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10/01/25

09:15

Post #: 77343725
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Originally posted by Tarvold: ↑

How did you arrive at HCW assets being around half made up by Healthscope?

HCW owns 4 Healthscope properties directly (100%) totalling $288.4m (approx 18% total assets) + a share of 7 through it's strategic investment in UHF.
Distributions from UHF LY represented approx 18% of total income ($79m) before fees & interest. (Assuming that's all from Healthscope assets?).

So I'd say your 50% income at risk estimate is too high & should be closer to 35%.

35% of $79m is $27.7, 20% reduction in rent is around $5.5m.
$5.5m is approx 12% LY DFO/distributions.

CY distributions 8.2c, so if 12% was lost due to new contracts on Healthscope assets that would reduce distributions to approx 7.2c.
7.2c at 95c unit price is a yield of 7.6%, a little high for a REIT but not massively so.

So IMO current unit price is probably around the right level to allow for Healthscope contracts to be defaulted on & resigned at a 20% discount. Assuming that's even correct.

Reports is the press suggest rival hospital operators are ready to step in should Healthscope go into administration.

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HCW Price at posting: 94.5¢ Sentiment: None Disclosure: Not Held
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(20min delay)
Last 78.5¢		Change 0.015(1.95%)		Mkt cap ! $423.6M

Open	High	Low	Value	Volume
76.5¢	79.0¢	75.0¢	$390.4K	503.5K

Buyers (Bids)

No.	Vol.	Price($)
13	43454	78.0¢

Sellers (Offers)

Price($)	Vol.	No.
78.5¢	36427	10

View Market Depth

No.	Vol.	Price($)
3	10197	0.785
16	86970	0.780
11	29978	0.775
10	112494	0.770
9	275862	0.765

Price($)	Vol.	No.
0.790	17373	8
0.795	17232	6
0.800	36805	9
0.805	6506	1
0.810	17395	4

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