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Primary Health Properties

BATS-CHIXE:PHPL
Snowflake Description

Established dividend payer with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PHPL
BATS-CHIXE
£2B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Primary Health Properties (PHP) is the leading investor in modern healthcare properties in the UK & Ireland. The last earnings update was 42 days ago. More info.


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PHPL Share Price and Events
7 Day Returns
1.1%
BATS-CHIXE:PHPL
7.3%
GB REITs
5.3%
GB Market
1 Year Returns
20.6%
BATS-CHIXE:PHPL
-16.7%
GB REITs
-21.5%
GB Market
PHPL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Primary Health Properties (PHPL) 1.1% 4.9% 1% 20.6% 41.2% 59.2%
GB REITs 7.3% -12.4% -23.2% -16.7% -16.8% -21.5%
GB Market 5.3% -6.5% -25.2% -21.5% -22.4% -21.9%
1 Year Return vs Industry and Market
  • PHPL outperformed the REITs industry which returned -16.7% over the past year.
  • PHPL outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -21.5% over the past year.
Price Volatility
PHPL
Industry
5yr Volatility vs Market

Value

 Is Primary Health Properties 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 Primary Health Properties 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 Primary Health Properties.

BATS-CHIXE:PHPL Discounted Cash Flow Data Sources
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 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year GB Government Bond Rate 0.5%

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 BATS-CHIXE:PHPL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 0.5%
Equity Risk Premium S&P Global 6.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.52
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.521 (1 + (1- 19%) (66.17%))
0.768
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)
= 0.53% + (0.8 * 6.07%)
5.39%

Discounted Cash Flow Calculation for BATS-CHIXE:PHPL using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

BATS-CHIXE:PHPL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BATS-CHIXE:PHPL represents 1.00827x of LSE:PHP
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.00827x
Value per Share
(Listing Adjusted, GBP)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 1.55 x 1.00827
£1.56
Value per share (GBP) From above. £1.56
Current discount Discount to share price of £1.59
= -1 x (£1.59 - £1.56) / £1.56
-1.3%

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

  • The current share price of Primary Health Properties 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 Primary Health Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Primary Health Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS-CHIXE:PHPL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in GBP £-0.07
LSE:PHP Share Price ** LSE (2020-04-09) in GBP £1.57
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 13.28x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 747 Publicly-Listed Companies 13.27x

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

** Primary Listing of Primary Health Properties.

BATS-CHIXE:PHPL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:PHP Share Price ÷ EPS (both in GBP)

= 1.57 ÷ -0.07

-24.08x

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

  • Primary Health Properties is loss making, we can't compare its value to the GB REITs industry average.
  • Primary Health Properties is loss making, we can't compare the value of its earnings to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Primary Health Properties's expected growth come at a high price?
Raw Data
BATS-CHIXE:PHPL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -24.08x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
55.7%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 22 Publicly-Listed REITs Companies 0.71x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 513 Publicly-Listed Companies 1.03x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Primary Health Properties, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Primary Health Properties's assets?
Raw Data
BATS-CHIXE:PHPL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in GBP £1.01
LSE:PHP Share Price * LSE (2020-04-09) in GBP £1.57
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.8x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,322 Publicly-Listed Companies 1.13x
BATS-CHIXE:PHPL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:PHP Share Price ÷ Book Value per Share (both in GBP)

= 1.57 ÷ 1.01

1.56x

* Primary Listing of Primary Health Properties.

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

  • Primary Health Properties is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Primary Health Properties'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. Primary Health Properties has a total score of 0/6, 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

 How is Primary Health Properties expected to perform in the next 1 to 3 years based on estimates from 8 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
55.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Primary Health Properties expected to grow at an attractive rate?
  • Primary Health Properties's earnings growth is expected to exceed the low risk savings rate of 0.5%.
Growth vs Market Checks
  • Primary Health Properties's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
  • Primary Health Properties's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
BATS-CHIXE:PHPL Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS-CHIXE:PHPL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 55.7%
BATS-CHIXE:PHPL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 5%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 26.6%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 15.4%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 2.5%

*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
Raw Data
BATS-CHIXE:PHPL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS-CHIXE:PHPL Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31 140 125 126 5
2021-12-31 137 120 122 8
2020-12-31 129 115 107 8
2020-04-09
BATS-CHIXE:PHPL Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-12-31 121 94 -71
2019-09-30 109 88 -71
2019-06-30 97 82 -71
2019-03-31 88 75 2
2018-12-31 80 69 74
2018-09-30 78 66 80
2018-06-30 76 64 86
2018-03-31 74 62 89
2017-12-31 73 60 92
2017-09-30 71 60 77
2017-06-30 70 60 63
2017-03-31 69 59 53

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Primary Health Properties's earnings are expected to grow significantly at over 20% yearly.
  • Primary Health Properties's revenue is expected to grow by 5% 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
BATS-CHIXE:PHPL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Primary Health Properties Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PHPL Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 0.11 0.11 0.11 2.00
2021-12-31 0.10 0.11 0.10 4.00
2020-12-31 0.09 0.10 0.08 4.00
2020-04-09
BATS-CHIXE:PHPL Past Financials Data
Date (Data in GBP Millions) EPS *
2019-12-31 -0.07
2019-09-30 -0.07
2019-06-30 -0.08
2019-03-31 0.00
2018-12-31 0.10
2018-09-30 0.12
2018-06-30 0.13
2018-03-31 0.14
2017-12-31 0.15
2017-09-30 0.13
2017-06-30 0.10
2017-03-31 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.
  • Primary Health Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Primary Health Properties'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 United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. 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)
  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.
Primary Health Properties 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 Primary Health Properties 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 Primary Health Properties'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.
  • Primary Health Properties does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Primary Health Properties's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Primary Health Properties's 1-year growth to the GB REITs industry average as it is not currently profitable.
Earnings and Revenue History
Primary Health Properties'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 Primary Health Properties Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS-CHIXE:PHPL Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 121.30 -71.30 12.30
2019-09-30 109.20 -71.10 11.65
2019-06-30 97.10 -70.90 11.00
2019-03-31 88.35 1.70 10.45
2018-12-31 79.60 74.30 9.90
2018-09-30 77.85 80.30 9.75
2018-06-30 76.10 86.30 9.60
2018-03-31 74.30 89.10 9.15
2017-12-31 72.50 91.90 8.70
2017-09-30 71.30 77.20 8.20
2017-06-30 70.10 62.50 7.70
2017-03-31 68.75 53.10 7.50
2016-12-31 67.40 43.70 7.30
2016-09-30 66.07 46.41 7.11
2016-06-30 64.74 49.12 6.92
2016-03-31 63.93 52.57 6.86
2015-12-31 63.12 56.03 6.81
2015-09-30 62.30 51.64 6.65
2015-06-30 61.48 47.25 6.49
2015-03-31 60.73 42.07 6.64
2014-12-31 59.99 36.88 6.78
2014-09-30 55.88 32.78 6.83
2014-06-30 51.77 28.68 6.87
2014-03-31 46.87 24.45 6.48
2013-12-31 41.98 20.22 6.08
2013-09-30 39.31 15.39 5.75
2013-06-30 36.63 10.55 5.42

*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.
  • It is difficult to establish if Primary Health Properties has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Primary Health Properties has efficiently used its assets last year compared to the GB REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Primary Health Properties improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Primary Health Properties'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.
Primary Health Properties has a total score of 0/6, 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 Primary Health Properties'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 Primary Health Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Primary Health Properties is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Primary Health Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Primary Health Properties'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 0.1x 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 Primary Health Properties Company Filings, last reported 3 months ago.

BATS-CHIXE:PHPL Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,228.50 1,277.40 143.10
2019-09-30 1,228.50 1,277.40 143.10
2019-06-30 1,125.40 1,190.70 13.80
2019-03-31 1,125.40 1,190.70 13.80
2018-12-31 788.00 693.90 5.90
2018-09-30 788.00 693.90 5.90
2018-06-30 730.60 670.60 12.10
2018-03-31 730.60 670.60 12.10
2017-12-31 586.80 755.20 4.10
2017-09-30 586.80 755.20 4.10
2017-06-30 530.60 718.50 8.10
2017-03-31 530.60 718.50 8.10
2016-12-31 499.20 701.70 5.10
2016-09-30 499.20 701.70 5.10
2016-06-30 492.42 676.62 6.06
2016-03-31 492.42 676.62 6.06
2015-12-31 345.36 733.03 2.88
2015-09-30 345.36 733.03 2.88
2015-06-30 334.28 717.80 1.52
2015-03-31 334.28 717.80 1.52
2014-12-31 309.13 708.29 12.07
2014-09-30 309.13 708.29 12.07
2014-06-30 312.98 654.29 6.28
2014-03-31 312.98 654.29 6.28
2013-12-31 302.39 625.46 9.29
2013-09-30 302.39 625.46 9.29
2013-06-30 260.18 385.97 14.62
  • Primary Health Properties's level of debt (104%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (229% vs 104% today).
  • Debt is not well covered by operating cash flow (7.4%, less than 20% of total debt).
  • Primary Health Properties is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Primary Health Properties'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. Primary Health Properties has a total score of 2/6, 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.

Dividends

 What is Primary Health Properties'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
3.75%
Current annual income from Primary Health Properties dividends. Estimated to be 3.91% next year.
If you bought £2,000 of Primary Health Properties shares you are expected to receive £75 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?
  • Primary Health Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (2.49%).
  • Primary Health Properties's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (6.84%).
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
BATS-CHIXE:PHPL 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 8 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 48 Stocks 5%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 575 Stocks 5.5%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.3%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2.5%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 6.8%

Industry and Market average data is calculated daily.

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

BATS-CHIXE:PHPL Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.07 1.00
2022-12-31 0.06 6.00
2021-12-31 0.06 9.00
2020-12-31 0.06 9.00
2020-04-09
BATS-CHIXE:PHPL Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2020-03-24 0.059 3.782
2020-02-27 0.059 4.104
2020-02-12 0.059 3.699
2019-10-03 0.056 3.774
2019-07-03 0.056 4.160
2019-03-28 0.056 4.202
2019-01-03 0.056 4.692
2018-10-03 0.054 4.911
2018-07-04 0.054 4.722
2018-03-27 0.054 4.791
2018-01-03 0.054 4.695
2017-10-05 0.053 4.551
2017-07-06 0.052 4.440
2017-03-30 0.052 4.633
2017-01-05 0.052 4.828
2016-10-06 0.051 4.627
2016-07-07 0.051 4.610
2016-01-04 0.051 4.861
2015-08-20 0.050 4.731
2015-02-19 0.050 5.048
2015-02-18 0.050 5.155
2014-08-21 0.049 5.496
2014-04-10 0.048 5.542
2014-02-27 0.049 5.632
2014-02-20 0.049 5.379
2013-08-22 0.048 5.612
2013-02-28 0.048 5.762
2012-08-22 0.046 5.357
2012-07-16 0.046 5.599
2012-02-21 0.046 5.753
2012-02-20 0.046 5.703
2011-08-18 0.045 5.724
2011-02-24 0.045 5.657
2011-02-23 0.045 5.467
2010-08-19 0.044 5.454
2010-02-25 0.044 6.008
2009-08-18 0.043 5.836

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 Primary Health Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Primary Health Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 Primary Health Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Primary Health Properties 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.

Management

 What is the CEO of Primary Health Properties'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
Harry Hyman
COMPENSATION £47,125
AGE 63
TENURE AS CEO 24.2 years
CEO Bio

Mr. Harry Abraham Hyman is the Founder of Primary Health Properties PLC and serves as its Managing Director since February 5, 1996 and Director since February 1996. He serves as the Managing Director of Nexus Tradeco Limited and is the Adviser at Nexus Management Services Limited. Mr. Hyman is the Company Secretary at Nexus Group. He is a Co-Founder of General Medical Clinics PLC. He is the Director of Hertsford Capital PLC since June 22, 2018. Mr. Hyman joined Baltic PLC in 1983 and served as its Deputy Managing Director, Finance Director and Company Secretary. He serves as the Non-Executive Chairman of General Medical Clinics PLC and has been its Director since 1998. He serves as the Non-Executive Chairman of Derriston Capital PLC. Mr. Hyman has been the Non-Executive Chairman at Summit Properties Limited since February 14, 2014. He serves as a Senior Independent Director at BioPharma Credit PLC. He serves as Director of JO Hambro Capital Management Limited, Dr. Foster Limited and PHP Bond Finance PLC. Mr. Hyman also serves as Non-Executive Director of BFS Managed Properties Ltd., Intrinsic Value PLC and Pharmacy 2U Ltd. He serves as a Non-Executive Director of the QCA. Mr. Hyman served as a Non-Executive Director of Royal London UK Equity & Income Trust PLC since September 04, 2001, Royal London Asset Management Limited and Royal London UK Equity & Income Securities Plc since September 4, 2001. He served as Senior Independent Non-Executive Director of Groupe Chez Gerard PLC. Mr. Hyman served as a Director of Aberdeen High Income Trust PLC and Aberdeen Preferred Income Trust plc. He served as Director of OTAQ plc until March 2020. He served as a Director of Greener House Investments PLC since June 22, 2007. He is the Founder of The International Opera Awards. He is a Fellow of the Institute of Chartered Accountants in England & Wales. Mr. Hyman is trained as Chartered Accountant and a Corporate Treasurer. He graduated from Cambridge University.

CEO Compensation
  • Harry's compensation has increased whilst company is loss making.
  • Harry's remuneration is lower than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Primary Health Properties management team in years:

2
Average Tenure
  • The tenure for the Primary Health Properties management team is about average.
Management Team

Harry Hyman

TITLE
Founder
COMPENSATION
£47K
AGE
63
TENURE
24.2 yrs

Richard Howell

TITLE
Finance Director & Director
AGE
53
TENURE
3.1 yrs

Chris Santer

TITLE
Chief Investment Officer
TENURE
1.1 yrs

Paul Wright

TITLE
Company Secretary & Chief Legal Counsel
TENURE
3.6 yrs

David Austin

TITLE
Property Director & Head of Asset Management
TENURE
0.6 yrs

David Bateman

TITLE
Director & Head of Investments
TENURE
1.3 yrs

Andrew Birch

TITLE
Head of Property Services

Michelle Whitfield

TITLE
Head of Property Services

Dan Whitby

TITLE
Group Financial Controller
TENURE
2 yrs

Tim Walker-Arnott

TITLE
Advisory Director
Board of Directors Tenure

Average tenure and age of the Primary Health Properties board of directors in years:

2
Average Tenure
61
Average Age
  • The average tenure for the Primary Health Properties board of directors is less than 3 years, this suggests a new board.
Board of Directors

Steven Owen

TITLE
Independent Non-Executive Chairman
COMPENSATION
£137K
AGE
62
TENURE
2 yrs

Harry Hyman

TITLE
Founder
COMPENSATION
£47K
AGE
63
TENURE
24.2 yrs

Richard Howell

TITLE
Finance Director & Director
AGE
53
TENURE
3.1 yrs

Ian Krieger

TITLE
Senior Independent Director
COMPENSATION
£58K
AGE
67

Peter William Cole

TITLE
Independent Non-Executive Director
COMPENSATION
£48K
AGE
60
TENURE
1.9 yrs

Laure, Briscoe Duhot

TITLE
Independent Non-executive Director
COMPENSATION
£44K
AGE
57
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • Primary Health Properties individual insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
26. Feb 20 Sell Stephen Kell Individual 25. Feb 20 25. Feb 20 -22,496 £1.60 £-35,949
14. Feb 20 Buy Nexus Central Management Services Limited Company 14. Feb 20 14. Feb 20 91,214 £1.62 £147,584
24. Sep 19 Buy Stephen Kell Individual 24. Sep 19 24. Sep 19 7,812 £1.28 £9,999
24. Sep 19 Buy Ian Krieger Individual 24. Sep 19 24. Sep 19 20,000 £1.28 £25,600
24. Sep 19 Buy Richard Howell Individual 24. Sep 19 24. Sep 19 15,000 £1.28 £19,200
24. Sep 19 Buy Peter William Cole Individual 24. Sep 19 24. Sep 19 25,000 £1.28 £32,000
24. Sep 19 Buy Steven Owen Individual 24. Sep 19 24. Sep 19 7,812 £1.28 £9,999
24. Sep 19 Buy Harry Hyman Individual 24. Sep 19 24. Sep 19 39,062 £1.28 £49,999
08. Jul 19 Buy Harry Hyman Individual 04. Jul 19 04. Jul 19 71 £1.37 £97
09. May 19 Buy Harry Hyman Individual 07. May 19 07. May 19 73 £1.32 £97
X
Management checks
We assess Primary Health Properties'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. Primary Health Properties 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

Company Info

Description

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. The Group's portfolio comprises over 480 primary healthcare facilities, both completed and committed, the majority of which are GP surgeries, with other properties let to NHS organisations, pharmacies and dentists.

Details
Name: Primary Health Properties PLC
PHPL
Exchange: BATS-CHIXE
Founded: 1995
£1,937,415,146
1,216,969,313
Website: http://www.phpgroup.co.uk
Address: Primary Health Properties PLC
Greener House,
5th Floor,
London,
East Lothian, SW1Y 4RF,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE PHP Ordinary Shares London Stock Exchange GB GBP 19. Mar 1996
DB PP51 Ordinary Shares Deutsche Boerse AG DE EUR 19. Mar 1996
BATS-CHIXE PHPL Ordinary Shares BATS 'Chi-X Europe' GB GBP 19. Mar 1996
Number of employees
Current staff
Staff numbers
0
Primary Health Properties employees.
Industry
Health Care REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/09 22:09
End of day share price update: 2020/04/09 00:00
Last estimates confirmation: 2020/04/06
Last earnings filing: 2020/02/27
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.