Primary Health Properties Plc

LSE:PHP Stock Report

Market Cap: UK£2.5b

Primary Health Properties Valuation

Is PHP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PHP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

UK£0.02
Fair Value
4.8k% overvalued intrinsic discount
7
Number of Analysts

Below Fair Value: PHP (£0.98) is trading above our estimate of fair value (£0.02)

Significantly Below Fair Value: PHP is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PHP?

Key metric: As PHP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PHP. This is calculated by dividing PHP's market cap by their current earnings.
What is PHP's PE Ratio?
PE Ratio25.8x
EarningsUK£97.20m
Market CapUK£2.50b

Price to Earnings Ratio vs Peers

How does PHP's PE Ratio compare to its peers?

The above table shows the PE ratio for PHP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10.7x
THRL Target Healthcare REIT
9.9x7.98%UK£600.4m
UTG Unite Group
7.5x3.21%UK£2.6b
BYG Big Yellow Group
17.4x9.43%UK£2.3b
DLN Derwent London
8x5.22%UK£1.9b
PHP Primary Health Properties
25.8x22.74%UK£2.5b

Price-To-Earnings vs Peers: PHP is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the peer average (10.7x).

Price to Earnings Ratio vs Industry

How does PHP's PE Ratio compare vs other companies in the Global Health Care REITs Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
PHP 25.8xIndustry Avg. 25.9xNo. of Companies5PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PHP is good value based on its Price-To-Earnings Ratio (25.8x) compared to the Global Health Care REITs industry average (25.9x).

Price to Earnings Ratio vs Fair Ratio

What is PHP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PHP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio25.8x
Fair PE Ratio14.4x

Price-To-Earnings vs Fair Ratio: PHP is expensive based on its Price-To-Earnings Ratio (25.8x) compared to the estimated Fair Price-To-Earnings Ratio (14.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PHP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£0.97
UK£1.11
+13.70%
6.86%UK£1.22UK£1.00n/a7
Nov ’26UK£0.94
UK£1.09
+16.54%
5.59%UK£1.20UK£1.00n/a7
Oct ’26UK£0.92
UK£1.08
+17.75%
5.76%UK£1.20UK£1.00n/a6
Sep ’26UK£0.93
UK£1.07
+16.11%
8.49%UK£1.20UK£0.92n/a5
Aug ’26UK£0.96
UK£1.02
+6.26%
7.41%UK£1.10UK£0.92n/a3
Jul ’26UK£1.00
UK£1.02
+2.00%
7.34%UK£1.10UK£0.92n/a3
Jun ’26UK£1.01
UK£1.02
+1.39%
7.34%UK£1.10UK£0.92n/a3
May ’26UK£1.03
UK£1.02
-1.16%
7.34%UK£1.10UK£0.92n/a3
Apr ’26UK£0.94
UK£1.03
+9.22%
6.38%UK£1.10UK£0.92n/a4
Mar ’26UK£0.94
UK£1.00
+6.50%
9.95%UK£1.10UK£0.77n/a9
Feb ’26UK£0.94
UK£1.04
+10.52%
6.25%UK£1.13UK£0.92n/a9
Jan ’26UK£0.93
UK£1.05
+12.90%
6.19%UK£1.13UK£0.95n/a9
Dec ’25UK£0.95
UK£1.05
+10.59%
6.19%UK£1.13UK£0.95n/a9
Nov ’25UK£0.96
UK£1.05
+9.09%
8.74%UK£1.20UK£0.91UK£0.949
Oct ’25UK£1.02
UK£1.04
+1.77%
9.63%UK£1.20UK£0.89UK£0.929
Sep ’25UK£0.97
UK£1.03
+6.80%
9.49%UK£1.20UK£0.89UK£0.939
Aug ’25UK£0.94
UK£1.03
+10.40%
9.49%UK£1.20UK£0.89UK£0.969
Jul ’25UK£0.93
UK£1.04
+12.25%
9.63%UK£1.20UK£0.89UK£1.009
Jun ’25UK£0.93
UK£1.02
+9.62%
9.37%UK£1.20UK£0.89UK£1.019
May ’25UK£0.92
UK£1.03
+12.75%
10.55%UK£1.20UK£0.89UK£1.039
Apr ’25UK£0.94
UK£1.02
+9.04%
9.37%UK£1.20UK£0.89UK£0.949
Mar ’25UK£0.91
UK£1.03
+13.67%
9.22%UK£1.20UK£0.89UK£0.949
Feb ’25UK£0.94
UK£1.07
+14.08%
8.99%UK£1.22UK£0.94UK£0.949
Jan ’25UK£1.04
UK£1.07
+2.87%
8.99%UK£1.22UK£0.94UK£0.939
Dec ’24UK£1.00
UK£1.07
+6.35%
8.99%UK£1.22UK£0.94UK£0.959
Nov ’24UK£0.91
UK£1.07
+17.53%
8.99%UK£1.22UK£0.94UK£0.969
UK£1.11
Fair Value
12.0% undervalued intrinsic discount
7
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/29 13:11
End of Day Share Price 2025/11/28 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Primary Health Properties Plc is covered by 14 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kanad MitraBarclays
Thomas MussonBerenberg
Miranda CockburnBerenberg