Portfolio Overview

Tenants

Merlin Entertainments Limited

Merlin Entertainments, based in the UK, is Europe’s largest and the second largest operator of leisure attractions in the world. In 2019, Merlin was the subject of a takeover from a consortium of substantial, established long term investors that took the business private at a price representing an enterprise value of some £6 billion. It is rated B by S&P and B2 by Moody’s.

Merlin operates over 130 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) 2015A 2016A 2017A 2018A 2019A
Revenue 1,278 1,457 1,594 1,688 1,740
EBITDA 402 451 474 490 496
Profit for the Year 170 211 209 230 122
Credit Rating (S&P / Moody’s) B / B2

 

Sources: Company filings.
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 8 September 2020 the company had a market capitalisation of £8.3 billion. Ramsay operated approximately 500 hospitals and day surgery facilities employing almost 80,000 staff worldwide as at 30 June 2020.

Secure Income REIT owns 35%2 of the sites operated by the Ramsay UK business.

The company has a presence in 11 countries including:

  • Australia: with 72 medical facilities, Ramsay admits over 1.1 million patients each year and employs more than 30,000 staff
  • Asia: operates 3 hospitals and a nursing college in Malaysia, 3 hospitals in Indonesia and a day surgery in Hong Kong through a JV with Sime Derby Berhad
  • France, Italy, Denmark, Sweden, Germany, Norway: operates through Ramsay Santé, with 300 medical facilities caring for c. 7 million patients each year and employing 36,000 staff

Key Financials of Ramsay (£m)

Financials (FYE-Jun)1 2016A 2017A 2018A 2019A 2020A
Revenue 4,825 4,831 5,091 6,410 6,746
EBITDA 704 729 774 883 753
Profit for the Year 284 306 228 317 171

 

Sources: Bloomberg, Company filings. Market data as at 8 September 2020
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 : £0.5548 as of 8 September 2020.
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 2019

Region Value (AUD,000) Legend
Asia Pacific 5,182,497
France 4,280,974
UK 942,801
Nordics 1,146,513
Total 11,552,785

EBITDA Geographic Breakdown 2019

Region Value (AUD,000) Legend
Asia Pacific 969,895
France 476,472
UK 89,690
Nordics 56,061
Total 1,592,118

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 September 2020 of £5.8 billion.

Key Financials of Orpea SA2 (£m)

Financials (FYE-Dec)1 2015A 2016A 2017A 2018A 2019A
Revenue 2,163 2,569 2,838 3,093 3,382
EBITDA 362 429 495 546 589
Profit for the Year 139 161 179 199 222

 

Sources: Bloomberg, Company filings. Market data as at 8 September 2020
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 : £0.9043 as of 8 September 2020.
2 Consolidated accounts.

Travelodge Hotels Ltd


Travelodge is the largest independent hotel brand in the UK and as at 30 June 2020 operated 589 hotels with over 45,000 rooms.
Key financials of Travelodge Hotels Limited (£m excluding exceptional items – 2019 reflecting impact of IFRS 16)

Financials (FYE-Dec) 2015A 2016A 2017A 2018A 2019A
Revenue 559.6 587.7 624.0 680.2 713.2
EBITDA 105.1 106.4 108.8 119.0 334.3
Profit / (Loss) for the Year 61.2 52.1 44.5 59.0 (0.5)
Credit Rating (S&P / Moody’s) B / Caa1

Sources: Company filings