Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 16/07/2024


0.50 (0.32%)

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 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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Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Richard Collins


  • Stuart Young

    Partner, head of public markets

Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.9 11.3 (14.6)
Relative 0.9 5.8 (22.7)
52 week high/low 202.0p/124.5p


Phoenix Spree’s (PSD’s) FY23 results contrast the strength of the Berlin private rental sector, reflected in increased rents and low occupancy, with the subdued investment market, which continued to weigh on property valuations. FY23 new lettings were at a record €13.7/sqm, 5.9% above the FY22 average, and a 31% premium to passing rents and in-place rents of €10.4/sqm continue to offer significant reversionary potential. Sales of individual condominiums picked up in H223, underlining the strong premium to rental values. FY24 has started well, with €3.4m of notarisations at the time of reporting, with two rental properties also notarised for €4.8m. PSD is seeking to modify its financing arrangements to significantly increase the number of individual condominium units (78% of the total portfolio) that can be made available for sale, to unlock value and pay down debt. It aims for sales of >€50m by 2025. FY23 valuations were 11.9% lower on a l-f-l basis and EPRA net tangible assets/share fell to €3.96 (H123: €4.46). LTV was 46.3%.

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 101.9
2023A 15.9 (95.2) (111.8) (106.8) N/A 25.1
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



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