Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Spree D LSE:PSDL London Ordinary Share JE00B248KJ21 SHS NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.25p -0.53% 236.75p 236.75p 238.00p 238.00p 236.00p 236.25p 19,154.00 16:35:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 8.9 9.5 10.3 19.6 165.42

Phoenix Spree D Share Discussion Threads

Showing 101 to 123 of 125 messages
Chat Pages: 5  4  3  2  1
DateSubjectAuthorDiscuss
23/3/2017
10:16
Liberum; Phoenix Spree Deutschland (Buy, Mkt Cap £220m) German residential property companies highlight sustainability of returns Event Recent results from large Germany property companies focused on the Berlin residential property market have demonstrated strong returns in 2016 and highlighted a positive outlook. Deutsche Wohnen has a €16bn portfolio of which 76% of its assets in Berlin (111,000 units) and ADO Properties has a €2.3bn portfolio located entirely in Berlin. Takeaways from the respective results included: Like-for like rental growth of 6% for ADO Properties was ahead of the company's expectations of 5% for the year. Deutsche Wohnen's portfolio experienced like-for-like growth of 3.5% compared to 2.9% for the overall portfolio. Significant upside potential remains with market rents 22% above in-place rents. Both companies are confident on the outlook for 2017 and have guided towards rental growth of 5% (ADO) and 3.5% (Deutsche Wohnen). Research from Jones Lang LaSalle has indicated that asking rents in Berlin exceeded €10 per sqm per month for the first time in H2 2016. Despite the estimated 12% increase in 2016, average rents remain below the level of other large German cities and monthly housing costs in Berlin are also lower than most European cities. Yield shift has driven a 28% increase in the average value per sqm of Deutsche Wohnen's Berlin assets over the year to €1,738 per sqm. The yield on in-place rents tightened for both ADO Properties and Deutsche Wohnen by c.100bps in 2016 (e.g. Deutsche Wohnen's portfolio yield on in-place rents tightened from 5.2% to 4.2%). Construction costs continue to rise in the sector. Deutsche Wohnen estimate the average replacement cost is €3,200 per sqm including land which is significantly above the current value of Phoenix Spree's portfolio. As a result, most new development is focused mainly on the luxury segment or condominiums. New development of rental product is also constrained by a regulatory hurdle which requires greenfield projects to provide for 30% of the residential area at a subsidised rent level of €6.50 per sqm per month. Liberum view The results from the large German property companies confirm a number of trends in the German residential market that should continue to benefit Phoenix Spree's portfolio. Phoenix Spree has already delivered a strong valuation update for 2016 which has driven an estimated 19% NAV return for the year. We expect the company will continue to generate double-digit NAV returns going forward. This is supported by market dynamics with new construction unable to keep pace with population growth. Berlin's population has risen by 8% over the past 10 years and is conservatively forecast to rise by another 7.5% by 2030. Completions are approximately 50% of the required 20,000 units pa. We believe PDSL's portfolio offers the potential for sustainable long-term double-digit NAV returns. The shares currently trade on a c.2% premium to our estimated December 2016 NAV.
davebowler
09/2/2017
12:36
PSDL values -at 1965 Euro per sq m -are at quite a discount to Taliesin's 2700 Euro per sq m, so there must be plenty to go for. Plus, TPF is trading at a 10% premium to its NAV of 37 Euros per share. 13/01/2017 The Board of Taliesin Property Fund Limited announces that it has been advised by the Company's property valuers, Jones Lang LaSalle, that the Company's property portfolio has continued to rise in value over the six months to 31 December 2016. The preliminary valuation by Jones Lang LaSalle reported that the portfolio increased in value from EUR289.2 million as at 30 June 2016 to EUR318.0 million as at 31 December 2016. On a like-for-like basis, taking into account property sales in the second half of 2016 of EUR2.9 million and capital investments in the portfolio, this represents an increase of approximately 10 per cent. for the six month period. This increase in value is a result of general market trends including a continued rise in rents and better reflects the privatisation potential of the portfolio given the price per square metre achieved so far for privatised units. The new valuation represents a per square metre value of EUR2,700 for the Taliesin portfolio. Based on the Company's unaudited management accounts as at 31 December 2016 and the year end property portfolio valuation referred to above, the Adjusted NAV per share of the Company is estimated to be in excess of EUR37 per share as at 31 December 2016. This compares with an Adjusted NAV per share of EUR33.15 (reflecting the EUR2 per share return of capital during the second half of 2016) as at 30 June 2016. Taliesin expects to announce its annual results for the year ended 31 December 2016 towards the end of April. For further information, please contact: Taliesin Property Fund Limited
davebowler
18/1/2017
22:34
Nice post Dave. Cheers.
pdriccio
18/1/2017
10:48
BUY Target price 254p | Published price 243p | *Corporate Client of Liberum Phoenix Spree Deutschland's (Phoenix Spree) portfolio valuation rose by 49.9% to €423.8m at 31 December 2016. We calculate a like-for-like revaluation uplift for FY2016 of c.17%, after adjusting for capex and net acquisitions. We now estimate an EPRA NAV of €2.66 per share (230p based on the current FX rate) at 31 December 2016. We believe that the company continues to offer compelling value at the now c.5.7% premium, given the performance to date and potential for further NAV growth from a highly reversionary portfolio. BUY Berlin assets continue to drive growth Phoenix Spree has announced a portfolio valuation of €423.8m as at 31 December 2016 (FY2015: €282.8m). This reflects a headline increase of 49.9% over the year. After making adjustments for acquisitions and disposals, the like-for-like increase was 19.4% (FY2015: 10.7%) and after adjusting for capex we estimate a like-for-like revaluation gain of 17.3% (FY2015: 8.3%). The valuation uplift has been driven by yield movements, rental increases, the impact of property upgrades and the €87m net impact of acquisitions, disposals and condominium sales. The portfolio value per sqm is now €1,965 compared to €1,755 in June 2016 and €1,635 at 31 December 2015. The gross initial rental yield is now 4.8% compared to 5.7% at the end of December last year. All geographical regions experienced significant valuation gains over the year, particularly Berlin which gained 24.3% on a like-for-like basis. The Berlin property market has continued to perform strongly, with a transaction volume of €13.7bn for the year, of which €6.3bn arose in Q4 2016. Nuremberg and Fürth and Central and North Germany increased by 12% and 10.4% respectively. 18.5% FY2016 NAV TR estimate We now estimate an EPRA NAV of €2.66 per share (230p based on the current FX rate), representing a 6% upgrade to our forecast of €2.51 made following the publication of the June 2016 interim results. This equates to an estimated NAV total return for 2016 of 18.5%, well in excess of the company's 8-10% per annum target over the next three years. Transactional activity to drive further growth During the year Phoenix Spree completed c.€74m worth of acquisitions- four properties in Berlin, announced in October and a package of eight properties in Berlin, comprising 486 residential and 23 commercial units. In Q4 2016 the company notarised the acquisition of a further three property packages in Berlin, consisting of 102 residential and 9 commercial units, for an aggregate purchase price of €19.9m or €2,089 per sqm. The acquisitions are expected to complete in early 2017 and add c.4.2% to rental income. Additionally, the sale of a non-core mixed use property was also notarised before the end of the year; the sale proceeds of €3.8m reflect a 18.8% premium to the 30 June book value. 22 condominium sales were completed or notarised during the year for an aggregate value of €5.7m at an average price per sqm of €3,762. The company estimates a portfolio value of €437.4m as of 18 January 2017, which includes the aforementioned notarised but not completed transactions. In order to fund these acquisitions and manage its balance sheet, the company has committed or drawn a total of €103.5m of new debt in during H2 2016. This consists of €59.1m that has been successfully refinanced, new loans totalling €19.9m and €20.2m of equity released from the portfolio of the agreed €22.3m. In the past 24 month 98% of the Phoenix Spree's existing debt; since June 2016 the average loan maturity has been extended from 5.5 years to 7 years. Valuation Phoenix Spree now trades on a 5.7% premium to our estimated December EPRA NAV, with the share price up over 20% over the course of H2 2016. Phoenix Spree's closest listed peer, Taliesin Property Fund, trades at a premium of 18.7% to its last published EPRA NAV, while the average premium for the larger listed German residential companies is now 13%. The premium rating reflects the attractiveness of the investment opportunity given the beneficial structural forces in the Berlin residential property market and the management's success in realising portfolio upside. However, we believe that the opportunity remains compelling with the outlook for future returns supported by a highly reversionary portfolio and favourable demographic drivers. Rising rents are a result of constrained supply and residential values are still below replacement cost (which is rising on the back of increasing land costs). This is in addition to the management's excellent track record and strong alignment of interests with shareholders. At these levels we believe that Phoenix Spree offers considerable value given the potential for NAV growth. Our forecasts assume only 25bps yield compression over the period to December 2018 and transactional evidence would suggest these numbers are conservative. Every additional 25bps of yield compression would add c.6% to our NAV forecasts.
davebowler
18/1/2017
09:32
Cerrito - yes, it was meant to be pretty rough and ready.
jonwig
18/1/2017
09:13
Jonwig, I think you need to add in the deferred tax, other liabilities, payables etcet; too bad they could not/did not give us an estimated NAV like TPF
cerrito
18/1/2017
07:37
Property valuation (19.4% uplift, L4L): Http://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/investment-property-valuation---portfolio-update/201701180700104097U/ Have I got my numbers right? Portfolio €424m, debt €203m, no. shs 70m, NAV €3.16 or 272p.
jonwig
16/1/2017
22:35
Thanks to you davebowler for sharing that with us
cerrito
16/1/2017
10:50
Liberum; Event Taliesin Property Fund has reported a c.10% increase in its portfolio value for the 6 months ended 31 December 2016; this uplift is after adjusting for sales and capital investments. The portfolio value at the end of December was €318m (June: €289m) with an average value per square metre of €2,700 (June 2016: €2,440). The company estimates an adjusted NAV per share of c.€37 (3,157p) for 31 December 2016. Liberum view The 10% portfolio revaluation follows a 9.5% uplift in H1 2016 and reflects the positive trends in the Berlin property market such as rising rents as a result of constrained supply, the privatisation potential of the portfolio and that residential values are still below replacement cost (which is rising on the back of increasing land costs). We believe the Berlin residential market offers one of the most compelling long-term investment propositions and our favoured play in this sector is Phoenix Spree Deutschland. In Sepetmber we upgraded our NAV total return forecast for 2016 to 12.5% from 10% following a strong set of H1 2016 results. The portfolio valuation at 30 June 2016 was €329.8m which reflected an increase of 16.7% over the half year; there is potential for further upward revaluation of the portfolio in the second half of the year given the beneficial structural forces in the Berlin residential market, highlighted by Taliesin's portfolio revaluation. Additionally, Phoenix Spree has a more shareholder-friendly fee structure with an 8% performance fee hurdle, compared to a hurdle of Euribor plus 1% for Taliesin. The attractiveness of the investment opportunity is reflected in the shares' premium rating, with Phoenix Spree currently trading on a 14.4% premium to its June 2016 NAV. Emerging Markets
davebowler
13/1/2017
13:04
NAV at Taliesin still showing strong growth:- http://www.investegate.co.uk/taliesin-prop-fd-ltd--tpf-/rns/property-portfolio-valuation-and-estimated-nav/201701131243521579U/
jeff h
05/1/2017
07:05
FT: "German push for home ownership drives price bubble fears" - https://www.ft.com/content/dc6ad2e4-c6ac-11e6-9043-7e34c07b46ef
jonwig
15/11/2016
09:06
Liberum; Phoenix Spree Deutschland (BUY, Mkt Cap £223m) Material uplift in Deutsche Wohnen's NAV guidance Event Deutsche Wohnen's Q3 2016 report was released this morning and the strong set of results has a positive read-across for Phoenix Spree. As a reminder, Deutsche Wohnen is a €7.9bn market cap German residential property company with 70% of its assets in Berlin. Deutsche Wohnen's quarterly report highlights the ongoing 25% reversionary potential of the company's core markets. Over the last 12 months, the average like-for-like rental growth for the Core+ assets is 3.5% and Berlin was the strongest performing region at 3.8%. Deutsche Wohnen expects yield compression in the short-term particularly in Berlin where transactional evidence for average quality assets currently implies multiples of 25-30x (passing yields of 3.3% - 4.0%) and average prices per sqm in excess of €2,000. Replacement cost including land is currently c.€3,000 per sqm. This confident outlook has enabled the company to raise guidance for EPRA NAV per share by 15% to €30 by December 2016. This would indicate an expected NAV total return of 33% for the year. Liberum view Deutsche Wohnen's Q3 report provides further evidence of the strength of both the occupational and investment market for residential assets in Berlin. The long-term structural rental growth story driven by the supply/demand imbalance remains in place and the weight of investment demand may lead to additional NAV upgrades in the short term. Phoenix Spree's high-quality portfolio is well-placed to benefit from these drivers and we still believe the shares offer considerable value at the current 14.6% premium to NAV given the potential NAV growth. Our forecasts assume only 25bps yield compression over the period to December 2018 and transactional evidence would suggest these numbers are conservative. Every additional 25bps pf yield compression would add c.6% to our NAV forecasts.
davebowler
19/10/2016
12:46
HTtp://citywire.co.uk/wealth-manager/news/trust-insider-building-solid-returns-in-german-residential/a955002
davebowler
17/10/2016
17:44
Two trades at 237p just before close then uncrossing at 244p. It does tend to be a thin market! Probably retrace first thing tomorrow.
jonwig
14/10/2016
10:02
Liberum; Phoenix Spree Deutschland (BUY) Attractive acquisitions Event Phoenix Spree Deutschland has exchanged contracts to acquire a portfolio of four properties in Berlin for a total of €18.75m (£16.9m) excluding acquisition costs. The price per square metre on the transaction is €1,970. The properties comprise 132 residential units and 16 commercial units and contain over 9,500 sqm of lettable space. The properties are located in the districts of Mitte and Wedding and offer several angles for asset management upside including reversionary upside through modernisation and refurbishment and re-letting. There is also potential to increase the lettable space through attic conversion and new-build opportunities. The company has also completed the first apartment sale in its latest condominium programme in Boxhagenerstrasse, Berlin for €4,195 per sqm (63% premium to July 2015 acquisition price of €2,580 per sqm). The sales programme launched in September and a further three units have also been reserved. Liberum view The purchased assets share a number of characteristics with other acquisitions completed by the company as they are under-rented and offer significant reversionary upside. The purchase price represents a discount of 8.4% to the average value of the company's existing Berlin assets at 30 June 2016. The assets are centrally located and the upside potential for the assets is demonstrated by the average purchase price for condominiums in Mitte during H1 2016 of €4,300 per sqm (Source: Jones Lang LaSalle). The condominium sale progress at Boxhagenerstrasse is well ahead of the company's expectations at the time of the acquisition. The property was fully occupied at acquisition and the privatisation potential was viewed as a medium-term objective but the company has successfully commenced the condominium programme within a year of the deal completion. Phoenix Spree is currently trading on a 3.5% premium to the June 2016 EPRA NAV which compares to an average 18% premium for the larger German listed residential companies. We believe the Berlin residential market offers one of the most compelling long-term investment propositions due to structural rental growth in combination with downside protection provided by current values (versus replacement cost).
davebowler
12/10/2016
22:24
Yes Jonwig there is a difference between the tone of the FT article and what PSDL say and even more the very upbeat comments of TPF. Interested to read quote Berlin has also introduced a “rental brake”, under which the rent set out in a contract with a new tenant cannot exceed the local average by more than 10 per cent. unquote and obviously PSDL think this is not worth the paper it is written on as they tell us of their huge rent increases-perhaps different rules apply in different parts of Berlin. I do note the £sp has not followed the Euro up in the last few days. I am neither buying or selling at these prices
cerrito
10/10/2016
16:38
The downside for Berlin property? https://www.ft.com/content/7f3dcfea-8a1b-11e6-8cb7-e7ada1d123b1
jonwig
22/9/2016
15:04
Liberum ups target price; K | Alternatives | Real Estate Funds | PSDL LN | Market Cap £208m | 22 September 2016^ Phoenix Spree Deutschland* Capturing reversionary upside BUY Target price 254p | Publication price 225p | *Corporate Client of Liberum Phoenix Spree generated a 7.8% NAV total return in H1 2016. Rental growth in Berlin is ahead of the level achieved by larger peers with a 37% premium to passing rents achieved on new lettings. Reversionary upside and favourable market dynamics provide confidence over the long-term rental growth outlook. Buoyant investment demand also points to further yield compression. We are upgrading our TP by 21% to 254p. BUY 7.8% H1 NAV TR 7.8% NAV total return in H1 (13.1% since June 2015) due to estimated 7.7% l-f-l portfolio valuation gain (driven by yield shift, rental growth and asset management gains). Condominium progress Condominium sales are progressing. Average sales price of €3,662 per sqm is 70% above avg Berlin portfolio value. Additional schemes are being brought forward for 2017. Strong rental growth Annualised l-f-l rental growth of 5.7%. Berlin rental growth (+7.6%) is 2-3% ahead of the uplift achieved by peers and the growth in market asking rents since June 2015. 21% rise in TP to 254p We are increasing our TP by 21% to 254p (Old: 210p) to reflect FX movements and NAV performance. We forecast an average 11.3% NAV TR over the three years to 2018.
davebowler
22/9/2016
11:58
fuzzy but v firm
luckymouse
22/9/2016
10:13
Liberum; Phoenix Spree Deutschland (BUY) Interims: 7.8% H1 NAV total return Event Phoenix Spree delivered a NAV total return of 7.8% in H1 2016 with the EPRA NAV at 30 June 2016 of €2.42. We calculate a NAV total return of 13.1% over the 12-month period from June 2015. The portfolio valuation at 30 June 2016 was €329.8m which reflects an increase of 16.7% over the half year. After adjusting for acquisitions and disposals, the increase was 9.8% (FY2015: 10.6%) with the Berlin assets rising 13.7%. We estimate a like-for-like revaluation gain of 7.7% for the half year (FY2015: 8.3%) after making further adjustments for capex. Like-for-like rental growth of 5.7% across the portfolio over the past 12 months is largely due to the highly reversionary nature of the portfolio. New lettings achieved an average of €9.4 per sqm (5.4% above H1 2015). New leases in Berlin were signed at an average premium of 37% to prior passing rents which resulted in a 7.6% like-for-like increase in the average rent per sqm. The balance sheet remains in a strong position with a net LTV of 30.8% at 30 June 2016 (December 2015: 42.8%). We expect this to increase in the short-term as available cash is deployed in new acquisitions (€34m of notarised acquisitions). A dividend of 1.6p (1.92 cents) has been declared for H1 2016 which represents a 23% increase on the same period in H1 2015. Liberum view This is an excellent set of interims from Phoenix Spree with NAV performance 2.5% ahead of the run-rate implied by our forecasts. All of the key drivers of value creation (rental growth, yield shift and asset management initiatives) contributed to the revaluation uplift in the period. Rental growth in Berlin was particularly strong over the past 12 months with record rents being achieved and the Berlin portfolio has outperformed the market by c.2%. Phoenix Spree is currently trading on a 3.4% premium to the June 2016 EPRA NAV which compares to an average 30% premium for the larger German listed residential companies. We believe the Berlin residential market offers one of the most compelling long-term investment propositions due to structural rental growth in combination with downside protection provided by current values (versus replacement cost). Maintain BUY.
davebowler
22/9/2016
07:16
Interim results: http://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/interim-results/201609220700105019K/ EPRA NAV about 208p at current exchange rate. Big rise in H1 dividend.
jonwig
12/9/2016
21:18
Ta for reply
badtime
12/9/2016
11:15
None so far as I know.Maybe market size?
davebowler
Chat Pages: 5  4  3  2  1
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:35 V: D:20170328 02:18:09