Portfolio Overview

Tenants

Merlin Entertainments Plc

Merlin Entertainments, based in the UK, is Europe’s largest and the second largest operator of leisure attractions in the world. As at 5 March 2019, the listed FTSE 250 leisure group has a market capitalisation of £3.7 billion and is rated BB by S&P and Ba2 by Moody’s.

Merlin operates over 120 attractions in 25 countries through 3 business segments

  • Midway Attractions: small, indoor attractions located in city centres or resorts (over 100 attractions in 22 countries)
  • Legoland Parks: Lego themed accommodation, rides and shows (8 attractions in 7 countries)
  • Resort Theme Parks: includes accommodation, rides and shows (6 attractions in the UK, Germany and Italy)

Key Financials of Merlin (£m)

Financials (FYE-Dec) 2014A 2015A 2016A 2017A 2018A
Revenue 1,249 1,278 1,457 1,594 1,688
EBITDA 411 402 451 474 490
Profit for the Year 162 170 211 209 230
Credit Rating (S&P / Moody’s) BB / Ba2

 

Sources: Company filings. Market data as at 5 March 2019
Note: The information has been extracted from public sources, but has not been independently verified 
1 Reflects pre-IPO capital structure.

2 Merlin Entertainments plc

Revenue Geographic Breakdown 20182

Region Value (£m) Legend
UK 527
Continental Europe 413
North America 453
Asia Pacific 295
Total 1,688

Ramsay Health Care Ltd

Ramsay Health Care is Australia and France’s largest private hospitals operator, the 5th largest private hospital operator in the world and a constituent of the ASX 50 index. As at 5 March 2019 the company has a market capitalisation of £6.9 billion. Ramsay operated approximately 235 hospitals and day surgery facilities employing c.60,000 staff worldwide as at 30 June 2018.

Secure Income REIT owns 61%2 of the sites operated by the Ramsay UK business.

The company has a presence in 6 countries including:

  • Australia: with 73 medical facilities, Ramsay admits over 1 million patients and conducts over half a million procedures each year
  • Asia: operates 3 hospitals in Malaysia and 3 in Indonesia through a JV with Sime Derby Berhad
  • France: operates through Ramsay Générale de Santé, with 121 medical facilities (110 hospitals) caring for over 1.5 million patients each year

Key Financials of Ramsay (£m)

Financials (FYE-Jun)1 2014A 2015A 2016A 2017A 2018A
Revenue 2,732 4,093 4,839 4,845 5,106
EBITDA 416 616 706 731 777
Profit for the Year 173 233 284 307 229

 

Sources: Bloomberg, Company filings. Market data as at 5 March 2019
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from AUD using a GBP/AUD exchange rate of A$1 : £0.5373 as of 5 March 2019.
2 By number of UK assets: Ramsay operates 36 medical facilities in the UK (Annual Report 2016) of which 5 are treated as forming part of a single hospital in the company’s portfolio.

Revenue Geographic Breakdown 2018

Region Value (AUD,000) Legend
Asia Pacific 4,980,666
France 3,457,578
UK 737,991
Total 9,176,235

EBITDA Geographic Breakdown 2018

Region Value (AUD,000) Legend
Asia Pacific 912,825
France 399,078
UK 84,022
Total 1,395,925

Orpea SA


Groupe Sinoué is a healthcare provider which specialises in psychiatry and mental health, 45% owned by Orpea SA, the parent company of the Orpea Group.

Orpea is a leading European operator of nursing homes, post-acute care and psychiatric care, listed on Euronext Paris with a market capitalisation as at 5 March 2019 of £5.7 billion.

Key Financials of Orpea SA2 (£m)

Financials (FYE-Dec)1 2013A 2014A 2015A 2016A 2017A
Revenue 1,444 1,750 2,148 2,552 2,818
EBITDA3 268 314 360 426 492
Profit for the Year 105 122 138 160 178

 

Sources: Bloomberg, Company filings. Market data as at 5 March 2019
Note: The information has been extracted from public sources, but has not been independently verified
1 Financials converted to GBP from EUR using a GBP/EUR exchange rate of €1 : £0.8623 as of 5 March 2019.
2 Consolidated accounts.
3 Orpea consolidated accounts EBITDA is calculated as Revenues less Purchases Consumed and Other External Expenses less Personnel Expenses less Non-income Tax, less net Other Operating Expenses plus D&A.

Travelodge Hotels Ltd


Travelodge is the largest independent hotel brand in the UK and as at 30 June 2018 operated 564 hotels with over 42,000 rooms.
Key financials of Travelodge Hotels Limited (£m excluding exceptional items)

Financials (FYE-Dec) 2013A 2014A 2015A 2016A 2017A
Revenue 432.6 497.2 559.6 587.7 624.0
EBITDA 40.5 66.2 105.1 106.4 108.8
Profit for the Year 56.5 50.0 61.2 52.1 44.5
Credit Rating (S&P / Moody’s) B-/B3

Sources: Travelodge listing particulars dated 21 June 2016, Company filings