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Target Healthcare REIT

Growing strongly with asset quality focus

Update | Property | 01 Nov 2018

Target is continuing to grow its portfolio and income strongly, supporting dividend growth. Capital values also continue to increase. LTV remains modest but available resources are committed to funding pre-let developments of modern, purpose-built assets. With a near-term pipeline of GBP 79m in acquisition opportunities, a placing of shares at 109p has been proposed, to raise up to GBP 40m. The c 6% dividend yield is backed by very long-dated, RPI-linked leases and supported by careful asset and operator selection, and we continue to forecast a fully covered dividend in FY20.

Smith & Nephew

Turning over that new leaf

QuickView | Pharmaceutical & healthcare | 28 Sep 2018

We had the opportunity to join Smith & Nephew’s (S&N) recent institutional investor roadshow and hear about the introspection that has emerged following the appointment of its new CEO. While endorsing its strategy as a portfolio medical device company, two strategic reviews have identified areas which, when the detail is announced at the Q3 and FY18 results, will enable investors to track S&N’s target of returning to market growth rates.


Bitesize briefing - Nuevolution

Edison TV: | Pharmaceutical & healthcare | 25 Sep 2018

Nuevolution is a Copenhagen-based biopharmaceutical company with a patent-protected drug discovery platform (Chemetics) that enables the selection of drugs for an array of tough-to-drug disease targets. In this video, healthcare analyst Dr Daniel Wilkinson presents an overview of Nuevolution, covering its technology, financial position, partnerships and the wider competitive landscape. Additionally he details Edison’s approach to valuing the company.

Target Healthcare REIT

Portfolio performing well and growing

Update | Property | 09 Aug 2018

Target is making good progress in the deployment of its available capital resources, including the GBP 94m (gross) proceeds of February’s equity issue and extended, but unutilised, debt facilities. A significant pipeline of investment opportunities remains, on terms that management believes are consistent with dividend cover on a fully invested basis. We continue to forecast full investment in the current financial year and dividend cover in FY20. The 5.7% dividend yield is backed by very long-dated, RPI-linked leases, and supported by careful asset and operator selection.

Primary Health Properties

Funded for growth

Update | Property | 14 May 2018

With a successfully completed GBP 115m (gross) equity raise behind it, PHP is well funded for continuing growth in its investment portfolio, targeting returns that are supportive the progressive dividend policy, now in its 22nd year. The prospects for cash deployment look positive, with a c GBP 151m pipeline of investment prospects, of which more than a third are at a highly advanced stage of negotiation. Reduced gearing leaves Primary Health Properties (PHP) well placed to seize additional opportunities that may arise, with the NHS commissioning of primary healthcare investment finally showing signs of acceleration, and the Republic of Ireland (RoI) operation becoming established, with a fourth asset recently added.

Target Healthcare REIT

Funded for growth opportunities

Update | Property | 16 Mar 2018

Target has recently raised an additional GBP 94m in new equity and has extended its debt facilities by GBP 40m, providing the capital resources to pursue an immediate investment pipeline of more than GBP 100m. The strength of the pipeline and flexible debt facilities limit the drag from cash, while the expanded portfolio offers further diversification and scale economies to counter increasing asset prices. The shares have slightly de-rated during the process and offer an attractive 5.8% yield and growing dividend, which we expect to be fully covered on a fully invested basis.

Pixium Vision

Focus shifts to Prima as human trials proceed

Outlook | Pharmaceutical & healthcare | 08 Mar 2018

Pixium Vision is developing Prima, a potentially breakthrough wireless sub-retinal implant that generates electrical impulses at the retinal bipolar cell level to restore a form of central visual perception in patients with advanced retinal disease. While competing retinal implants generally target rare conditions involving near-total blindness, Prima seeks to address initially a larger unmet market indication, dry age-related macular degeneration (Dry-ARMD). Prima started human feasibility studies in late 2017 and could start EU pivotal trials in H119. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of EUR 77.4m, down from EUR 82.6m previously.

Target Healthcare REIT

Income growth and growing NAV

Update | Property | 09 Nov 2017

Target has published its quarterly NAV and dividend update. NAV total return was 3.0% in the quarter including dividends paid of 1.570p. With investor interest in modern, purpose-built care homes remaining strong the portfolio valuation increased further. While this is positive for NAV, it also highlights the strong competition for quality assets in the market. Despite the competitive market conditions, as previously indicated the managers have identified a number of acquisition opportunities that meet its qualitative and financial hurdles on which due diligence is progressing.

Target Healthcare REIT

Careful investment paying dividends

Update | Property | 30 Oct 2017

Target recently released full year results for the year to 30 June 2017 and has published its annual report. The key figures showing strong growth in assets and rental income and increasing dividend cover had already been released. In this report we focus on the strategic progress made through the year and the medium-term outlook. Reflecting the manager’s identification of a number of acquisition opportunities, we have revised our estimates upwards for portfolio growth and assume that current debt facilities will be fully utilised by end-FY19, with net LTV increasing above the self-imposed 20% long-term target (to c 24%).


Progress continues

Outlook | Pharmaceutical & healthcare | 11 Oct 2017

NetScientific's healthcare portfolio progressed towards revenue generation during H117 with the soft launch of both Vortex and ProAxsis products into the research market. A series of value inflection points are expected in H217 and FY18 including Series A financings for all five holdings, the commercial ramp of ProAxsis's NEATstik following the recent CE mark approval, and targeting home health providers, payers, hospitals, and accountable care organisations to increase commercialisation of the Wanda platform. We value NetScientific at £57.3m or 83p per share.

Target Healthcare REIT

Nearing full investment

Update | Property | 01 Aug 2017

Target has provided a NAV and portfolio update as at 30 June. The previously announced acquisition of a newly-built home in Leicestershire and the forward funding of one in Merseyside bring the portfolio to a total of 47 properties and closer to management's target of a 20% loan-to-value (LTV) ratio (14.2% at 30 June). We have adjusted our estimates for the NAV update and to account for the timing of the new investments. Target has the longest lease portfolio of any UK REIT, producing stable income streams from high-quality and purpose-built modern care homes. These support a prospective dividend yield of 5.2%.

HBM Healthcare Investments

Diversified private/public healthcare portfolio

Review | Investment Companies | 18 Jul 2017

HBM Healthcare Investments (HBMN) is a Swiss-listed, globally diversified healthcare fund that blends listed equities with private companies held both directly and via funds. It invests for long-term capital growth, and many of the listed stocks in its portfolio are those it has backed from an early stage as private companies. The private exposure serves a dual purpose of accessing potentially high-growth investments and limiting NAV volatility, while some of the more mature companies in the listed portfolio may become takeover targets. The fund is well spread by clinical focus and has a bias towards companies with products already on or close to the market. Following a number of successful IPOs and trade sales, HBMN is looking to increase its private company exposure, and holds a short position in a biotech index ETF as a protection against a market downturn. A high distribution policy provides a yield of c 5%.