Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 20/04/2024


1.50 (1.07%)

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.

Latest Insights

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Phoenix Spree Deutschland — Stress-testing the challenges



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 debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.7 (16.0) (27.6)
Relative (1.0) (20.1) (27.4)
52 week high/low 208.0p/124.5p


The shares have weakened on an exit from a key European real estate index but the company reports no material changes since its February trading update. This contrasted the strength of the Berlin private rental sector with the subdued investment market, which continues to weigh on property valuations. Full year results are due in April. FY23 new lettings were at a record €13.7 per sqm, 5.9% above the FY22 average, and a 31% premium to passing rents and in-place rents of €10.4 per sqm continue to offer significant reversionary potential. Sales of individual condominiums picked up in H223, underlining the strong premium to rental values, and PSD is seeking ways to significantly increase the number of individual condominium units (77% of the total) that can be made available for sale. Valuations were 11.9% lower on a like-for-like basis. We anticipate FY23 results will show EPRA net tangible assets per share of close to €4 (H123: €4.46) and a loan-to-value ratio of c 45% (H123: 42.2%).

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 4.2 19.6
2022A 25.9 (36.5) (17.5) (16.8) N/A 89.5
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A