Financials HealthCo Healthcare and Wellness REIT

Equities

HCW

AU0000169302

Specialized REITs

Market Closed - Australian S.E. Other stock markets 02:10:25 2024-07-12 am EDT			5-day change	1st Jan Change
1.16 ^AUD	+3.57%		+7.91%	-21.09%

Jun. 24	An undisclosed buyer acquired Childcare centre in Sydney from HealthCo Healthcare and Wellness REIT for AUD 13.2 million.	CI
Jun. 06	Healthco Healthcare And Wellness REIT Posts 2.3% Valuation Gain, Reaffirms Fiscal 2024 FFO Guidance	MT

Valuation

Fiscal Period: June	2022	2023	2024	2025	2026
Capitalization ¹	447.4	740.1	650.8	-	-
Enterprise Value (EV) ¹	467	1,436	1,100	1,113	1,132
P/E ratio	-	-	-	-	-
Yield	5.45%	5.8%	6.92%	7.11%	7.62%
Capitalization / Revenue	15.4 x	15.5 x	9.87 x	10.1 x	9.63 x
EV / Revenue	16 x	30.1 x	16.7 x	17.2 x	16.7 x
EV / EBITDA	24.5 x	48.5 x	18 x	16.2 x	15.5 x
EV / FCF	19.8 x	63.3 x	50.9 x	37.2 x	20.7 x
FCF Yield	5.05%	1.58%	1.96%	2.69%	4.82%
Price to Book	0.68 x	0.78 x	0.68 x	0.67 x	0.66 x
Nbr of stocks (in thousands)	325,378	562,814	561,003	-	-
Reference price ²	1.375	1.315	1.160	1.160	1.160
Announcement Date	8/11/22	8/14/23	-	-	-

¹AUD in Million²AUD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Giugno	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	8/11/22	8/14/23	-	-	-

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	2/17/22	8/11/22	2/16/23	8/14/23	2/12/24

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	8/11/22	8/14/23	-	-	-

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

1.16 AUD

Average target price

1.492 AUD

Spread / Average Target

+28.63%

Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Healthcare REITs

	1st Jan change	Capi.
HEALTHCO HEALTHCARE AND WELLNESS REIT	-21.09%	442M
WELLTOWER INC.	+15.61%	62.3B
HEALTHPEAK PROPERTIES, INC.	+3.74%	14.46B
OMEGA HEALTHCARE INVESTORS, INC.	+12.46%	8.52B
HEALTHCARE REALTY TRUST INCORPORATED	-1.51%	6.7B
CARETRUST REIT, INC.	+15.68%	3.74B
SABRA HEALTH CARE REIT, INC.	+9.74%	3.63B
NATIONAL HEALTH INVESTORS, INC.	+28.02%	3.1B
AEDIFICA SA	-6.83%	3.07B
MEDICAL PROPERTIES TRUST, INC.	-7.84%	2.71B

Healthcare REITs