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Analyst Research Report Snapshot


Peel Hunt: Primary Health Properties (Buy) - Convertible to fund further accretive acquisitions




Peel Hunt


14 May 2014





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Primary Health Properties (Buy) Convertible to fund further accretive acquisitions PHP continues its growth strategy via a new £75m convertible bond to invest into an “attractive pipeline” of acquisitions. Once the proceeds are fully invested, the deal will add c1p to EPS, while the premium and dividend protection provide attractive terms to equity investors. PHP’s dividend of 5.8% is the highest in the sector and is from the most secure income stream with rapidly improving cover – Buy. James.Carswell@peelhunt.comConvertible to fund further accretive acquisitions

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