Analyst Research Report Snapshot

Title:

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

Price:

$58.00

Provider:

Hardman & Company

Date:

23 Aug 2013

Pages:

6

Type:

AcrobatPDF

Companies referenced:

PHP.L

Available for Immediate Download
Summary:

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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