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Form 8.3 - The Vanguard Group, Inc.: MedicX Fund Limited
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: MedicX Fund Limited 11-Feb-2019 / 14:34 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and s...
Form 8.3 - The Vanguard Group, Inc.: MedicX Fund Limited
The Vanguard Group, Inc. ( ) Form 8.3 - The Vanguard Group, Inc.: MedicX Fund Limited 25-Jan-2019 / 15:06 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3  PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code")  1. KEY INFORMATION  (a) Full name of discloser: The Vanguard Group, Inc. (b) Owner or controller of interests and s...
- Martyn King
MedicX Fund - Quality portfolio, performing well
MedicX will report its results for the year ended 30 September 2018 in December. H218 included a significant portfolio acquisition and an important restructuring of some long-term debt facilities, increasing the company’s borrowing flexibility and extending its facilities at a lower marginal cost. NAV total return during Q3 was a strong 3.4%, following 8.0% in H118, while the pipeline of identified investment opportunities in the UK and the Republic of Ireland remained strong. The shares offer...
- Martyn King
MedicX Fund - Positioning for continuing growth
H118 results from MedicX Fund saw continued portfolio and rental growth, with costs well controlled. The positive results were accompanied by a new dividend policy, which will rebalance total returns partly away from dividends paid and more towards capital growth. From FY19 it targets a lower, fully covered DPS, conserving cash flow and providing greater flexibility to sustainably fund further accretive asset growth. The FY19 prospective dividend yield of c 5% remains attractive and the shares a...
- Martyn King
MedicX Fund - Strong investment pipeline to continue progress
FY17 saw steady underlying growth in the investment portfolio and recurring earnings. Overall returns were further enhanced by positive revaluation movements reflecting continued tightening in market yields. Investment in development schemes had a limited impact on earnings in FY17 but completions and continuing acquisitions from a strong pipeline offer good growth prospects. The dividend has been increased and MedicX Fund (MXF) expects to pay 6.04p in respect of FY18, a yield of 7.1%, supported...
Two Directors bought 69,870 shares at between 84p and 85p.
Two Directors at Medicx Fund Ltd bought 69,870 shares at between 84p and 85p. The significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last t...
- Julian Roberts
Attractive income
MedicX Fund Limited’s portfolio of primary healthcare assets is effectively fully let with 89% of rents paid directly or indirectly by the UK and Irish governments. These have a weighted average unexpired lease term of more than 14 years, providing a secure and predictable income stream that supports a 6.7% dividend yield, which we expect to be 59% covered by EPRA earnings (excluding non-cash profits) in FY17e, rising to 64% in FY18e. A recent NAV update showed that yields in the sector continue...
- Julian Roberts
Signs of rental growth
MedicX Fund’s (MXF, MedicX) H117 results show a higher level of investment than we had assumed, with Irish acquisitions funded from equity issuance at a substantial premium to NAV. This, together with continued yield compression, has increased EPRA NAV to 74.4p per share, above our forecasts, while slightly diluting EPRA EPS, and therefore reducing dividend cover. The dividend has been increased and MXF expects to pay 6p in respect of 2017, equating to a yield of 6.7% on the current share price,...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Julian Roberts
A year of solid progress
MedicX Fund’s (MXF) FY16 results show progress on several key measures including adjusted EPS, EPRA NAV, DPS and dividend cover: EPRA NAV total return for the year was 11.8%. The portfolio was expanded while the cost of debt remained unchanged and its maturity is still closely matched to unexpired lease lengths. A change of the advisory agreement will reduce future incremental fees and the board is examining the benefits of converting the fund to a REIT. We have slightly adjusted our FY17 estima...
More Irish expansion
Continuing yield compression generated additional valuation gains in Q3, while selective acquisitions continue at MedicX. The EU referendum result has no impact on the fundamental drivers of primary care and we doubt that the political will to deliver healthcare reforms will be dented. As a long-term investor in a broad portfolio of modern primary care properties, MedicX Fund has very secure, long-term cash flows to support the c 6.7% progressive dividend yield, while portfolio growth is increas...
Update: Continuing to find opportunities
In H116 MedicX Fund continued to selectively add assets, despite a highly competitive UK investment market, and it maintains a strong investment pipeline in both the UK and Republic of Ireland. Profit progression during the period was limited by the time between drawing on funding and income generation from investment; as this unwinds, earnings growth should pick up, supported by the new management fee structure. As a long-term investor in modern primary care properties in the UK and the Republi...
Update: Rent roll and NAV progress
Further property acquisitions and continued yield compression has seen the Fund’s rent roll and NAV per share continue to increase in Q116. The recent FY15 results showed strong underlying profit growth with operational gearing on target. A revised management fee will limit cost increases going forward. MXF is a long-term investor in a portfolio of modern primary care properties in the UK and the Republic of Ireland on long, quasi government-backed leases. Similar duration fixed-rate debt at m...
Update: Strong valuation gains continue in Q2
Strong valuation gains, primarily the result of further yield contraction, have continued in Q2. Adjusted NAV has increased despite continuing dividend distributions. Asset growth appears consistent with our estimates and our underlying forecasts (excluding valuation gains) are unchanged. NHS planning suggests good growth prospects for the primary care property sector, and MedicX Fund offers a low-risk approach; it is neither developer nor operator but a long-term investor. A broad portfolio of ...
Update: No surprises with interim results
NHS planning suggests good growth prospects for the primary care property sector, and the election result suggests policy continuity. MedicX Fund offers a low-risk approach; it is neither developer nor operator but a long-term investor. A broad portfolio of modern primary care properties, long, quasi government-backed, leases, and similar duration fixed-rate debt with modest (c 50%) gearing, provide secure cash flows to support the c 7.2% prospective yield. Interim results show earnings growth o...
MedicX Fund (MXF.L) Arbitrage opportunity
MedicX Fund’s up-only rental stream on 15.8 year average leases, 13.3 year term average debt underpins investment strongly, proven by asset revaluations. Further falls in long term debt yields benefit MedicX shares two-fold. Assets, priced at 5.6% cap rates represent excellent, rising, value. A dividend yield of 7.0% attracts. MedicX borrows at 4.5%, creating a large cashflow uplift on acquisitions. It has a strong (£90m) acquisition pipeline.
Update: Q1 NAV update shows strong valuation gains
The 7.0% prospective yield on MedicX shares is supported by secure cash flows on a broad portfolio of modern primary care properties, on long leases, with quasi-government backing. Existing debt is fixed at c 4.5%, with similarly long duration, and the Fund is negotiating new debt on recently improved terms. Growth prospects for the primary care sector are strong and the spread over funding costs remains attractive despite some yield compression, making acquisitions more expensive, but also driv...
Update: Growing secure cash flow
The 7.2% prospective yield on MedicX shares is supported by secure cash flows on a broad portfolio of modern primary care properties, on long leases, with quasi government backing. Debt is currently fixed at c 4.5% with similarly long duration. FY14 saw new equity of £48m invested, and more; we forecast further asset growth in FY15 and beyond, with some modest re-gearing from a low c 50%. Growth prospects for the primary care sector are strong and, despite some yield compression, the spread ove...
MedicX Fund (MXF.L) Q3 IMS: In-line, but higher than expected asset p...
Last week’s IMS stated good Q3 portfolio growth (17% annually). We raise our acquisition estimates for FY14 to approaching £80m committed investments. There is a £100m development pipeline: acquisitions come from sponsoring development (MedicX has two development partners in particular) and acquisitions of modern standing stock. NAV end June stood at £229.1m, 64.8p (vs 64.7p March 2014). Rental growth 1.8%.
Update: Q3 progress towards full year forecast
MedicX Fund has reported steady portfolio and rental growth in Q3 with no surprises. The fund offers a good yield (c 7%) generated from a broad portfolio of long-dated leases in primary care infrastructure with quasi-government underlying risk. Earnings growth and cover on the progressive dividend are benefitting through the balance of this year and next from the deployment of equity raised in October 2013 and reduced debt costs. Octopus Capital's agreed acquisition (subject to regulatory approv...
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