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GB : Assura - A healthy year; FY NTAps in line

Full year results are broadly in line with our forecasts. NTAps increased 6.1% y/y to 57p which was in line, helped by a 2.1% LfL capital value gain, retained earnings and the accretive £185m capital raise in April last year. Rental growth is positive, albeit slightly below our expectations, and rent collection is robust. LTV has reduced from 38% last year to 37%. We leave forecasts unchanged. Assura benefits from supportive structural trends. The shares at a 27% premium to March NTA are optically expensive, but are supported by the relative safety that a steady and secure income stream offers in today’s market. With a prospective DPS yield of 4%, retain HOLD.


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