Primary Health Properties (PHP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Primary Health Properties stock £1.31, price £0.98, upside +34.1%, quality 36 out of 100. Rating: undervalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range £0.6826 – £1.19 · fair‑value band £0.6290 – £2.69 · the £0.9765 price screens below the £1.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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 Properties (PHP) currently trades at £0.9765, while our model-based Fair Value estimate is £1.31, implying the stock looks roughly 25% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of £2.25 per share, and 6 of the 14 models we run sit above the £0.9765 price.
Bear case: the Multiples group reads lowest at £0.5500, and 8 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: £0.6290 (bear) to £2.69 (bull), the price of £0.9765 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 36/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Primary Health Properties reported revenue of £259M in FY2025 versus £223M in FY2021, a compound +3.8%/yr. Reported net income was £119M in FY2025, compounding −4.0%/yr from FY2021.
Key figures
Market cap £2.5B Mid · P/E ratio 16.3 · P/S ratio 6.91 · EPS (TTM) £0.0600 · Dividend yield 7.5% · Net margin 43.3% · Return on equity 8.1% · Return on assets (EBIT) 3.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 4% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 34%, PHP screens cheaper than that median.
Fair Value models
Bear£0.6290Fair Value £1.31Bull£2.69
Price £0.9765 · Upside +34.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
Best data coverage
Residual Income£0.7400£0.7500£0.780076
FCF DCF£1.08£1.89£4.4074
Growth DCF£0.9800£2.25£4.2774
All 14 models by family
DCF Models
FCF DCF£1.08£1.89£4.4074
5Y Revenue Exit£0.3700£0.8400£1.8267
5Y EBITDA Exit£0.7200£1.54£3.1670
10Y Revenue Exit£0.5800£1.50£1.9966
10Y EBITDA Exit£0.8400£2.22£4.5663
Dividend Discount
Gordon GGM£0.3900£0.7700£1.1467
DDM Multi-Stage£0.3900£0.6700£0.810067
Multiples
P/S Multiple£0.4900£0.6500£0.810058
P/B Multiple£0.8900£1.18£1.4855
EV/EBIT£0.0200£0.4500£0.870057
EV/EBITDAn/a£0.0600>£0.240062
Asset-Based
NCAV (Graham)£0.4900£0.6600£0.980054
Growth DCF
Growth DCF£0.9800£2.25£4.2774
Economic Profit
Residual Income£0.7400£0.7500£0.780076
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+42.5%
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.
+44.6%
Revenue growth 5 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.
+15.0%
Start year 2020 (pandemic). Over 10 years: +15.2% a year
Revenue growth 29 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.
+32.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−3.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.9%
Dividend (yield on the price)7.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.8% vs −1.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.87% → 78%
2025 sits 114% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+10.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.1%
Yearly sales growth analysts expect, extended to five years.
The revenue jump in 2026 (+32.3%) comes with 45% more shares (acquisition or merger paid in stock). Per share it is about −8.6%. The comparison above is unreliable in such a year.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +7.7% a year for the price and +1.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (27 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Reliable income from long-term government-backed leases forms the main strength, while high leverage remains the key weakness for this healthcare REIT.
Main risk: High leverage from the recent acquisition forms the single biggest risk to the business, threatening balance sheet stability and ongoing portfolio management.
Primary Health Properties has posted rental growth ahead of guidance from rent reviews on its expanded healthcare portfolio. It is also progressing joint ventures to lower leverage from the recent acquisition, with integration synergies coming in ahead of schedule. Will the reliable income from long-term government-backed leases outweigh any effects of asset sales into those ventures?
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Price, fair value, quality and upside side by side.
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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
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Primary Health Properties Fair Value". https://www.fairvalue-calculator.com/stock/PHP
Frequently asked questions
Is Primary Health Properties (PHP) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of £1.31 versus a price of £0.9765, about +34% upside (undervalued).
What is the fair value of PHP?
Our model-based fair value for Primary Health Properties is £1.31 (as of Nov 8, 2026), built from audited fundamentals. The current price: £0.9765.
What is the quality score of PHP?
Primary Health Properties has a Quality Score of 36/100. 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 Properties (PHP)?
Our model-based price target is the fair value of £1.31 (as of Nov 8, 2026) from 14 valuation models. Cautious scenario £0.6290, optimistic scenario £2.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Primary Health Properties stock forecast for 2026?
Our models put fair value at £1.31, about +34% upside versus a price of £0.9765 (undervalued). Cautious scenario £0.6290, optimistic scenario £2.69. The calculation is refreshed regularly with new filings.
What is the revenue of Primary Health Properties (PHP)?
Primary Health Properties reported trailing-twelve-month revenue of about £367M (latest available figure, as of Nov 8, 2026).
Does Primary Health Properties pay a dividend?
Primary Health Properties currently shows a dividend yield of 7.48% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Primary Health Properties (PHP) and when is the ex-dividend date?
Primary Health Properties pays a dividend of £0.073 per share a year, a dividend yield of 7.5%. The last ex-dividend date was Oct 15, 2026. A dividend has been paid every year since at least 1997. The payout ratio is 122% of earnings. Free cash flow covers the dividend 0.94 times. Our assessment: Payout strained. The dividend exceeds reported earnings (though reported profit is often depressed by one-off charges), and free cash flow only just covers it (or coverage is unknown). Not an emergency, but little room for error.
What growth is priced into Primary Health Properties (PHP)?
For today's price to be fair in a discounted-cash-flow model, Primary Health Properties would have to grow free cash flow by +10.2 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of PHP use?
Our models discount Primary Health Properties at 9.7 %: a base by market capitalisation (mid), damped by beta 0.77, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Primary Health Properties that is +10.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Primary Health Properties (PHP) delivered so far?
Over the past 5 years revenue at Primary Health Properties grew +15.0 % a year. The price currently implies free-cash-flow growth of +10.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Primary Health Properties (PHP) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Primary Health Properties (+10.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Primary Health Properties (PHP)?
The free-cash-flow yield on the price is 7.06 %: that much free cash flow Primary Health Properties produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Primary Health Properties (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 Properties it is £1.31 per share (as of Nov 8, 2026), against a price of £0.9765. It is the blended result of 14 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Primary Health Properties stock overvalued or undervalued in 2026?
As of Nov 8, 2026, PHP trades below its calculated fair value: price £0.9765, fair value £1.31, a gap of about +34% (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 (£0.9765); the fair value is what the company's own numbers justify (£1.31). For Primary Health Properties the two are £0.3325 per share apart. That gap is exactly why we show both numbers side by side.
How much is Primary Health Properties worth?
The market values Primary Health Properties at about £2.5B (market capitalisation, as of Nov 8, 2026). Per share that is £0.9765; our models calculate a fair value of £1.31 per share.
What do the bullish and bearish scenarios say about PHP?
Our models span a range for Primary Health Properties: cautious scenario £0.6290, base £1.31, optimistic £2.69 per share (as of Nov 8, 2026, price £0.9765). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PHP?
Primary Health Properties trades at a price-to-earnings ratio of 16.3 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.31 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 16.4. Other multiples: P/B 1.0, P/S 6.9, EV/EBITDA 12.2.
How solid is the balance sheet of Primary Health Properties (PHP)?
Balance-sheet figures for Primary Health Properties (as of Nov 8, 2026): return on equity 8.1%, debt of 0.47 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is PHP from its 52-week high?
Primary Health Properties trades at £0.9765, about 4% below its 52-week high of £1.02 and 14% above the low of £0.8589 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £1.31 is for.
Which stocks are comparable to Primary Health Properties?
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 Properties stock attractive at the current price?
The data as of Nov 8, 2026: price £0.9765, calculated fair value £1.31 (+34%), Quality Score 36/100, from 14 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 Properties through 14 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £1.31 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Primary Health Properties currently trades 25% 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 Properties (PHP)?
The closing price on Nov 6, 2026 was £0.9765. Our model-based fair value is £1.31, about +34% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Primary Health Properties right now?
The large discount to fair value meets weak quality (36/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (£0.6290 to £2.69). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Primary Health Properties
How large is the market capitalisation of Primary Health Properties (PHP)?
The market capitalisation of Primary Health Properties is £2.5B. 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 Properties (PHP)?
The price-to-sales ratio of Primary Health Properties is 6.91 (last twelve months). 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 Properties (PHP)?
Earnings per share at Primary Health Properties are £0.0600 (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Primary Health Properties (PHP)?
The dividend yield of Primary Health Properties is 7.5% (payout 122%). 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 Properties (PHP)?
The net margin of Primary Health Properties is 43.3% (last twelve months). 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 Properties (PHP)?
The return on equity (ROE) of Primary Health Properties is 8.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Primary Health Properties (PHP)?
On an EBIT basis the return on assets of Primary Health Properties is 3.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Primary Health Properties (PHP)?
The operating margin of Primary Health Properties is 83.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Primary Health Properties (PHP)?
Revenue at Primary Health Properties is growing +119% versus a year earlier (3y avg +44.6%). 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 Properties (PHP)?
Earnings per share at Primary Health Properties are growing −13.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Primary Health Properties (PHP) carry?
The net debt of Primary Health Properties is £3.3B (fiscal year 2025, ≈ 18.4 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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Broad data
Nov 8, 2026