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 8 March 2018, the listed FTSE 250 leisure group has a market capitalisation of £3.8 billion and is rated BB by S&P and Ba2 by Moody’s.

Merlin operates around 124 attractions in 25 countries through 3 business segments

  • Midway Attractions: small, indoor attractions located in city centres or resorts (110 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) 2011A1 2012A1 2013A 2014A 2015A 2016A 2017A
Revenue 946 1,074 1,192 1,249 1,278 1,457 1,594
EBITDA 296 346 390 411 402 451 474
Profit for the Year 67 76 145 162 170 211 209
Credit Rating (S&P / Moody’s) BB / Ba2

 

Sources: Company filings. Market data as at 8 March 2018
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 20172

Region Value (£m) Legend
UK 486
Continental Europe 389
North America 438
Asia Pacific 281
Total 1,594

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 8 March 2018 the company has a market capitalisation of £7.2 billion.Ramsay operates approximately 235 hospitals and day surgery facilities employing c.60,000 staff worldwide as at 30 June 2017.

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 over1 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 2012A 2013A 2014A 2015A 2016A 2017A
Revenue 2,224 2,347 2,760 4,135 4,890 4,895
EBITDA 328 353 420 622 713 739
Profit for the Year 138 151 174 236 287 310

 

Sources: Bloomberg, Company filings. Market data as at 8 March 2018
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 : £0.5622 as of 8 March 2018.
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 2017

Region Value (AUD,000) Legend
Asia Pacific 4,721,286
France 3,228,796
UK 755,286
Total 8,705,368

EBITDA Geographic Breakdown 2017

Region Value (AUD,000) Legend
Asia Pacific 812,548
France 388,151
UK 113,220
Total 1,313,919

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 8 March 2018 of £5.8 billion.

Key Financials of Orpea SA2 (£m)

Financials (FYE-Dec)1 2011A 2012A 2013A 2014A 2015A 2016A
Revenue 1,099 1,273 1,432 1,736 2,131 2,531
EBITDA3 194 228 265 312 357 423
Profit for the Year 72 86 104 121 137 229

 

Sources: Bloomberg, Company filings. Market data as at 8 March 2018
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 : £0.8909 as of 8 March 2018.
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 31 December 2017 operated 558 hotels with over 42,000 rooms.
Key financials of Travelodge Hotels Limited (£m excluding exceptional items)

Financials (FYE-Dec) 2011A 2012A 2013A 2014A 2015A 2016A
Revenue 369.5 391.4 432.6 497.2 559.6 587.7
EBITDA 55.4 29.7 40.5 66.2 105.1 106.4
Profit for the Year 67.0 22.2 56.5 50.0 61.2 52.1
Credit Rating (S&P / Moody’s) B-/B3

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