olivLaw · European equity research
Primary Health Properties PLC PHP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Primary Health Properties PLC invests in modern primary healthcare buildings in the UK and Ireland, mainly let to the NHS and HSE. In 2024 the company grew like-for-like rental income by 2.7 percent, while demand for new healthcare infrastructure stayed high and property values came under pressure from rising yields.
At the close of 05 Nov 2026, Primary Health Properties PLC (PHP.L) stock was 0.97 GBP (+0.31% on the day), with market capitalisation 1.3 bn GBP, P/E 31.2 on diluted EPS of 0.03 GBP over the last 12 months, dividend yield 7.12%, beta 0.32, 52-week range 0.89–1.08 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 0.88 – 0.97
- in the upper half of the band · %B 0.98 · band width 9.9%
- SMA 50 / 200
- 0.92 / 0.96
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.9% | −0.6% | +8.6 pp | — |
| 3 months | +1.3% | −4.2% | +5.4 pp | — |
| 6 months | +2.9% | +4.3% | −1.5 pp | — |
| Year to date | −1.1% | +7.5% | −8.6 pp | — |
| 1 year | +1.3% | +9.9% | −8.7 pp | +6.7% |
| 3 years | +0.8% | +49.8% | −49.1 pp | +24.8% |
| 5 years | −37.4% | +42.8% | −80.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 30.1, median 50.4, max 51.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 56.3 m | 27.3 m | 41.4 m |
| Net income YoY | unavailable | −51.5% | +51.6% |
| Diluted EPS | 0.02 | 0.02 | 0.03 |
| Diluted EPS YoY | unavailable | −9.1% | +55.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 3.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 1.4 bn GBP
- Total assets
- 2.8 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 0.17x
- ROE
- 3.0%
- ROA
- 1.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 70.4 m | 84.3 m | 103.4 m | esef· 18 Mar 2025verified |
| Interest expense | 41.2 m | 45.2 m | 46.8 m | esef· 18 Mar 2025verified |
| Pre-tax income | 56.9 m | 26.1 m | 47.0 m | esef· 18 Mar 2025verified |
| Income tax | 600.0 k | -1.2 m | 5.6 m | esef· 18 Mar 2025verified |
| Net income | 56.3 m | 27.3 m | 41.4 m | esef· 18 Mar 2025verified |
| Diluted EPS | 0.02 | 0.02 | 0.03 | esef· 18 Mar 2025verified |
| Dividend per share | 0.07 | 0.07 | 0.07 | esef· 18 Mar 2025derived |
Balance sheet · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 29.1 m | 3.2 m | 3.5 m | esef· 18 Mar 2025verified |
| Receivables | 17.8 m | 24.9 m | 27.7 m | esef· 18 Mar 2025verified |
| Current assets | 48.2 m | 40.0 m | 35.3 m | esef· 18 Mar 2025verified |
| Property, plant & equipment, net | 400.0 k | 500.0 k | 600.0 k | esef· 18 Mar 2025verified |
| Total assets | 2.9 bn | 2.8 bn | 2.8 bn | esef· 18 Mar 2025verified |
| Accounts payable | 32.6 m | 31.7 m | 30.6 m | esef· 18 Mar 2025verified |
| Current liabilities | 64.1 m | 71.2 m | 213.7 m | esef· 18 Mar 2025verified |
| Total liabilities | 1.4 bn | 1.4 bn | 1.4 bn | esef· 18 Mar 2025verified |
| Equity | 1.5 bn | 1.4 bn | 1.4 bn | esef· 18 Mar 2025verified |
| Shares outstanding at year end | 1.3 bn | 1.4 bn | 1.3 bn | esef· 18 Mar 2025derived |
Cash flow · GBP
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 117.6 m | 133.6 m | 135.2 m | esef· 18 Mar 2025verified |
| Investing cash flow | -45.8 m | -44.6 m | -20.6 m | esef· 18 Mar 2025verified |
| Financing cash flow | -76.8 m | -114.9 m | -114.3 m | esef· 18 Mar 2025verified |
| Dividends paid | 81.6 m | 89.5 m | 92.1 m | esef· 18 Mar 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 31.2x | 11 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 7.1% | 100 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet7/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial11/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PRIMARY HEALTH PROPERTIES PLC (PHP.L). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 3.0%.
The estimated value range is 0.52–0.75 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.61 GBP, the price of 0.97 GBP leaves a potential of -36.8% (value / price − 1) and a margin of safety of -58.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 7.1%
What contradicts it
- Interest coverage: 2.2x
- Current ratio: 0.2x
- P/E (TTM): 31.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for PHP.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Primary Health Properties PLC invests in modern primary healthcare buildings in the UK and Ireland, mainly let to the NHS and HSE. In 2024 the company grew like-for-like rental income by 2.7 percent, while demand for new healthcare infrastructure stayed high and property values came under pressure from rising yields.
SWOT
Strengths
- A portfolio with long leases, upwards-only review terms and government tenants, giving predictable income.
- A financial structure with headroom under covenants and dividends fully covered by adjusted earnings.
- A presence in Ireland through Axis PHP, with indexed leases and euro-denominated financing.
Weaknesses
- Portfolio values fell in 2024 because of rising valuation yields.
- Higher finance costs on floating rate debt reduced earnings growth.
- Reliance on negotiations with government bodies, which can be slow and hard to predict.
Opportunities
- Stronger demand for modern premises if the government carries out its plan to move services into the community.
- Growth in Ireland and other eurozone markets, if acquisitions remain profitable.
- Consolidation in the UK property sector, which could open acquisition opportunities.
Threats
- High construction costs that could make new projects uneconomic.
- Uncertainty over interest rates and fiscal policy that could weigh on property values.
- Slow renegotiation of rents with the NHS, which could yield modest results.
Risks
- Asset valuation and yieldshigh
Rising valuation yields could lead to further portfolio write-downs, affecting asset values and the loan to value ratio.
- Dependence on government fundingmedium
Most income comes from public bodies, and delays in NHS or HSE budgets could affect the timing of rent reviews.
- Construction costs and supply chainmedium
Rising material and labour costs could make new developments less profitable, although current exposure is limited.
- Cost of financemedium
Floating rate debt exposes the company to rate rises, which could reduce adjusted earnings.
- Climate and environmental riskslow
Energy efficiency requirements and flood risk could create modernisation costs, and meeting the net zero target depends on execution.
Investment thesis
What would need to be true (bull case)
- Long leases with government tenants and upwards-only review terms give visibility over income, and organic rent growth continued in 2024.
- If the government carries out its plan to move services into the community, demand for modern premises could rise and support new investment.
- Growth in Ireland and possible consolidation in the market could add value if acquisitions remain profitable.
What would break the thesis
- Portfolio values fell in 2024 because of rising yields, and if this trend continues, further write-downs could follow.
- High construction costs and the need for much higher rents could make new developments difficult to deliver.
- Negotiations with public bodies are slow, and if results remain modest, rent growth could fall short of what the company expects.
What to watch
- Movement in valuation yields and portfolio values2025
- Outcome of rent negotiations with the NHS and Irish authorities2025
- Publication of the government's 10-Year Health Plan2025
- Progress of development and asset management projects, including completion of the Croft and South Kilburn schemesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Primary Health Properties PLC is an investor in primary healthcare property, with a portfolio of GP surgeries and other medical premises in the UK and Ireland. The company aims to provide modern, fit-for-purpose spaces under long leases, often over 20 years, which it manages directly and through its Irish subsidiary Axis PHP.
Its income model rests on organic rent growth, mainly from rent reviews and asset management projects such as extensions, refurbishments and lease re-gears. Leases include upwards-only review terms and much of the rent comes from government bodies. The company notes that 68 percent of rents are reviewed on an open market basis, typically every three years.
In 2024 the company reported adjusted earnings of 92.9 million pounds, and dividends distributed were fully covered by adjusted earnings. The company intends to keep a progressive dividend paid quarterly. On the balance sheet, the loan to value ratio sits within its target range, with significant headroom under loan covenants.
Segments
UK portfolio
The core business is the UK GP surgery portfolio, where rents come mainly from the NHS. The company completed 341 rent reviews in 2024, with an average uplift of 7.7 percent against the previous passing rent, and valuations rest on a yield of 5.22 percent at 31 December 2024.
Axis PHP in Ireland
The Irish property management arm, Axis PHP, manages assets largely let to the HSE on leases with inflation-linked reviews. The company describes Ireland as an opportunity for profitable growth, highlighting the earnings-enhancing acquisition of a facility in Cork.
Market context
According to the company, primary healthcare property benefits from structural demand driven by a growing, ageing population with more chronic illness. However, construction costs have risen faster than primary care rents, and new developments would need a 20 to 30 percent shift in rental values to be economically viable. Yields adopted by valuers moved out in 2024, causing a portfolio devaluation.
The new UK government has pledged to move services out of hospitals and into the community, which could create demand for new space. The company notes, however, that negotiations with the NHS for higher rents typically take a long time and that transaction evidence remains thin, so valuations depend partly on market sentiment.
Trends
- Ageing population and chronic illnesstailwind
The company argues that a growing, ageing population with more chronic illness raises the need for primary care infrastructure, which could support demand for its space.
- Rising construction costsheadwind
Construction costs have grown faster than primary care rents, making investment in modernisation less attractive and potentially slowing new developments.
- Government primary care reformmixed
The new government's agenda includes moving services into the community and modernising primary care, but the detailed plan was expected in 2025 and rents must be renegotiated to fund projects.
- Yield movements and property marketsmixed
Rising yields caused portfolio devaluations in 2024, but the company considers that recent transactions and rental growth could limit further losses if the trend holds.
Competitive position
The analysed sources do not identify competitors in detail. The company only notes that UK real estate is consolidating and that investors are increasingly focused on larger, more scalable and efficient cost structures.
Competition in medical property could take the form of acquisitions and consolidation, and the company's advantage may come from portfolio scale and cost structure, points it highlights in its annual report.
- Other UK healthcare property investors
The sources do not name specific competitors; the company refers only to larger and more efficient investors in UK real estate.
- General UK commercial property investors
The company compares itself with the wider commercial property sector, especially on asset values and yields.
- Property management operators in Ireland
The sources do not identify rivals in the Irish market; the company points to its own subsidiary Axis PHP.
- European healthcare property investors
The sources give no detail; the company reviews possible expansion into other eurozone markets without naming rivals.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202418 Mar 2025
- Annual report 202418 Mar 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Primary Health Properties PLC · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.