Hardman & Co: Robust 1H results
PHP's results, reported on 25 July, showed £1.42bn investment assets and a contracted rent roll of £74.4m (+7.4%). The 2018 £115m equity raise is being deployed, thus rebuilding EPS, albeit on greater shares in issue. PHP's continuing stand-out dividend track record is excellent, as is its refusal to fall into the trap of overpaying for assets. The new supply of primary medical properties has been constrained but is starting to rise, so PHP's development partners (PHP undertakes zero development risk) underpin the growing acquisition pipeline. This is stated at £175m, and our model assumes an acquisition rate of £100m p.a.
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About Hardman & Co: For the past 21 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 world with high-quality research, investor engagement programmes and advisory services.
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