Senior Housing Sector Is Reviving, Analyst Forecasts Growth For National Health Investors
Senior Housing Sector Is Reviving, Analyst Forecasts Growth For National Health Investors
BMO Capital Markets analyst Juan C. Sanabria upgraded National Health Investors, Inc. (NYSE:NHI) from Market Perform to Outperform, maintaining the price forecast of $67.
BMO資本市場分析師胡安·薩納布里亞將國民健康投資者公司（紐約證券交易所代碼：NHI）從市場表現上調至跑贏大盤，維持67美元的價格預測。
Sanabria sees the potential for multiple expansions for the company, with upside to earnings driven primarily by SHOP and acquisitions.
薩納布里亞認爲公司有可能進行多次擴張，收益的上行主要是由商店和收購推動的。
Acquisitions also represent an opportunity with $150 million of debt firepower, given National Health Investors' low leverage (4.4X net debt/EBITDA).
鑑於國家健康投資者的低槓桿率（淨債務/息稅折舊攤銷前利潤爲4.4倍），收購也是一個擁有1.5億美元債務火力的機會。
The analyst keeps a more constructive stance on the company's SHOP portfolio given the recent strong 4Q23 occupancy and a solid start to '24 despite typical seasonal trends.
鑑於最近的23年第四季度入住率強勁，儘管有典型的季節性趨勢，但24年的開局良好，分析師對公司的SHOP投資組合保持了更具建設性的立場。
Sanabria forecasts FY24 SHOP same-store net operating income growth of +30% y/y (guidance 25-30%), above peer's guidance.
薩納布里亞預測，24財年SHOP同店淨營業收入同比增長30％（預期爲25-30％），高於同行的預期。
The midpoint of the company's SSNOI guidance conservatively implies only +1.8% growth off fourth quarter 2023 annualized levels, the analyst adds.
分析師補充說，保守地說，該公司SSNOI指導的中點意味着僅比2023年第四季度的年化水平增長了1.8％。
After a quiet 2023, Sanabria sees acquisitions picking up amidst financial distress, which aren't assumed in guidance.
在經歷了平靜的2023年之後，薩納布里亞在財務困境中看到收購回升，而指導中並未假設這一點。
Overall, the company has a conservative balance sheet, an expanding acquisition opportunity set and a solid management team with an operational background.
總體而言，該公司的資產負債表保守，收購機會不斷擴大，管理團隊具有運營背景。
The analyst writes that senior housing tenant issues have been addressed, major SNF tenants remain well-positioned, while SHOP has finally turned the corner and risks are fading.
這位分析師寫道，高級住房租戶問題已經得到解決，SNF的主要租戶仍然處於有利地位，而SHOP終於轉危爲安，風險正在減弱。
Price Action: NHI shares are trading higher by 0.74% to $59.44 on the last check Tuesday.
價格走勢：在週二的最後一次支票中，NHI股價上漲0.74％，至59.44美元。
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照片來自 Shutterstock