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1. Company Snapshot

1.a. Company Description

Assura plc, a constituent of the FTSE 250 and the EPRA* indices, is a UK REIT and long-term investor in and developer of primary care property.The company, headquartered in Warrington, works with GPs, health professionals and the NHS to create outstanding spaces for health services in our communities.At 30 September 2020, Assura's property portfolio was valued at £2,259 million.

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1.b. Last Insights on AGR

Assura Plc's recent performance was driven by the rejection of a $2 billion acquisition bid from KKR and pension fund Universities Superannuation Scheme. This news sent shares up nearly 18% to 46 pence, as investors see the company as undervalued. Insider buying also highlights potential value opportunities, with the company's shares still trading below their 2020 peak. The UK market's focus on small-cap stocks, particularly those with insider buying, suggests Assura's recent boost may continue. The company's recent high insider buying activity signals that the management team may believe in the company's growth prospects.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Why The Narrative Around Primary Health Properties Is Shifting After The Assura Acquisition

Nov -29

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Form 8.3 - NCC Group plc

Aug -14

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Form 8.3 - Dowlais Group plc

Aug -13

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Form 8.3 - NCC Group plc

Aug -12

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TMR Capital (PTC) Limited’s View on the Assura plc Acquisition Offers

Aug -11

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Form 8.3 - Tritax Big Box REIT Plc

Aug -11

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Form 8.3 - Dowlais Group PLC

Aug -08

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Bidding battle for Assura heats up as competition watchdog takes further action

Aug -08

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.07%)

6. Segments

Rental

Expected Growth: 3%

Assura Plc's 3% rental growth is driven by increasing demand for primary care services, strategic acquisitions, and a strong pipeline of developments. Additionally, the UK government's commitment to invest in the National Health Service (NHS) and the growing need for healthcare infrastructure also contribute to this growth.

Service

Expected Growth: 5%

Assura Plc's 5% growth is driven by increasing demand for primary care services, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digital transformation, cost savings initiatives, and strong relationships with NHS partners contribute to its growth momentum.

Other

Expected Growth: 2%

Assura Plc's 2% growth is driven by increasing demand for primary care services, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digital transformation and investment in technology are expected to improve operational efficiency and drive growth.

7. Detailed Products

Primary Care Centres

Assura Plc develops and invests in primary care centres, providing modern and accessible healthcare facilities for local communities.

Health and Wellbeing Centres

Assura Plc creates health and wellbeing centres that offer a range of services, including physiotherapy, occupational therapy, and mental health support.

Urgent Care Centres

Assura Plc develops urgent care centres that provide immediate attention for non-life-threatening injuries and illnesses.

Diagnostic and Treatment Centres

Assura Plc invests in diagnostic and treatment centres that offer advanced medical imaging and outpatient procedures.

Mental Health Facilities

Assura Plc develops mental health facilities that provide a range of services, including counselling, therapy, and rehabilitation.

Community Health Services

Assura Plc provides community health services, including district nursing, health visiting, and school nursing.

8. Assura Plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Assura Plc operates in a highly regulated industry, and the threat of substitutes is moderate due to the presence of alternative healthcare providers.

Bargaining Power Of Customers

Assura Plc's customers, primarily the National Health Service (NHS), have limited bargaining power due to the company's strong market position and limited alternatives.

Bargaining Power Of Suppliers

Assura Plc's suppliers, including pharmaceutical companies and medical equipment providers, have moderate bargaining power due to the company's dependence on these suppliers for its operations.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the healthcare industry, including regulatory hurdles and significant capital requirements.

Intensity Of Rivalry

The intensity of rivalry in the healthcare industry is high due to the presence of several established players, including private healthcare providers and NHS trusts, which creates a competitive environment.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 45.85%
Debt Cost 3.95%
Equity Weight 54.15%
Equity Cost 5.44%
WACC 4.76%
Leverage 84.66%

11. Quality Control: Assura Plc passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Target Healthcare REIT

A-Score: 7.1/10

Value: 5.3

Growth: 5.8

Quality: 7.7

Yield: 8.8

Momentum: 6.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Assura

A-Score: 6.8/10

Value: 4.8

Growth: 4.0

Quality: 6.7

Yield: 9.4

Momentum: 7.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
PHP

A-Score: 6.2/10

Value: 4.5

Growth: 4.3

Quality: 5.8

Yield: 9.4

Momentum: 3.5

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Care Property Invest

A-Score: 5.9/10

Value: 5.4

Growth: 5.4

Quality: 5.8

Yield: 9.4

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Mercialys

A-Score: 5.7/10

Value: 3.8

Growth: 3.1

Quality: 4.9

Yield: 10.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Impact Healthcare REIT

A-Score: 5.2/10

Value: 4.8

Growth: 3.8

Quality: 7.3

Yield: 8.1

Momentum: 4.0

Volatility: 3.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.47$

Current Price

0.47$

Potential

-0.00%

Expected Cash-Flows