Assura Share Price (AGR)

SOLID ASSURA

Best explained by an example. A company we’ve bought this year, Assura, which is an owner of GP surgeries and other medical establishments. Very solid tenant base. There aren’t enough surgeries in the UK. So, there’s very strong demand for these properties. They’re joint market leader, with around about 10% market share. They’ve got a low cost of debt which is locked in for the long-term, which is very helpful. They’ve been able, over the years, to develop new properties and grow the income stream and grow the asset base. So, it’s a strong business with a robust balance sheet. In terms of themes, you’ve got an ageing population. So, more and more need for healthcare facilities.

The government and other people want to put more health into the community, away from the hospitals, where it’s far more expensive to treat people. You’ve got elements of inflation protection, which varies from absolute inflation protection to implied protection. So, you’ve got growth over time from inflation, which is helpful. They would be a beneficiary from falling interest rates, which would bring down property yields and bring down the cost of debt, that would help the business. The other theme to think about is carbon emissions and property emissions. Properties generally, need to, companies need to reduce their carbon emissions. There’s a relatively modest cost because of the type of properties they own.

So relatively modest cost to decarbonise their properties or to make them up to the level they need to be by 2030. For their business is reasonable cost, but it’s something we need to think about in terms of external themes. In terms of valuation, we were able to buy this company with a dividend yield of over 7% and it’s been trading at a discount to asset value, which is very unusual, given their good record of growing the business and growing the income stream over time. So that’s just one example.

We need a GameStop revolution here to kick out glg partners big time causing the SP drag geez.

Assura Assura oh my precious stock, whom does thou suffer under the weighty hand of shorts at 42p repeatedly? And may thou gain the mightiest of strength and momentum to push thyself out of the shackles of shorters and humble them down aground into the dust of despair and bury them way beneath the Earth's crust into the molten core!

Interesting I hold both PHP and AGR best of both worlds.....Maybe

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