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Primary Health Prop PLC (PHP) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Primary Health Prop PLC ZAR 33.06, price ZAR 20.00, upside +65.3%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Real Estate · ZA

PH Broad data Sep 24, 2026

Primary Health Prop PLC

PHP · JSE

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 33.06 ZAR · Strongly undervalued (+65%)
!Quality 57/100
!Mixed Growth (revenue 3y +37.8 %/yr)
✓Highly profitable · 43.3% net margin (TTM)
✓generates free cash flow
✓Ranks above peers (10/13)
✓Wide moat 70/100
!Weak on dividend: 7 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

41.28 ZAR 16.85 ZAR Fair Value 33.06 ZAR Oct 2023 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

35‑month range 16.85 ZAR – 41.28 ZAR · fair‑value band 18.33 ZAR – 40.44 ZAR · the 20.00 ZAR price screens below the 33.06 ZAR fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Primary Health Properties PLC (PHP) is a UK Real Estate Investment Trust and leading investor in modern primary healthcare premises. We invest in flexible, modern properties for local primary healthcare. The overall objective of the group is to create progressive returns to shareholders through a combination of earnings growth and capital appreciation.

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Primary Health Properties PLC (PHP) is a UK Real Estate Investment Trust and leading investor in modern primary healthcare premises. We invest in flexible, modern properties for local primary healthcare. The overall objective of the group is to create progressive returns to shareholders through a combination of earnings growth and capital appreciation. To achieve this, PHP invests in healthcare real estate let on long-term leases, backed by secure underlying covenants where the majority of rental income is funded directly or indirectly by a government body. Primary Health Properties Plc was incorporated in 1994 in United Kingdom.

Stock analysis

Primary Health Prop PLC (PHP) currently trades at 20.00 ZAR, while our model-based Fair Value estimate is 33.06 ZAR, implying the stock looks roughly 39.5% undervalued today.

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Valuation

How firm this estimate is: it rests on 16 models at a data quality of 96/100, which puts the evidence level at high.

Scenario range: 18.33 ZAR (bear) to 40.44 ZAR (bull), the price of 20.00 ZAR sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 57/100 (solid quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Primary Health Prop PLC reported revenue of £224M in FY2025 versus £223M in FY2021, a compound +0.1%/yr. Reported net income was £119M in FY2025, compounding −4.0%/yr from FY2021.

Key figures

Market cap 51.9B ZAR (≈ $3.2B) · P/E ratio 13.7 · P/S ratio 7.28 · EPS (TTM) 1.46 ZAR · Dividend yield 0.4% · Net margin 53.1% · Return on equity 6.1% · Return on assets 3.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 20% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 6% fair-value upside, at 65%, PHP screens cheaper than that median.

Fair Value models

Bear 18.33 ZAR Fair Value 33.06 ZAR Bull 40.44 ZAR
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (0.9056 ZAR per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income 0.7500 ZAR 0.7500 ZAR 0.7000 ZAR 71
FCF DCF 1.58 ZAR 2.48 ZAR 5.35 ZAR 68
Growth DCF 1.49 ZAR 2.94 ZAR 5.32 ZAR 67
All 9 models by family
DCF Models
FCF DCF 1.58 ZAR 2.48 ZAR 5.35 ZAR 68
5Y Revenue Exit 0.7800 ZAR 1.21 ZAR 2.09 ZAR 63
10Y Revenue Exit 1.01 ZAR 1.88 ZAR 2.33 ZAR 60
Multiples
P/S Multiple 0.4200 ZAR 0.5600 ZAR 0.7000 ZAR 58
P/B Multiple 0.5800 ZAR 0.7800 ZAR 0.9700 ZAR 55
EV/Revenue 0.4300 ZAR 0.6100 ZAR 0.7900 ZAR 51
Asset-Based
NCAV (Graham) 0.4900 ZAR 0.6600 ZAR 0.9800 ZAR 51
Growth DCF
Growth DCF 1.49 ZAR 2.94 ZAR 5.32 ZAR 67
Economic Profit
Residual Income 0.7500 ZAR 0.7500 ZAR 0.7000 ZAR 71

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Quality Score breakdown

Overall quality 57/100

Of which business quality 57 · Market factors (momentum, volatility) 38

Profitability 40
Margins and returns on capital today
Quality Growth 69
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 34
Disciplined investing over empire-building
Low Volatility 44
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 25
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+140.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.8%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−14.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.3%
Dividend (yield on the price)0.4%

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Healthcare Facilities · 25 stocks

Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside +64% · Top 25%
Profitability
Return on equity (TTM) 8% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 43% · Above median
Operating margin (TTM) 83% · Top 25%
Growth and dividend
Revenue growth 119% · Top 25%
Dividend yield (TTM) 0.4% · Bottom 25%

Valuation Multiplesvs REIT - Healthcare Facilities median · lower = cheaper

P/E (TTM) 13.7× · Cheapest 25%
P/B 1.26× · Cheaper than median
P/S (TTM) 8.80× · Priciest 25%
P/FCF 18.0× · Pricier than median
EV/EBITDA 10.5× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 42
FUTURE (revenue growth)100 · sector 36
PAST (return on equity)32 · sector 23
HEALTH (low debt)0 · sector 73
DIVIDEND (yield)7 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Healthcare Facilities stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Welltower Inc WELL $230.39 $76.38 −67%
Ventas, Inc VTR $86.86 $36.31 −58%
Omega Healthcare Investors, Inc OHI $46.47 $57.49 +24%
Healthpeak Properties, Inc DOC $20.60 $22.31 +8%
American Healthcare REIT, Inc AHR $51.69 $14.43 −72%
CareTrust REIT, Inc CTRE $37.43 $39.80 +6%
Healthcare Realty Trust Incorporated HR $18.18 $20.60 +13%
Aedifica NV AED €66.40 €59.48 −10%
Sabra Health Care REIT, Inc SBRA $19.81 $22.66 +14%
National Health Investors, Inc NHI $67.41 $71.68 +6%

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Primary Health Prop PLC · Fair Value
33.06 ZAR +40%Fair Value
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Cite: Fair Value Calculator (2026). "Primary Health Prop PLC Fair Value". https://www.fairvalue-calculator.com/stock/PHP

Frequently asked questions

Is Primary Health Prop PLC (PHP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 33.06 ZAR versus a price of 20.00 ZAR, about +65% upside (undervalued).
What is the fair value of PHP?
Our model-based fair value for Primary Health Prop PLC is 33.06 ZAR (as of Sep 24, 2026), built from audited fundamentals. The current price: 20.00 ZAR.
What is the quality score of PHP?
Primary Health Prop PLC has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Primary Health Prop PLC (PHP)?
Our model-based price target is the fair value of 33.06 ZAR (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 18.33 ZAR, optimistic scenario 40.44 ZAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Primary Health Prop PLC stock forecast for 2026?
Our models put fair value at 33.06 ZAR, about +65% upside versus a price of 20.00 ZAR (undervalued). Cautious scenario 18.33 ZAR, optimistic scenario 40.44 ZAR. The calculation is refreshed regularly with new filings.
What is the revenue of Primary Health Prop PLC (PHP)?
Primary Health Prop PLC reported trailing-twelve-month revenue of about 260M ZAR (latest available figure, as of Sep 24, 2026).
Does Primary Health Prop PLC pay a dividend?
Primary Health Prop PLC currently shows a dividend yield of about 0.36% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Primary Health Prop PLC (PHP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Primary Health Prop PLC it is 33.06 ZAR per share (as of Sep 24, 2026), against a price of 20.00 ZAR. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Primary Health Prop PLC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PHP trades below its calculated fair value: price 20.00 ZAR, fair value 33.06 ZAR, a gap of about +65% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PHP?
No. The price is what the market pays today (20.00 ZAR); the fair value is what the company's own numbers justify (33.06 ZAR). For Primary Health Prop PLC the two are 13.06 ZAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Primary Health Prop PLC worth?
The market values Primary Health Prop PLC at about 51.9B ZAR (market capitalisation, as of Sep 24, 2026). Per share that is 20.00 ZAR; our models calculate a fair value of 33.06 ZAR per share.
What do the bullish and bearish scenarios say about PHP?
Our models span a range for Primary Health Prop PLC: cautious scenario 18.33 ZAR, base 33.06 ZAR, optimistic 40.44 ZAR per share (as of Sep 24, 2026, price 20.00 ZAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHP?
Primary Health Prop PLC trades at a price-to-earnings ratio of 13.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 33.06 ZAR is built from several models across several years. Other multiples: P/B 1.3, P/S 8.8, EV/EBITDA 10.5.
How solid is the balance sheet of Primary Health Prop PLC (PHP)?
Balance-sheet figures for Primary Health Prop PLC (as of Sep 24, 2026): return on equity 8.1%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is PHP from its 52-week high?
Primary Health Prop PLC trades at 20.00 ZAR, about 20% below its 52-week high of 25.00 ZAR and 5% above the low of 19.13 ZAR (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 33.06 ZAR is for.
Which stocks are comparable to Primary Health Prop PLC?
From the same area (Real Estate) we also value Welltower Inc, Ventas, Inc, Omega Healthcare Investors, Inc, Healthpeak Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Primary Health Prop PLC stock attractive at the current price?
The data as of Sep 24, 2026: price 20.00 ZAR, calculated fair value 33.06 ZAR (+65%), Quality Score 57/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PHP calculated?
We run Primary Health Prop PLC through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 33.06 ZAR, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Primary Health Prop PLC currently trades 65 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Primary Health Prop PLC (PHP)?
The closing price on Sep 23, 2026 was 20.00 ZAR. Our model-based fair value is 33.06 ZAR, about +65% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Primary Health Prop PLC right now?
Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (18.33 ZAR to 40.44 ZAR) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Primary Health Prop PLC

How large is the market capitalisation of Primary Health Prop PLC (PHP)?
The market capitalisation of Primary Health Prop PLC is 51.9B ZAR (≈ $3.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Primary Health Prop PLC (PHP)?
The price-to-sales ratio of Primary Health Prop PLC is 7.28 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Primary Health Prop PLC (PHP)?
Earnings per share at Primary Health Prop PLC are 1.46 ZAR (price ÷ EPS = P/E 13.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Primary Health Prop PLC (PHP)?
The dividend yield of Primary Health Prop PLC is 0.4% (payout 4.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Primary Health Prop PLC (PHP)?
The net margin of Primary Health Prop PLC is 53.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Primary Health Prop PLC (PHP)?
The return on equity (ROE) of Primary Health Prop PLC is 6.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Primary Health Prop PLC (PHP)?
The return on assets (ROA) of Primary Health Prop PLC is 3.0% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Primary Health Prop PLC (PHP)?
The operating margin of Primary Health Prop PLC is 81.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Primary Health Prop PLC (PHP)?
Revenue at Primary Health Prop PLC is growing +89.0% versus a year earlier (3y avg +37.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Primary Health Prop PLC (PHP)?
Earnings per share at Primary Health Prop PLC are growing −6.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Primary Health Prop PLC (PHP) generate?
The free cash flow of Primary Health Prop PLC is 179M ZAR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Primary Health Prop PLC (PHP) carry?
The net debt of Primary Health Prop PLC is 3.3B ZAR (fiscal year 2025, ≈ 18.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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