Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 27/03/2024

GBP1.52

0.00 (0.00%)

Market capitalisation

GBP140m

Phoenix Spree Deutschland (PSD) is a long-term investor in mid-market residential property in Berlin, targeting reliable income and capital growth. Its core strategy is to acquire unmodernised apartment blocks that may be improved to the benefit of tenants, generating attractive returns for shareholders.

Demographic trends within the Berlin market remain positive, providing continuing support for the rental market. Rising interest rates, inflation and economic uncertainty is depressing private buyer and institutional investment demand, continues to weigh on capital values.

Latest Insights

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Real Estate | Update

Phoenix Spree Deutschland — One city but two tales

Real Estate | Update

Phoenix Spree Deutschland — To buy or to rent?

Real Estate | Update

Phoenix Spree Deutschland — Stress-testing the challenges

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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Richard Collins

    COO

  • Stuart Young

    Partner, head of public markets

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (19.1) (14.7) (39.3)
Relative (19.5) (14.8) (42.0)
52 week high/low 229.0p/124.5p

Financials

An end-FY23 trading update contrasts the strength of the Berlin private rental sector, reflected in PSD’s increased rents and low vacancy, with the subdued investment market, which continues to weigh on property valuations. Full year results, to 31 December 2023, are due in late April. FY23 new lettings were at a record €13.7 per sqm, 5.9% above the FY22 average, and a 31% premium to passing rents. In-place rents (+4.1% like-for-like) of €10.4 per sqm continue to offer significant reversionary potential. Encouragingly, sales of individual condominiums picked up in H223, underlining the strong premium to rental values. FY24 has started and PSD is seeking ways to significantly increase the number of individual condominium units (77% of the total) that can be made available for sale. The portfolio valuation was 11.9% lower on a like-for-like basis during the year (-5.9% in H2) and we anticipate the FY23 results will show EPRA net tangible assets per share of close to €4 (H123: €4.46) and a loan-to-value ratio of c 45% (H123: 42.2%).

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2021A 25.8 45.4 45.3 39.3 4.5 20.9
2022A 25.9 (36.5) (17.5) (16.8) N/A 95.4
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A

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