Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Thematic (Sector/Industry)

<ul>
<li>The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.</li>
<li>Its main function is to highlight the attractions of life sciences investments over the long term.</li>
<li>For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.</li>
</ul>


The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.
Its main function is to highlight the attractions of life sciences investments over the long term.
For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.


Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

<ul>
<li>The South African listed property sector had a positive month in December, capping a robust year of excellent returns.</li>
<li>For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.</li>
<li>South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.</li>
</ul>


The South African listed property sector had a positive month in December, capping a robust year of excellent returns.
For 2024 the SA All Property Index rose 28.85%, outperforming the JSE’s all-share index’s +9.37% and the top 40 +6.93%.
South African listed property thoroughly outperformed global listed property, with the EPRA Nareit Global Index’s TR lagging the J803 TR Index by 22.41% in ZAR terms for the year.


SA Listed Property Review – December 2024

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Primary Health Properties / Equity Bottom-Up

<p>Primary Health Properties (PHP) has issued a Q324 trading update alongside its capital markets presentation. The presentation focused on the significant opportunities for growth that PHP has identified in both the UK and Irish markets. Most importantly, the trading statement shows organic rental growth continuing, underpinning PHP’s commitment to its progressive dividend policy. Our forecasts are, for now, unchanged.</p>

Primary Health Properties (PHP) has issued a Q324 trading update alongside its capital markets presentation. The presentation focused on the significant opportunities for growth that PHP has identified in both the UK and Irish markets. Most importantly, the trading statement shows organic rental growth continuing, underpinning PHP’s commitment to its progressive dividend policy. Our forecasts are, for now, unchanged.

Primary Health Properties - Highlighting organic and investment-led growth

<ul>
<li>The South African All Property Index (J803) continued its strong run in August, rising 8.37% for the month.</li>
<li>The All Property Index’s 2024 Total Return is now up 23.91%. </li>
<li>Investor in South African Listed Property are finally reaping the rewards for their patience through a long and difficult down-cycle for the sector.</li>
</ul>


The South African All Property Index (J803) continued its strong run in August, rising 8.37% for the month.
The All Property Index’s 2024 Total Return is now up 23.91%. 
Investor in South African Listed Property are finally reaping the rewards for their patience through a long and difficult down-cycle for the sector.


SA Listed Property and Fund Snapshot - August 2024

<p>Primary Health Properties’ (PHP’s) H124 results show continuing earnings and dividend growth, driven by rental income and underpinned by a low cost ratio and significantly fixed borrowing costs. With open market rental growth, covering two-thirds of rent roll, accelerating further, we forecast this to continue through FY26, which would mark 30 years of unbroken dividend growth.</p>

Primary Health Properties’ (PHP’s) H124 results show continuing earnings and dividend growth, driven by rental income and underpinned by a low cost ratio and significantly fixed borrowing costs. With open market rental growth, covering two-thirds of rent roll, accelerating further, we forecast this to continue through FY26, which would mark 30 years of unbroken dividend growth.

Primary Health Properties - Continuing dividend growth

United Kingdom

Primary Health Properties PLC purchases freehold and long lease healthcare properties in the United Kingdom.  The Company leases the properties to health authorities and the National Health Service.

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Primary Health Properties (PHP LN)

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

SA Listed Property Review – December 2024

The South African listed property sector completed a robust year of excellent returns. For 2024 the SA All Property Index rose +28.85%,...

Golden Section Capital

Primary Health Properties - Highlighting organic and investment-led growth

Primary Health Properties (PHP) has issued a Q324 trading update alongside its capital markets presentation. The presentation focused on the...

Edison Investment Research

SA Listed Property and Fund Snapshot - August 2024

South African Listed Property has continued its strong recovery in 2024. August was another strong month seeing the All Property Index rise by 8.37%.

Golden Section Capital

Primary Health Properties - Continuing dividend growth

Primary Health Properties’ (PHP’s) H124 results show continuing earnings and dividend growth, driven by rental income and underpinned by a low cost...

Edison Investment Research

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