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Southern Cross Healthcare continued to provide evidence that its sale and leaseback model is working after it announced the sale of freehold interests in four care homes for £22m. These homes were acquired in September 2007 for the same amount. The company retains the residual leasehold operating business.
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The transaction will have a negligible effect on Southern Cross’s EPS, but is positive for sentiment. At 540p, its shares are trading on 20 times forecast earnings, which is not high considering the company’s double digit earnings growth outlook. Good value.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
