Investment Trusts

Target Healthcare REIT plc

THRL:LSE

Target Healthcare REIT plc

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  • Price (GBX)83.20
  • Today's Change1.70 / 2.09%
  • Shares traded832.24k
  • 1 Year change-28.28%
  • Beta0.4643
Data delayed at least 20 minutes, as of Jan 27 2023 16:35 GMT.
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About the company

Target Healthcare REIT plc is a United Kingdom-based real estate investment trust. The Company’s investment objective is to provide shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified portfolio of freehold and long leasehold care homes that are let to care home operators, and other healthcare assets in the United Kingdom (UK). Its portfolio is designed to provide stable income returns from a diversified group of tenants and rental levels, which are sustainable over the long term. Its portfolio comprises of approximately 77 assets: over 73 operational care homes and approximately four development sites. The Company’s investment manager and alternative investment fund manager is Target Fund Managers Limited.

  • Revenue in GBP (TTM)63.86m
  • Net income in GBP49.10m
  • Incorporated2019
  • Employees0.00
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Profile

Management group(s)Target Fund Managers Limited
AIC sectorProperty - UK Healthcare
ISINGB00BJGTLF51
Launch date07 Mar 2013
Share typeOrdinary Share
StructureInvestment Trust
Base currencyGBP

Objective

The Group pursues its objective by investing in a portfolio of care homes, predominantly in the UK, that are let to care home operators on full repairing and insuring leases that are subject to annual uplifts based on increases in the UK retail prices index (subject to caps and collars) or fixed uplifts. The Group is also able to generate up to 15% of its gross income, in any financial year, from non-rental revenue or profit related payments from care home operators under management contracts in addition to the rental income due under fully repairing and insuring leases.

Managed by

Kenneth MacKenzie, John Flannelly, Andrew Brown, Gordon Bland, Scott Steven, Donald Cameron

Management & contract fees

NAV up to and including GBP 500m, annual fee is 1.05%; Above GBP 500m and up to and including GBP 750m, fee is 0.95%; Above GBP 750m and up to and including GBP 1bn, fee is 0.85%; Above GBP 1bn and up to and including GBP 1.5bn, fee is 0.75%; Above GBP 1.5bn, fee is 0.65%. No performance fee. Contract is terminable on 24 months notice.

Peer analysis

Key Information
CompanyRevenue (TTM)Net income (TTM)Market capEmployeesPrice/earnings (TTM)Price/book value (MRQ)Price/cash flow (TTM)Price/sales (TTM)EPS (excl. extraordinary items, TTM)EPS (incl. extraordinary items, TTM)Revenue per share (TTM)Book value per share (MRQ)Asset turnover (TTM)Inventory turnover (TTM)Receivables turnover (TTM)Revenues per employee (TTM)Return on avg assets (TTM)Return on avg assets (5 yr avg)Return on investment (TTM)Return on investment (5 yr avg)Gross margin (TTM)Gross margin
(5 yr avg)
Net profit margin (TTM)Net Profit margin
(5 yr avg)
Quick ratio (MRQ)Interest coverage (TTM)Total debt to capital (MRQ)Payout ratio
(5 yr avg)
Revenue
(YOY change %)
Revenue
(5 yr growth rate)
Net income
(YOY change %)
Net income
(5 yr growth rate)
Capital expenditure
(5 yr growth rate)
Dividend
(5 yr growth rate)
LSL Property Services plc321.25m45.25m272.43m4.08k6.041.304.450.84810.43340.43343.092.011.06--8.2178,813.7914.9510.0620.2713.88----14.079.25--9.110.108627.1922.531.21279.404.172.622.05
Newriver Reit PLC73.20m27.70m281.88m49.0010.100.69039.823.850.08990.08890.23681.320.0895--16.831,493,878.003.39-3.593.55-3.7665.9866.3637.84-42.25--4.160.4767--0.8208-5.17105.73-28.01-4.24-17.92
Home Reit PLC26.20m47.80m300.81m0.002.970.3423--11.480.12810.12810.07571.110.0419--6.87--7.64--7.73--87.29--182.46------0.2826--------------
Regional REIT Ltd59.40m39.00m305.83m0.007.720.5957--5.150.07680.07680.11840.99540.0634--1.89--4.162.864.423.0491.1590.6165.6544.91--5.030.4668106.954.787.92192.7716.47---3.74
Civitas Social Housing PLC53.72m69.54m329.27m0.004.780.4854--6.130.11350.11350.08761.120.0513--4.81--6.64--6.71--97.13--129.46------0.3361--5.34--24.06------
Harworth Group PLC153.60m116.67m387.67m85.003.360.5913.322.520.3570.3570.46962.030.18430.53882.541,807,012.0014.007.7715.448.6637.8632.1675.9657.691.25--0.13997.1056.9726.67264.3618.695.069.99
Custodian Property Income Reit PLC42.04m60.17m412.20m0.006.780.8226.859.810.1380.1380.09581.140.0644--7.47--9.226.519.476.7186.8891.02143.1494.42----0.260565.640.79087.643,162.8738.27---3.73
Picton Property Income Ltd48.99m82.65m439.73m9.005.320.6885.318.980.15090.15090.08961.170.0593--1.945,443,111.0010.008.2310.258.4873.2977.26168.71128.60----0.262130.167.41-3.07334.8628.02----
Helical PLC42.35m83.93m441.61m28.005.330.63755.2110.430.67150.67150.34045.620.04231.681.281,512,321.008.384.028.664.3095.7250.10198.2169.102.66--0.267327.8743.98-15.58397.2517.84-31.235.33
Mountview Estates plc72.49m30.32m460.08m29.0015.181.1515.156.357.787.7818.59102.200.16840.070648.622,499,690.007.046.887.127.0060.9663.0741.8243.320.7894,162.560.067263.680.426-3.34-12.98-5.79--9.63
PRS Reit PLC41.96m115.89m488.28m0.004.140.7639--11.640.21480.21480.07841.160.0444--41.78--12.26--14.23--81.81--276.17------0.3516--57.54--162.71------
Target Healthcare REIT Ltd63.86m49.10m516.04m0.0010.220.7385--8.080.08140.08140.10661.130.0759--68.63--5.846.096.006.2358.2499.8876.8882.49--47.680.248881.6627.7722.0711.8820.75--4.92
Empiric Student Property PLC65.67m92.47m529.74m295.005.730.74525.698.070.15320.15320.10881.180.0602--10.79222,623.708.472.408.782.5965.3761.62140.8140.12----0.362490.45-5.85--221.81------
Balanced Commercial Property Trust Ltd52.86m189.24m586.50m0.003.330.5627--11.100.25120.25120.06991.490.0388--5.32--13.892.5714.112.6176.0082.29358.0056.61----0.224296.04-14.45-2.88285.2025.48---10.32
CLS Holdings plc140.40m128.00m597.24m112.004.670.44514.634.250.31420.31420.34463.290.0553--6.651,253,571.005.045.475.525.9777.28--91.1795.60----0.438223.280.28695.4754.394.09-40.9514.00
Globalworth Real Estate Investments Ltd199.68m59.22m600.22m35.0010.130.39299.933.010.30510.30511.037.870.0645--13.29--1.942.082.082.2262.3267.7430.0232.12--4.590.4574175.82-1.7726.31201.4833.2313.91--
Data as of Jan 27 2023. Currency figures normalised to Target Healthcare REIT plc's reporting currency: UK Pound GBX

Institutional shareholders

33.90%Per cent of shares held by top holders
HolderShares% Held
Valu-Trac Investment Management Ltd.as of 30 Nov 202230.93m4.99%
Baillie Gifford & Co.as of 20 Jul 202125.36m4.09%
Premier Fund Managers Ltd.as of 30 Jun 202124.35m3.93%
Alder Investment Management Ltd.as of 30 Jun 202123.68m3.82%
Investec Wealth & Investment Ltd.as of 30 Jun 202123.39m3.77%
CCLA Investment Management Ltd.as of 30 Jun 202117.92m2.89%
Rathbone Investment Management Ltd.as of 30 Jun 202116.77m2.70%
West Yorkshire Pension Fundas of 31 Mar 202216.49m2.66%
Schroder & Co. Ltd.as of 30 Jun 202215.85m2.56%
BlackRock Financial Management, Inc.as of 30 Nov 202215.56m2.51%
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Data from 31 Mar 2022 - 31 Dec 2022Source: FactSet Research Systems Inc.
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