Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
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Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Primary Health Properties PLC is a UK-based Real Estate Investment Trust (REIT) and the leading investor in modern primary healthcare premises across the United Kingdom and Ireland. The company specializes in acquiring, developing, and managing flexible, purpose-built healthcare facilities, such as medical centers and clinics, primarily on freehold or long leasehold terms. Its portfolio comprises over 1,142 properties with a total value of £6.0 billion and an annual rent roll of £342 million, where the majority of rental income is backed by long-term leases to secure government-funded tenants like the National Health Service. Primary Health Properties PLC generates steady rental income and pursues capital growth through strategic investments, including notable mergers like the £1 billion combination with Medicx Fund in 2019 and the acquisition of Assura plc. With a focus on integrated healthcare properties, it supports local primary care services amid evolving demands, employing a small team of 58 and governed by an experienced board and management specializing in healthcare real estate. As a FTSE 250 constituent, it plays a key role in the healthcare REIT sector, emphasizing asset management, property maintenance, and expansion opportunities.
£0.94
£0.00 (-0.37%)
EOD Jul 3, 2026
Revenue grew 140.9%, still solid.
Net debt of £3.29B represents 18.4x FCF, leverage limits flexibility.
10.5x earnings, 7.0x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
£224M
▲ +140.9% YoY
Net Income (TTM)
£119M
▲ +190.2% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
£179M
▲ +31.6% YoY
Op. Cash Flow (TTM)
£205M
▲ +50.7% YoY
Net Debt
£3.29B
Cash & Equiv.
£20M
3Y CAGR: +37.8%
3Y CAGR: +15.0%
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At a P/E of 10.5 and a price-to-free-cash-flow of 7.0, Primary Health Properties (PHP.XLON) trades above a two-stage DCF intrinsic value of about £0.32 per share, so at £0.94 the stock looks overvalued (65.5% above estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Primary Health Properties scores 73/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 11.5%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about £0.32 per share for PHP.XLON, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around £0.24. At today's £0.94, that puts the stock about 65.5% above estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Primary Health Properties scores 73 out of 100 on Intrinsiqq's quality score, a weighted blend of 6 metrics each scored 0 to 100, which makes it a solid business on these measures. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, Primary Health Properties pays a regular dividend of about £0.11 per share per year (typically in quarterly installments), a yield of roughly 11.5% at the current price. That is a payout ratio of about 121.0% of earnings, so the dividend is stretched at this level. Primary Health Properties has grown the dividend at roughly 17.9% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For PHP.XLON's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. PHP.XLON currently trades above its estimated intrinsic value and scores 73/100 on quality (solid). It also yields about 11.5%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.