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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%).

NetScientific

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%.

Smith & Nephew

Continuing to focus on execution

QuickView | Pharmaceutical & healthcare | 10 May 2017

Smith & Nephew's Q117 demonstrated a return to double-digit growth in emerging markets, with China growing 14% in the quarter. Alongside completion of its restructuring and focus on the execution of improved innovation and efficiency, we believe this improvement in emerging markets will keep S&N on track to meet its current revenue growth (3-4%) and trading profit margin targets for FY17.

Target Healthcare REIT

Portfolio growth

Update | Property | 28 Apr 2017

Target Healthcare REIT (Target) continues to approach full investment, having completed the acquisitions of four care homes in the quarter to 31 March and one more in April. Portfolio value stood at £274.6m at the quarter-end (31 December: £253.1m). The Q217 dividend was the main cause of a slight decrease in EPRA NAV per share to 101.5p (31 December: 101.8p); we expect full dividend cover to be achieved in FY18 as the company becomes fully invested. The secular trends of an ageing population and a persistent lack of modern care homes create a significant opportunity for further investment to underpin the attractive dividend yield.

Pixium Vision

Key advancements for Iris II and Prima in 2017

Outlook | Pharmaceutical & healthcare | 30 Mar 2017

Pixium Vision is developing two different retinal implants that provide vision by electrically stimulating the retina. Commercialisation efforts for Iris II are starting in Europe. Prima intends to target a larger population, and human trials could start in H117. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of EUR 131.4m, up from EUR 125.5m, previously.

Formycon

Surfing the next wave of biosimilars

Initiation | Pharmaceutical & healthcare | 27 Mar 2017

Formycon is a pure-play biosimilar company focused on third-wave biosimilars (those coming off patent after 2020), an overlooked opportunity for most biosimilar developers. The company has four compounds, two of which are partnered. FYB201 is a biosimilar of Lucentis for neovascular age-related macular degeneration (nAMD) undergoing a global Phase III study; the company is aiming for US and EU launch in 2020 and 2022, respectively, upon patent expiries. FYB203 is a proposed biosimilar of Eylea, also for nAMD, in preclinical studies. Both compounds are partnered in deals worth over EUR 100m and target all available biologics in the nAMD market. The liquidity position at end September 2016 was EUR 19m.