Generation Healthcare REIT (GHC)



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General Information
Company Name: Generation Healthcare REIT
Stock Code: GHC
Website: www.generationreit.com.au
GICS Sub-Industry: Health Care REITs
Market Cap ($M): 271
Equiv. Shares (M): 175

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 1.550 $ 1.560 $ 1.570 $ 1.540 $ 1.550 37,467 0%

Company Overview

Business Description:
Generation Healthcare REIT (GHC) is Australia’s ASX listed real estate investment trust that invests in healthcare property. The portfolio of ten properties includes hospitals, medical centres, laboratories and other purpose-built healthcare facilities. As at June 2013, the fund has total assets under management of $236 million, with investments located in Victoria and Queensland. The responsible entity of the fund is APN Funds Management Limited.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A 11.9 10.5 35.7 11.2 8.0 6.8 --
2013  A 6.0 7.8 195.1 12.3 7.2 7.6 --
2012  A 2.0 2.6 -80.5 28.7 6.5 8.6 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Generation Healthcare (GHC) $268 M 0.3569 -- -- 14.5299 -- -- 5.23 -- --

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth
GHC 2.88 14.7 1.44 --
Market 1.01 13.8 0.96 1.01
Sector 1.53 14.1 1.14 3.30

Directors
Name Position Start Date
Mr Howard Ewan Brenchley Executive Director 12 August 2011
Mr Michael Francis Johnstone Non-Executive Director 12 August 2011
Ms Jennifer Horrigan Non-Executive Director 30 April 2012
Mr Geoffrey Norman Brunsdon Non-Executive Director,Non-Executive Chairman 12 August 2011

Management
Name Position
Miles Wentworth Chief Executive Officer
John Freemantle Company Secretary
Chris Adams Head of Fund Acquisitions and Development

Substantial Shareholders
Holding Name
12,254,236 (16.83%) APN Property Group Limited
5,983,562 (7.20%) Westpac Banking Corporation Group and its associated companies

Calendar of Events
Date Event
25 September 2015 Report (Annual)
20 August 2015 Report (Prelim)
27 February 2015 Div Pay Date
19 February 2015 Report (Interim)
31 December 2014 Books Close
29 December 2014 Div Ex Date
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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