Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 12/10/2024

GBP1.76

0.50 (0.28%)

Market capitalisation

GBP162m

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 in the Berlin market remain positive, providing continuing support for the rental market. Rising interest rates, inflation and economic uncertainty are depressing private buyer and institutional investment demand, and continue to weigh on capital values.

Latest Insights

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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 8.0 11.8 4.1
Relative 7.6 11.4 (4.6)
52 week high/low 182.5p/124.5p

Financials

The H124 trading update, ahead of results on 26 September, continued to contrast the strength of the Berlin private rental sector with the subdued investment market, which continued to weigh on property valuations. H124 new lettings were at an average 31% premium to previous passing rents, while EPRA vacancy reached an all-time low of 1.4%. Property valuations continued to weaken, but at a slower rate. Adjusted for disposals, on a like-for-like basis, values fell 3.3% in H124 compared with 5.0% and are now almost 20% below the mid-2022 peak. Positively, the H223 pick-up in condominium sales has continued, with aggregate H124 notarisations of €5.3m (H123: €2.0m). Negotiations with the principal lender about changes to financing arrangements, to allow a significant increase in the sale of condominium units (78% of total portfolio), are progressing positively and Phoenix Spree expects to provide an update on or before its results.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 15.7 (36.5) (17.5) (16.8) N/A 113.8
2023A 15.9 (95.2) (111.8) (106.8) N/A 28.0
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Thematics

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