipating a narrow majority for the UK to remain within the EU – on a similar basis to the 2014 Scottish referendum. But it was not to be. As a result, the financial markets have reacted sharply in recent months, although other non- Brexit factors have also come into the equation.
Secure and growing income
26 Aug 16
The first half of FY16 saw Primary Health Properties (PHP) continuing to grow on all key metrics. The low-cost operating model should see ongoing portfolio growth translate into rising earnings and dividend paying capacity. Consensus is that PHP will pay 5.125p in earnings in FY16, which would be the 20th year of unbroken dividend growth. Our increased estimates indicate that dividends will remain fully covered despite an increased share count from the April capital increase. PHP offers an attractive, growing and secure dividend, supported by predictable long-term cash flows from mainly government-backed revenues.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
VPC Speciality Lending Investments PLC – sticking to your knitting pays dividends
05 Dec 16
A 25% discount on a dividend paying vehicle suggests either (a) lack of belief in the NAV, (b) lack of belief in the dividend, (c) concerns over future delivery, (d) a shareholder’s base not normally exposure to “closed end structures” or (e) some combination of (a) to (d). We had a first meeting with the management team and London representative of VPC Speciality Lending to try to better understand why the share price had fallen quite so much.
N+1 Singer - Grainger - Final results in line, further progress on PRS investment pipeline
01 Dec 16
Grainger has reported FY16 final results this morning with key NNNAV and recurring PBT metrics in line with our forecasts. Sales performance and rental income growth was strong in H2, as previewed in the positive FY trading update driving our 19% PBT upgrade in early October (11/10). The PRS investment pipeline continues to grow now standing at £389m secured and £347m in legals as Grainger pursues an £850m investment target by 2020. A 3.05p final dividend is in line with the revised policy to distribute 50% net rental income. The shares continue to trade on a significant, and unwarranted, 20%+ discount to NNNAV. We reiterate our BUY recommendation.
Panmure Morning Note 30-11-2016
30 Nov 16
Brewin Dolphin’s results for FY16 are a mixed bag, with most numbers beating consensus but the key numbers failing to beat management’s KPIs. So although AUM is up more than 10% and revenue/adjusted PBT/EPS/DPS beat consensus estimates, in our view the continuing struggle to increase revenue and expand margins could weigh on the valuation. Despite this, our investment case is unchanged and we retain our Buy recommendation and price target of 320p.