Primary Health upgraded after encouraging numbers

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(, ) interim results were a pleasant surprise said broker Berenberg, with rental growth and yield compression also giving cause for optimism.

The broker has upgraded its forecasts following the results with the share price target also increased to 170p.

In addition, a number of recent strategic initiatives implemented by the company create an easier path to find a successor to chief executive Harry Hyman.

“While we remain cautious about the sector, there is no immediate risk to occupancy, with the NHS (and Irish HSE) accounting for 90% of contracted rent, and maintain that GP practices will continue to be used as diagnostic and administrative buildings by the NHS.

“We increase our FY 2021 EPS and NTA estimates by 1.8% and 0.1% respectively following H1 results and updated guidance from management.

 



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