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Phoenix Spree Deutschland


£326.1m market cap

340p last close

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 based on improved rents and capital values.

Investment summary

H220 condominium sales increased strongly at a healthy c 20% average premium to book value and disposal proceeds have supported continuing share repurchases at a c 30% discount to net asset value (NAV), enhancing value creation. As discussed in detail in our December initiation note, pending a resolution of the rent cap legal challenge, so far Phoenix Spree Deutschland (PSD) has sought to mitigate the effects while maintaining strategic flexibility; a resolution, which PSD expects mid-year, will determine the strategy for extracting the value embedded in its portfolio.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 22.7 65.9 56.4 45.57 8.3 44.2
2019A 22.6 44.6 28.6 21.83 17.4 276.6
2020E 24.1 33.4 23.7 19.18 19.8 79.6
2021E N/A N/A N/A N/A N/A N/A
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Share price graph
Balance sheet
Forecast net debt (€m) 249.3
Forecast gearing ratio (%) N/A
Price performance
Actual 7.9 4.0 7.6
Relative* 3.4 (9.6) 18.5
52-week high/low 340.0p/212.0p
*% relative to local index
Key management
Richard Collins COO