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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Taliesin Pty | LSE:TPF | London | Ordinary Share | JE00B3B3WB31 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 4,450.00 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 4,450.00 | GBX |
Taliesin Pty (TPF) Share Charts1 Year Taliesin Pty Chart |
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1 Month Taliesin Pty Chart |
Intraday Taliesin Pty Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 13/3/2018 | 10:13 | Taliesin Property Fund Ltd. | 81 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
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Posted at 20/12/2017 12:07 by jeff h I was looking forward to the 31/12/17 NAV to be announced in January...a fair bithigher than the Euro 44.14 30/6/17 NAV I suspect. Agree with posters here the take out price should be higher though I only paid £11.60 a share when buying in so a good gain to bank and still hold PSDL. |
Posted at 20/12/2017 10:39 by riverman77 Very underwhelming, given that they were selling properties at a 70% uplift to book value I seem to recall. Surely could have got a much better price. Hopefully Phoenix Spree won't follow suit as I really want to keep exposure to this asset class and not aware of any alternatives. |
Posted at 20/12/2017 09:39 by grabster Sold all mine. I can't complain at having made an excellent gain. No point waiting for completion of the deal, during which time the price will flatline. |
Posted at 04/7/2017 07:51 by belgraviaboy TPF up to 3070 Euros psf |
Posted at 30/6/2017 17:33 by riverman77 Good point about 2700 v 1950 psf valuation discrepancy, but I note they are both valued by the same agent, so possibly the tpf properties are of a slightly higher quality and justify higher psf valuation. |
Posted at 30/6/2017 16:51 by belgraviaboy One thing to look at is the how the NAV has been calculated. On a quick scan it looks like TPF is valued at 2,700 euros psf, where as PSDL is 1,950. Obviously not comparing exactly the same things etc. but it may explain why PSDL 'appears' more expensive relative to NAV. |
Posted at 29/6/2017 22:52 by riverman77 I have switched to tpf - I still like psdl but the gap between them doesn't seem justified. Also, reading more closely through the annual reports, tpf appears to have more of a clear intent to eventually privatise all the properties (which seems to be where the big nav uplifts arise) with permissions in place for 85%, whereas psdl suggests this will be done more selectively. So potentially tpf could be holding a more attractive portfolio of properties, although hard to be sure. |
Posted at 29/6/2017 16:32 by edwardt i would suspect that is a good move but I am biased being long tpf! |
Posted at 23/6/2017 23:26 by tidcombe Liberum wrote PSDL was on a 2% premium and TPF on 16% premium in April. Since that time PSDL has risen nearly 25% and TPF is more or less the same. I can't see any reason for the NAV of PSDL to have risen much more than TFP in the last 2 months, IMO that implies that TPF is now better value on a NAV comparison, and I have topped up my holding in TPF rather than more PSDL shares. I am still confident that property in the large German cities is a good long term investment. |
Posted at 27/4/2017 10:07 by davebowler Liberum;re. Phoenix Spree Deutschland (Mkt Cap £218m) 22% NAV return in 2016 Event Phoenix Spree has generated a 22.3% NAV total return in 2016 with the EPRA NAV at 31 December 2016 of €2.73 per share. NAV performance has been driven by a strong letting performance and yield shift across the portfolio. As previously announced, the portfolio valuation at 31 December 2016 was €423.8m which reflects a like-for-like increase of 19% over the year. This compares to a figure of 8.1% (our calculation) in 2015. Berlin was the strongest performing region in the portfolio with an uplift of 24% followed by Nuremberg and Furth (+12%) and Central and North Germany (+10%). The fully occupied gross yield on the portfolio has tightened by c.90bps in 2016 to 4.8% (2015: 5.7%) although this is not strictly like-for-like, as part of the yield movement is due to acquisitions. The portfolio value per sqm is now €1,965 (€2,320 in Berlin) which remains well below replacement cost. Rent per sqm rose by 5.3% across the portfolio on a like-for-like basis (Berlin +6.1%, Nuremberg and Furth +7.5% and Central and North Germany +4.4%). New lettings were signed at an average premium of 30.6% to passing rents and 36.8% in Berlin. Portfolio vacancy is at an all-time low of 2.6% after adjusting for units undergoing refurbishment. The company has increased the focus on the high-growth Berlin market through acquisitions and a recent €35m disposal of the Nuremberg and Furth assets at an 11% premium to NAV. Berlin now accounts for 82% of the portfolio. €78m of new assets were agreed at an average value of €1,888 per sqm. The assets acquired during 2016 have been revalued upwards by 15% at December, more than offsetting the transaction costs. The average price achieved on condominium sales was €3,874 per sqm (67% ahead of current Berlin portfolio value). Net LTV at 31 December 2016 was 39.4% (2015: 42.8%) and this should increase slightly as new acquisitions are likely to be funded with debt. The company has also announced a final dividend of €0.043 per share (3.7p). Total declared dividends for the year are €0.063 (5.3p) which is 9% ahead of last year. Liberum view This is another excellent set of results from Phoenix Spree with the company's NAV coming in 9% ahead of our forecasts at the time of the interim results in September. The company's strategy of avoiding portfolio transactions and acquiring assets on a piecemeal basis is paying off given the attractive purchase price that has been achieved. The success of condominium sales at Boxhagenerstrasse is evidence of this with initial sales achieving €4,110 per sqm (59% ahead of July 2015 acquisition price). The average price of the portfolio remains well below estimates of replacement cost. The company's Berlin assets are valued at €2,320 per sqm which is c.27% below replacement cost of €3,200 per sqm (including land). Replacement cost is being driven up by rising construction costs and scarcity of land. The market for single apartments (condominiums) remains very strong which is helping to drive demand for multi-family apartment blocks. Phoenix Spree trades on a 2% premium to NAV compared to 16% for Taliesin and 8% for the listed German property companies. We believe that the opportunity remains compelling with the outlook for future returns supported by a highly reversionary portfolio and favourable demographic drivers. |
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