Phoenix Spree Deutschland (LSE: PSDL)

Currency in GBP

Last close As at 09/06/2023


4.25 (2.17%)

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.



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 0.0 (18.7) (43.0)
Relative 2.2 (15.3) (42.4)
52 week high/low 352.0p/185.5p


FY22 EPRA NTA per share of €5.1 was in line with PSD’s guidance. A pre-tax loss of €17.5m (FY21: 45.3m profit) reflected a c €80m y-o-y negative swing in property values, partly offset by gains on interest rate derivatives. Like-for-like rental income per sqm increased by 3.9%, with new leases in Berlin signed at more than 30% above passing rent. Lower condominium sales volumes reflected market conditions but the premium to book value remained above 20%. We expect PSD to continue to benefit from rent reversion built into the portfolio but while it is well-placed for a medium-term recovery in condominium sales (76% of units are designated as such), it is difficult to call a turn in the buyer/investment market. Gearing is comfortable (LTV of 39%) and interest costs are fixed at 2.1% until 2026. Nonetheless, asset sales are a key source of cash flow and in common with locally listed peers, the board has decided to suspend dividends and preserve cash for investment in the core business.

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 5.8 27.2
2022A 25.9 (36.5) (17.5) (16.8) N/A 124.7
2023E 27.7 (50.9) (59.1) (54.0) N/A 29.0
2024E 28.8 9.1 0.8 0.9 254.2 22.6



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