Primary Health Regulatory News (PHP)

Hardman & Co Research: Results demonstrate growth as well as security

17 February's strong results for 2020 have prompted us to raise 2021E dividend to 6.25p, from 6.125p. Expansion of the market for modern primary medical assets accelerates and PHP's confidence in its repeated ability to deploy the fresh equity raised in 2020 (and previous years) has had a direct positive effect on shareholder returns. We think this REIT has significant per-share value growth potential, through capital deployment prudently raising LTV, through measured but accelerating rent rises, prospective reductions in cost of debt and overhead cost efficiencies from the recent internalising of the management structure.

https://www.hardmanandco.com/research/corporate-research/results-demonstrate-growth-as-well-as-security/

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About Hardman & Co: For the past 25 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259.

Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer.