Analyst Research Report Snapshot


Primary Health Properties (PHP.L) Interim results in line. Acquisition momentum




Hardman & Company


23 Aug 2013





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Following H1 results (22nd August), our numbers are materially unchanged (we reduced adjusted PBT 2% to £11.7m for the current year). It is important to note that after a relatively fallow H1 for property acquisition, H2 has already secured £46m and we have raised full year estimates 67% to £100m and raised 2014 to £80m. Rent income net of operating costs and fees is well above financing costs so is accretive to EPS and rebuilds dividend cover.

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