Primary Health Properties reports 196% Net Income decline in 2019
12 Feb 2020 • About Primary Health Properties (
$PHP) • By InTwits
Primary Health Properties reported FY2019 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Primary Health Properties is a growth stock: FY2019 revenue growth was 49.4%, 5 year revenue CAGR was 14.7% at FY2019 ROIC
- It operates with medium-size leverage: Net Debt/EBITDA is 2.7x while industry average is 3.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue surged on 49.4%. Revenue pursued a growing trend in FY2015-FY2019.
Net Income margin dropped on 153 pp from 93.3% to -60.0% in FY2019.
Financial and operational results
FY ended 30 Nov -0001
Primary Health Properties ($PHP) key annual financial indicators| mln. £ | 2015 | 2016 | 2017 | 2018 | 2019 | 2019/2018 |
|---|
P&L
|
|---|
| Revenue | 63.1 | 67.4 | 72.5 | 79.6 | 118.9 | 49.4% |
| Net Income | 56.0 | 43.7 | 91.9 | 74.3 | -71.3 | -196.0% |
Balance Sheet
|
|---|
| Cash | 2.9 | 4.9 | 3.8 | 5.9 | | |
| Short Term Debt | 166.3 | 168.2 | 148.1 | 101.5 | | |
| Long Term Debt | 531.4 | 500.2 | 582.3 | 574.6 | | |
Cash flow
|
|---|
| Capex | 29.5 | 97.4 | 75.4 | 101.9 | | |
Ratios
|
|---|
| Revenue growth | 5.2% | 6.9% | 7.5% | 9.8% | 49.4% | |
|
|---|
| Net Income Margin | 88.8% | 64.8% | 126.8% | 93.3% | -60.0% | -153.3% |
| CAPEX, % of revenue | 46.7% | 144.4% | 104.0% | 128.0% | | |
|
|---|
| ROIC | 9.4% | 7.2% | 10.2% | 7.4% | | |
| ROE | 17.1% | 10.3% | 16.9% | 10.8% | | |
Peers in Real Estate Investment Trusts
Below you can find Primary Health Properties benchmarking vs. other companies in Real Estate Investment Trusts industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Great Portland Estates ($GPOR) | -17.6% | 83.5% | -5.4% | 217.1% | |
| Segro ($SGRO) | -14.3% | 14.1% | 18.1% | 10.2% | |
| Town Centre Securities ($50BF) | 3.2% | 11.1% | 5.1% | 10.0% | |
| Shaftesbury ($SHB) | 8.2% | 7.6% | 5.0% | 9.5% | |
| Green REIT ($GRN) | 276.8% | 45.7% | 8.3% | 9.0% | |
| |
|---|
| Median (9 companies) | 3.2% | 11.1% | 5.0% | 9.0% | -77.4% |
|---|
| Primary Health Properties ($PHP) | | 6.9% | 7.5% | 9.8% | 49.4% |
Top companies by Gross margin, %
| Top | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Local Shopping REIT ($LSR) | 74.4% | 73.4% | 67.3% | 27.5% | 9.0% |
| |
|---|
| Median (1 company) | 74.4% | 73.4% | 67.3% | 27.5% | 9.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Mucklow(A.& J.)Group ($MKLW) | 277.1% | 121.8% | 130.8% | 274.1% | |
| Segro ($SGRO) | 242.1% | 141.2% | 322.3% | 269.8% | |
| Hibernia REIT ($HBRN) | | 428.5% | 277.6% | 231.8% | |
| Shaftesbury ($SHB) | 503.7% | 168.3% | 273.6% | 166.7% | |
| British Land Co ($BA45) | 215.1% | 165.3% | 36.3% | 87.6% | |
| |
|---|
| Median (8 companies) | 242.1% | 153.2% | 130.8% | 127.2% | |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Hibernia REIT ($HBRN) | 1,795.1% | 634.9% | 304.9% | 191.3% | |
| Segro ($SGRO) | 189.5% | 151.6% | 136.8% | 172.7% | |
| Shaftesbury ($SHB) | 51.6% | 83.7% | 61.2% | 148.3% | |
| British Land Co ($BA45) | 59.2% | 84.6% | 53.0% | 55.6% | |
| Great Portland Estates ($GPOR) | 0.0% | 284.0% | 153.7% | 33.3% | |
| |
|---|
| Median (9 companies) | 97.9% | 83.7% | 61.2% | 33.3% | 0.5% |
|---|
| Primary Health Properties ($PHP) | 46.7% | 144.4% | 104.0% | 128.0% | |
Top companies by ROIC, %
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Mucklow(A.& J.)Group ($MKLW) | 18.5% | 8.2% | 8.7% | 16.9% | |
| Segro ($SGRO) | 12.0% | 7.1% | 15.9% | 12.0% | |
| Green REIT ($GRN) | 14.6% | 12.3% | 9.8% | 10.5% | |
| Hibernia REIT ($HBRN) | 2.1% | 16.3% | 11.6% | 9.0% | |
| Town Centre Securities ($50BF) | 8.3% | 5.0% | 3.4% | 5.7% | |
| |
|---|
| Median (9 companies) | 12.0% | 7.5% | 8.7% | 5.7% | -10.9% |
|---|
| Primary Health Properties ($PHP) | 9.4% | 7.2% | 10.2% | 7.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 |
|---|
| Town Centre Securities ($50BF) | 6.2x | 9.8x | 13.6x | 8.4x | |
| British Land Co ($BA45) | 3.2x | 3.7x | 14.8x | 5.4x | |
| Shaftesbury ($SHB) | 1.3x | 4.7x | 3.0x | 4.1x | |
| Segro ($SGRO) | 3.0x | 4.0x | 1.8x | 2.2x | |
| Hibernia REIT ($HBRN) | | 0.4x | 1.2x | 1.7x | |
| |
|---|
| Median (7 companies) | 3.0x | 3.9x | 2.7x | 2.2x | |
|---|
