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
  -14.00p -3.73% 361.00p 361.00p 367.00p 372.00p 359.00p 372.00p 141,504 15:51:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 13.6 41.7 35.8 9.7 252.24

Phoenix Spree D (PSDL) Latest News

More Phoenix Spree D News
Phoenix Spree D Takeover Rumours

Phoenix Spree D (PSDL) Share Charts

1 Year Phoenix Spree D Chart

1 Year Phoenix Spree D Chart

1 Month Phoenix Spree D Chart

1 Month Phoenix Spree D Chart

Intraday Phoenix Spree D Chart

Intraday Phoenix Spree D Chart

Phoenix Spree D (PSDL) Discussions and Chat

Phoenix Spree D Forums and Chat

Date Time Title Posts
05/1/201809:24;;; PHOENIX SPREE DEUTSCHLAND :::169

Add a New Thread

Phoenix Spree D (PSDL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
View all Phoenix Spree D trades in real-time

Phoenix Spree D (PSDL) Top Chat Posts

Phoenix Spree D Daily Update: Phoenix Spree D is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PSDL. The last closing price for Phoenix Spree D was 375p.
Phoenix Spree D has a 4 week average price of 359p and a 12 week average price of 321.25p.
The 1 year high share price is 399p while the 1 year low share price is currently 229.50p.
There are currently 69,872,298 shares in issue and the average daily traded volume is 87,643 shares. The market capitalisation of Phoenix Spree D is £252,238,995.78.
jonwig: It's based on premium to last stated NAV. The relevant passage: The share price today of 290p translates into €3.27, suggesting shares are trading at a premium to net asset value of around 18pc. That sounds very far from bargain territory. However, the underlying value of Phoenix Spree's portfolio is growing staggeringly fast: it registered growth of 49.5pc during 2016, its first full year listed on the main London market. Previous years' growth were 16pc (2015) and 5pc (2014). If growth in 2017 has continued at its breakneck 2016 rate, today's share price - which looks rich on the €2.73 valuation - would in fact represent a discount. There is another, better-known, London-listed company investing in German residential property: the £187m Taliesin Property Fund. This gives us some benchmark of value. Its latest NAV figure - again from the end of December 2016 - is some 10pc below the estimated NAV, according to data provided by broker Hargreaves Lansdown. On the latest estimated NAV, Taliesin currently trades at a pc premium. On its December 2016 NAV, Taliesin is on a premium of 20pc. This comparison suggests Phoenix is cheaper - irrespective of any growth since the latest official valuation.
davebowler: Extract from British Empire Securities -BTEM's monthly commentary; HTtp:// Adler Real Estate, HTTP:// the owner of 50,000 German residential units, was one of our largest contributors. The discount narrowed to 12%, still wider than its peers, as the German real estate sector rose on the back of potential changes in stamp duty transfer taxes. At present, stamp duty is only payable in Germany when an acquirer buys more than 95% of a company’s shares, but it has been proposed that this be reduced to 75%. This brings forward the prospect of further M&A transactions in the German residential space, as potential acquirers may look to do deals ahead of this proposed change (the timing of which is uncertain at this stage). At the beginning of the month, an all-share takeover bid for WCM Beteiligungs was lodged by TLG Immobilien. Our position in DIC Asset, a German commercial real estate company, benefitted as DIC accepted the bid for its 26% stake in WCM. Coming at an 18% premium to its EPRA NAV, the bid for WCM was a good outcome for DIC Asset particularly given that a property deal between the two had hit an impasse and there was uncertainty as to how DIC would extricate itself from the stake. DIC’s share price rose 6% in May, and we realised part of our holding at elevated levels.
davebowler: 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.
jonwig: IC comment on the placing programme: Germany-focused landlord Phoenix Spree Deutschland (PSDL) has announced plans to raise up to £38m by way of a firm placing of new shares and an offer for subscription. The proposal, which is subject to shareholder approval, also includes plans to implement a placing programme for up to 120m new shares from 7 March 2016 to 8 February 2017. The offer is likely to attract significant institutional demand, and Phoenix is confident enough to set the offer price at a small premium to the current share price. And expenses from further placings will be met by setting a similar premium. The advantage of the placing programme is that it cuts down the time needed to go through a fresh placing programme, and will allow the property adviser to act in a more opportunistic way. Five acquisitions costing £39m are due for completion by the end of March and, crucially, at £5.50 per square metre, rents are around 27 per cent below current market rates. IC VIEW: Phoenix Spree Deutschland has shown itself to be adept at acquiring property with significant rental income. Rent restrictions that make new build uncompetitive, together with a growing demand for residential properties, leaves the group well placed to develop its income stream. At 167p, the shares are up from our buy tip (144p, 10 Jul 2015), and we remain buyers. Incidentally, the Circular is now on the website - I couldn't find it earlier.
Phoenix Spree D share price data is direct from the London Stock Exchange
Your Recent History
Gulf Keyst..
FTSE 100
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:43 V: D:20180122 16:24:10