Phoenix Spree Deutschland (LSE: PSDL)

Currency in GBP

Last close As at 22/09/2023


4.00 (2.41%)

Market capitalisation


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.

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Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Richard Collins


  • Stuart Young

    Partner, head of public markets

Balance Sheet

Forecast net cash (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.9) (14.8) (42.6)
Relative (7.9) (15.9) (45.3)
52 week high/low 295.0p/160.0p


A trading update ahead of the release of H123 results in September showed the core rental business remaining strong, although property values declined further, and transactions activity remains subdued. During H1, property valuations declined by a like-for-like 6.9% and in combination with rental growth, the gross fully occupied yield increased to 3.3% from 3.1% at end-FY22. Supply and demand imbalances within the Berlin private rental sector remain firmly supportive of rental values and PSD expects annualised like-for-like rental growth to accelerate from 5.5% at end-H123 to c 6.5% over the next 12 months. Although buyers of individual condominiums continue to sit on their hands and PSD’s notarisations are well below historical levels, the sales premium to book value (68% in H123) indicates underlying support for values. We will review our estimates once results are released but note that rental growth is stronger and asset values weaker than we have forecast.

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 5.0 23.5
2022A 25.9 (36.5) (17.5) (16.8) N/A 107.3
2023E 27.7 (50.9) (59.1) (54.0) N/A 24.9
2024E 28.8 9.1 0.8 0.9 220.0 19.6



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