I’m hoping for a return to growth for the FTSE 250 in 2025 after a disappointing few years. But which stocks do I think might lead the mid-cap index? My eyes have fallen on these three.

Healthcare income

I think 2025 could be the year when some of the FTSE 250’s undervalued real estate investment trusts (REITs) could make a comeback. Primary Health Properties (LSE: PHP) is one, after its share price ended 2024 on a bit of a slide.

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The company owns healthcare facilities that it rents out largely to GPs, many in the NHS. With relatively reliable rental income, success doesn’t depend on property valuations.

Uncertain valuation

I think its assets look good anyway. At the 2024 interim, adjusted net tangible assets per share stood at 105p. The share price is just 89p at the time of writing.

That’s a non-standard accounting measure, and property valuations have been volatile, so there’s risk there.

But with strong earnings growth forecast for 2025, and a forward dividend yield of 8.2%, I think this trust could deserve a higher rating in 2025.

Cheap TV

The first half of 2024 made it seem like an ITV (LSE: ITV) recovery was on, though it cooled off. We’re looking at a decent 12-month gain of 17%, but I still think the shares could be too cheap.

The tough economy is putting the squeeze on advertising spend. But we just heard that December inflation was down, which hopefully bodes well.

The firm’s Q3 update spoke of revenue being impacted by the phasing of deliveries and the 2023 writers’ and actors’ strike in the US. And that gave the share price a hit on the day.

Forward, not back

ITV still said “We remain on track to deliver at least £750 million of digital revenues in 2026“. And it sees only a small fall in 2024 ITVX streaming revenue.

We have a forward dividend yield of 7%, with an expected FY 2024 price-to-earnings (P/E) ratio of just nine.

There’s an earnings fall forecast for 2025, which could keep the shares down. But if we see early signs of the growth predicted for 2026, I think ITV could beat the FTSE 250 this year.

Plastic, fantastic

At polymer specialist Victrex (LSE: VCT), seeing a five-year share price fall of 57% and a trailing P/E of 50 made me pause for breath.

Looking closer though, I see things I like, including a forecast 6.8% dividend yield.

After a few years of falling earnings, forecasts show a return to growth starting with a boost in 2025. They put the forward P/E at 17, dropping as low as 11 by 2027.

Protective moat

On these valuation measures, I think we could have solid growth characteristics. But I want to see a competitive advantage to back that up.

Victrex makes high-performance polymers for safety-critical uses, and a number of them are patented products. That looks like a safety moat.

The biggest risk for me personally is that I haven’t researched the company properly yet. But I think investors looking for 2025 winners should consider doing so.