Financials HealthCo Healthcare and Wellness REIT

Equities

HCW

AU0000169302

Specialized REITs

Delayed Australian S.E. Other stock markets 11:20:27 25/06/2024 am IST			5-day change	1st Jan Change
1.128 ^AUD	-1.10%		-0.66%	-23.30%

06/06	Healthco Healthcare And Wellness REIT Posts 2.3% Valuation Gain, Reaffirms Fiscal 2024 FFO Guidance	MT
23/04	Healthco Healthcare And Wellness REIT Plans AU$50 Million On-Market Buyback	MT

Valuation

Fiscal Period: June	2022	2023	2024	2025	2026
Capitalization ¹	447.4	740.1	641.5	-	-
Enterprise Value (EV) ¹	467	1,436	1,091	1,104	1,123
P/E ratio	-	-	-	-	-
Yield	5.45%	5.8%	7.04%	7.23%	7.75%
Capitalization / Revenue	15.4 x	15.5 x	9.73 x	9.91 x	9.49 x
EV / Revenue	16 x	30.1 x	16.5 x	17.1 x	16.6 x
EV / EBITDA	24.5 x	48.5 x	17.8 x	16 x	15.4 x
EV / FCF	19.8 x	63.3 x	50.5 x	36.9 x	20.6 x
FCF Yield	5.05%	1.58%	1.98%	2.71%	4.86%
Price to Book	0.68 x	0.78 x	0.67 x	0.66 x	0.65 x
Nbr of stocks (in thousands)	3,25,378	5,62,814	5,62,693	-	-
Reference price ²	1.375	1.315	1.140	1.140	1.140
Announcement Date	11/08/22	14/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2022	2023	2024	2025	2026
Net sales ¹	29.14	47.7	65.95	64.73	67.59
EBITDA ¹	19.1	29.6	61.16	68.93	73.01
EBIT ¹	17.47	29.6	62.34	69.55	72.78
Operating Margin	59.94%	62.05%	94.52%	107.44%	107.67%
Earnings before Tax (EBT)	49.61	-	-	-	-
Net income	-	20.2	-	-	-
Net margin	-	42.35%	-	-	-
EPS	-	-	-	-	-
Free Cash Flow ¹	23.59	22.7	21.6	29.9	54.6
FCF margin	80.95%	47.59%	32.75%	46.19%	80.78%
FCF Conversion (EBITDA)	123.49%	76.69%	35.32%	43.38%	74.79%
FCF Conversion (Net income)	-	112.38%	-	-	-
Dividend per Share ²	0.0750	0.0762	0.0802	0.0824	0.0883
Announcement Date	11/08/22	14/08/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1
Net sales ¹	10.84	18.29	-	-	39.6
EBITDA ¹	-	-	-	18.4	29.1
EBIT ¹	4.423	11.39	10.6	18.4	29.1
Operating Margin	40.79%	62.25%	-	-	73.48%
Earnings before Tax (EBT)	-	-	-	-	-
Net income	-	-	1.542	-	-
Net margin	-	-	-	-	-
EPS	-	-	0.004700	-	-
Dividend per Share ²	-	-	-	0.0388	0.0400
Announcement Date	17/02/22	11/08/22	16/02/23	14/08/23	12/02/24

¹AUD in Million²AUD

Estimates

Balance Sheet Analysis

Fiscal Period: June	2022	2023	2024	2025	2026
Net Debt ¹	19.6	696	449	463	481
Net Cash position ¹	-	-	-	-	-
Leverage (Debt/EBITDA)	1.026 x	23.52 x	7.346 x	6.71 x	6.593 x
Free Cash Flow ¹	23.6	22.7	21.6	29.9	54.6
ROE (net income / shareholders' equity)	2.42%	2.52%	5.39%	4.94%	5.16%
ROA (Net income/ Total Assets)	-	1.67%	2.44%	3.11%	3.86%
Assets	-	1,209	-	-	-
Book Value Per Share ²	2.010	1.690	1.700	1.730	1.760
Cash Flow per Share ²	0.0700	0.0600	0.0400	0.0700	0.0800
Capex ¹	-	-	-	1	2
Capex / Sales	-	-	-	1.54%	2.96%
Announcement Date	11/08/22	14/08/23	-	-	-

¹AUD in Million²AUD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for HealthCo Healthcare and Wellness REIT

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.14 AUD

Average target price

1.492 AUD

Spread / Average Target

+30.89%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Healthcare REITs

	1st Jan change	Capi.
HEALTHCO HEALTHCARE AND WELLNESS REIT	-23.30%	427M
WELLTOWER INC.	+14.20%	61.57B
VENTAS, INC.	+1.71%	20.48B
HEALTHPEAK PROPERTIES, INC.	-0.76%	13.83B
OMEGA HEALTHCARE INVESTORS, INC.	+9.59%	8.3B
HEALTHCARE REALTY TRUST INCORPORATED	-5.86%	6.19B
CARETRUST REIT, INC.	+11.89%	3.62B
SABRA HEALTH CARE REIT, INC.	+4.84%	3.46B
AEDIFICA SA	-8.64%	2.97B
NATIONAL HEALTH INVESTORS, INC.	+20.54%	2.92B

Healthcare REITs