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Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 26/10/2024

GBP1.80

▲ 1.50 (0.84%)

Market capitalisation

GBP165m

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

View More

Real Estate | Outlook

Phoenix Spree Deutschland — Accelerating the unlocking of value

Real Estate | Update

Phoenix Spree Deutschland — One city but two tales

Real Estate | Update

Phoenix Spree Deutschland — To buy or to rent?

Real Estate | Update

Phoenix Spree Deutschland — Stress-testing the challenges
adrien-aletti-nzWLmc0aAXk-unsplash-phoenix
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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 3.2 14.0 10.1
Relative 3.3 12.7 (2.9)
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 116.1
2023A 15.9 (95.2) (111.8) (106.8) N/A 28.5
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

Research

Update

Real Estate

Phoenix Spree Deutschland — One city but two tales
adrien-aletti-nzWLmc0aAXk-unsplash-phoenix

Update

Real Estate

Phoenix Spree Deutschland — To buy or to rent?

Real Estate

Outlook

Phoenix Spree Deutschland — Accelerating the unlocking of value
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