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
  -3.00p -0.81% 366.00p 367.00p 369.00p 373.00p 365.00p 369.00p 146,451 16:35:05
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 16.1 123.1 107.5 3.4 368.75

Phoenix Spree D Share Discussion Threads

Showing 251 to 275 of 275 messages
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DateSubjectAuthorDiscuss
14/8/2018
19:43
The Economist has started a house price index for the world's major cities. Over 1 year, Berlin is top with +13.2%. Over 5 years it's at No2 with +63.1% (No1 Dublin, +78.5%). London's numbers are -1.2% and +39.6% respectively.
jonwig
09/8/2018
19:17
Or perhaps they won't.
podgyted
09/8/2018
17:16
Not a bad day all things considered. Presume IC will give it a plug this week as it's one of their shares of the year which may help further.
podgyted
09/8/2018
10:05
Liberum; Continued momentum, 5% revaluation gain Event Phoenix Spree's portfolio revaluation update highlights a 5.4% like-for-like uplift in H1 2018. After adjusting for capex, we estimate the revaluation gain was c.4.7% in the period. We estimate the implied NAV return in H1 2018 is 5.5%. The valuation uplift reflects ongoing rental growth and asset management gains. The shares remain attractive at a 5.6% discount to the June NAV estimate. We see scope for further re-rating given the positive outlook for long-term rental growth.
davebowler
09/8/2018
09:27
alpal2 - I was just saying I thought the revaluation would be 15% up and it turned out to be 5% up - so I don't think the BoE will be calling on me any time soon. Jonwig - like you I'm waiting for the interims to see what the NAV is - way too many variables here - but like-for-like increase is a positive trend. They seem to be trying to forecast EPRA NAV which does allow for the shares in issue (Liberum do make a fair point that its 2 German peers trade at a Premium to NAV whereas PSDL trades at a discount - so however calculated, and allowing quite some latitude, there seems to be some upside potential there. Stocko currently shows PSDL trading on 1.05 historic IFRS NBV compared to 1.19 for ADO and 1.51 for Deutsche Whonen - both Berlin concentrated but the latter also has a nursing/care operation)
podgyted
09/8/2018
08:57
podgyted: I suspect you're not right about valuation being 10% off. I think the drop in portfolio value merely reflects that properties have been sold i.e. no longer included in portfolio. The RNS could have been more forthcoming at confirming that the properties were sold at or above last portfolio valuation.
alpal2
09/8/2018
08:45
@ alpal2 - no, I'd think not. For the NAV you need all the balance sheet numbers. We only have one of them here, though maybe the largest. @ podgyted - if Liberum can estimate a NAV they're a lot better than me! (Have they factored in 9% more shares in issue?)
jonwig
09/8/2018
08:45
Well didn't get that revaluation right - seemingly 10% off. Still I've come to feel that holding these shares over the last few days has become more and more attractive from a brexit perspective - solid growth assets in euros. Liberum estimate 4.29 euros NAV and continue to be bullish. "The shares remain attractive at a 5.6% discount to the June NAV estimate. We see scope for further re-rating given the positive outlook for long-term rental growth."
podgyted
09/8/2018
08:28
Can one derive the NAV from the portfolio value? Previous NAV was €4? Does anyone have a current value?
alpal2
09/8/2018
08:08
I can't make much of the portfolio update, because of disposals but I imagine the increased share capital will spoil per share NAV numbers. The like-for-like increase of 5.4% is pretty impressive though: 11.1% annualised. Liberum has "Phoenix Spree's portfolio revaluation update highlights a 5.4% like-for-like uplift in H1 2018. After adjusting for capex, we estimate the revaluation gain was c.4.7% in the period." I think davebowler will be able to read the full note.
jonwig
08/8/2018
08:21
What's driving the Berlin residential market is quite different from, say, London with its hot Arab and Russian investment money. Instead, ordinary Europeans want to move there - it's the only truly international city in Germany. (My wife is German, so we know the country well.) I believe it has the larget Jewish population of any city in Europe. ("If you don't want to move to Israel, just go to Berlin.") There's also the legendary German inefficiency in planning, regulation, protectionist rules, etc. On the valuation, worth remembering that the number of shares in issue increased by 9% in May (by 8.3m shs to 100.8m) so per share numbers won't look quite so impressive.
jonwig
08/8/2018
00:46
I'm expecting a 15%-20% valuation uplift (erring to the 15%) which I believe will see it above 400p. Not stellar but worth having. However, this is a strange market!
podgyted
07/8/2018
22:04
Scrub that, 90:10!!!!
rimau1
07/8/2018
21:49
Hi Jonwig, well yes this should be a Euro GBP play so FX will be a significant factor along with the well flagged revauluation expectation. PSDL is a nice play on Berlin and continued Sterling weakness. Its probably 70 Berlin 30 FX
rimau1
07/8/2018
20:11
@ rimau1 - looking at the chart, the rate has fallen in the past month from about 1.135 to 1.115. Is that enough to matter? I think more likely, as kenmitch suggests, there's optimism about the valuation news due soon.
jonwig
07/8/2018
19:41
Surely the weakening off GBP/Eur is a big factor here for the past weeks movement.
rimau1
07/8/2018
17:56
Valuation update likely to be this week. Probably Thursday. Share has gained quite a bit recently and is pricing in good news. Hoping it’s good enough to see share north of £4.
kenmitch
02/8/2018
22:24
Great spot, Thanks for posting Cerrito. Fully agree.
rimau1
02/8/2018
21:10
From today's Questor in the Telegraph qupute This trust, which invests in residential property in Berlin and was tipped here in July last year, is also part of Greenwood’s portfolio. He told Questor he had topped up his holding recently when stock became available at attractive prices as a result of the sale by Neil Woodford of almost all of his holding in Phoenix Spree. When we tipped the trust last year, it was officially at a premium of 18pc. But that was based on a historic figure for the NAV and given the rapid rise in Berlin property prices, was probably an overstatement. Reader Service: Manage a range of investments through a single online platform with AJ Bell Youinvest Now the shares, at 342p, stand at a discount even to the last reported NAV of 365p and at an even larger one to the 411p estimate for December by the trust’s house broker, Liberum. Hence, even though the shares have gained 17.9pc since our tip, they now look more undervalued than they were then and we therefore rate them a buy. unquote
cerrito
02/8/2018
19:15
I’m also very confident here, valuation update and subsequent re-rate will be very welcome! Good to see the recent slow rise in falling markets.
rimau1
02/8/2018
16:27
Might be premature but it looks like the brakes have been taken off this one. Not long to wait - and I'll be staggered if the valuation disappoints.
podgyted
01/8/2018
11:42
Update should be in second week of this month. So since this is the 1st presumably next week. Whatever not long to wait and it will be a real surprise if valuation update disappoints. Good chance Woodford had to reduce because of heavy selling of his funds after very disappointing performance and (surprisingly in view of his experience) beginners mistakes like avergaging down very big on shares he had already got wrong. So his selling most of his PSDL probably means little, and aside from hitting the share price is not a negative. In fact it has given (and it's still there!) the opportunity to buy at a depressed price.
kenmitch
01/8/2018
11:21
And off we go!
davebowler
31/7/2018
11:15
Woodford now below 5%
davebowler
24/7/2018
13:21
hTTps://www.propertyfundsworld.com/2018/06/18/265423/berlin-residential-assets-see-largest-price-increase-says-tmf-group%E2%80%99s-maraffio
davebowler
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