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Phoenix Spree Deutschland


Market Cap£302m

Last Close 329p

Phoenix Spree Deutschland 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.

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Investment summary

In an increasingly challenging environment, Phoenix Spree Deutschland (PSDL) has reported ongoing growth in rents and portfolio values for H122. Demographic trends within the Berlin residential market remain positive and the company continues to unlock reversionary rent potential. Rising interest rates and increased uncertainties have nonetheless slowed condominium notarisations. We will review our forecasts with the interim results that PSDL expects to release during the last week of September.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2020A 23.9 48.3 37.9 30.1 12.8 56.7
2021A 25.8 45.4 45.3 39.3 9.8 45.9
2022E 26.2 49.7 42.0 36.6 10.6 52.6
2023E 27.9 51.4 43.7 38.2 10.1 49.1
Industry outlook

Strong demand for housing in Berlin has been driven by net migration and a relative lack of supply, generating growth in free market rents and capital values.

Last updated on 08/08/2022
Content on Phoenix Spree Deutschland
Phoenix Spree Deutschland – Progress in a more challenging environment
Real Estate | research Flash note | 8 August 2022
Phoenix Spree Deutschland – Positive return to core strategy
Real Estate | research Outlook | 12 May 2022
Phoenix Spree Deutschland – Delivering on reversion strategy
Real Estate | research Update | 11 February 2022
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Share price graph
Balance sheet
Forecast net cash (€m) 253.9
Forecast gearing ratio (%) N/A
Price performance
Actual 8.2 (7.3) (19.8)
Relative* 3.7 (8.4) (20.6)
52-week high/low 409.0p/295.0p
*% relative to local index
Key management
Richard Collins COO
Stuart Young Partner, head of public markets