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
  +7.00p +1.98% 360.00p 358.00p 360.00p 360.00p 358.00p 359.00p 34,791 16:29:04
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 16.1 123.1 107.5 3.4 362.71

Phoenix Spree D Share Discussion Threads

Showing 176 to 200 of 200 messages
Chat Pages: 8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
10/5/2018
12:18
hTTp://citywire.co.uk/investment-trust-insider/news/phoenix-spree-the-berlin-property-play-with-more-to-give/a1117964?re=54992&ea=252901&utm_source=BulkEmail_Investment+Trust+Insider+Weekly&utm_medium=BulkEmail_Investment+Trust+Insider+Weekly&utm_campaign=BulkEmail_Investment+Trust+Insider+Weekly
davebowler
09/5/2018
18:31
Does post #186 explain it?
jonwig
09/5/2018
15:06
Surprisingly muted reaction to the 8% dilution.
davebowler
30/4/2018
10:50
Liberum; Event Phoenix Spree's 53% NAV total return in 2017 benefited from significant yield shift, strong rental growth and asset management gains. Like-for-like rental growth of 8% in Berlin is well ahead of the peer group. We believe the company will continue to deliver double-digit NAV returns as the outlook for long-term rental growth remains robust. Future growth is supported by high employment growth, strong levels of demand and limited supply. Trading on an 11% discount to our 2018 NAV forecast, we maintain our BUY rating.
davebowler
29/4/2018
15:20
Good to hear from you SKYSHIP. I won't stop posting there, mainly because Mike has been so supportive. I've recently decided only to post if asked anything, as rarely get any replies. Also strong evidence, including not a single comment or reply on almost all the shares/Trusts I post about, even when a share suggestion (eg GFM) nearly triples in a few months, that no-one buys any of them! Main focus there continues to be high risk/speculative small company shares and current big favourite is Blue Jay Mining. Some STILL believe EDEN going to do well too. Same points apply to many ADVFN threads too where number and quality of posts often very good guide to the quality and prospects for that investment. i.e hundreds of mostly rubbish posts a day = rubbish share. Far fewer and mostly good quality posts often = winning investments. Hope PSDL proves a good example! And wish I had spotted PSDL ages ago. Only bought late last year.
kenmitch
28/4/2018
16:45
Hi Ken - how goes it over at MW. I decided to duck out of there after 16yrs as only very rarely read anything of interest - apart from your contributions of course!
skyship
27/4/2018
21:45
Fair point insofar as changes in exchange rate affect returns, but this always applies to all non U.K. Investment Trusts and Brexit is only one factor affecting €/£ rate. What I meant was Brexit irrelevant for Berlin rents and property prices.
kenmitch
27/4/2018
21:14
kenmitch: IMO for UK investors Brexit is definitely relevant to any euro assets,such as PSDL, as the euro/GBP rate could be significantly altered by the outcome of Brexit.
clausentum
27/4/2018
19:26
Thanks AA29. Indeed reads convincingly and hence the muted share price reaction today. Short term share might be dull, but assuming bullish comment from Managers is justified (and very high chance it is) share should still do well over next 12 months. Also Brexit irrelevant, and also PSDL probably immune to big general stock market fall should that happen. Worth adding if share price dips imo.
kenmitch
27/4/2018
18:27
@ AA29 - that reads convincingly - thanks.
jonwig
27/4/2018
18:19
Having looked at the announcement EPRA NAV is calculated by adding back in the share based payment reserve so if shares are issued EPRA NAV shouldn't change (share capital up, reserve down). But the EPRA NAV per share will reduce to c E3.77 (£3.31) because total shares have gone up from 92.49m to 100.75m. If my thinking is right (I might be wrong!) that could explain the muted share price reaction today and Liberum's apparently cautious NAV per share target of £4 ish.
aa29
27/4/2018
16:51
@ kenmitch - possibly you're right. Given the performance fee is contractual, I think a share award is better for all shareholders than a cash award - 'skin in the game', and the lock-in helps. It's also woth remembering that PSDL is essentially PMM, with an independent board supervision. It could be that the market just isn't willing to put a premium on the assets. GBP has dropped quite a bit against EUR today (1.15 to 1.137) which should help.
jonwig
27/4/2018
16:28
Excellent results but very disappointing share price reaction to them. 50% NAV growth unlikely to be matched this year, but 30% would see NAV around £4.50 and assuming share price at least around NAV level, then with dividends 30% or so upside, and more if share at premium to NAV which with PSDL being THE best sector performer is quite likely. So why the muted share price today? Could it be the huge performance fee satisfied by issuing 8 milliion new shares? "Property Advisor The Group has continued to benefit from the expertise of its property advisor, PMM Partners ("PMM"), which combines day-to-day asset management activities, capital structure management and a busy acquisition and disposal pipeline. During 2017, PMM has continued actively to manage the Portfolio, whilst simultaneously leveraging their local network and relationships to source and acquire an attractive pipeline of new Berlin properties, as well as completing the divestment of the remainder of the Company's non-core buildings, at a premium to book value. On the basis of the Company's strong performance over the three year's ending 31 December 2017, and the impressive growth achieved in EPRA NAV over that period, resulting in a total shareholder return for the three-year period, after all fees, of 106.4%, a performance fee under the Property Advisory Agreement to the Property Advisor of circa €34.0 million has become due. The parties have agreed to settle the performance fee (but not any further performance fees that may become due) through the issuance by the Company to the Property Advisor of 8,260,065 new shares in the Company at EPRA NAV per share. 50% of the shares issued in settlement of this fee are subject to a 12-month restriction on disposal. Application will be made for the new shares, once issued, to be admitted to trading on the premium segment of the Official List and to trading on the Main Market of the London Stock Exchange with such admission expected to occur on or around 4 May 2018. The Board would like to thank all at PMM for their valued contribution, which is a key component of our ongoing success."
kenmitch
27/4/2018
09:31
Liberum; Phoenix Spree Deutschland (Mkt Cap £340m) Stellar results in 2017 Event Phoenix Spree Deutschland has generated a 53% NAV total return in 2017. EPRA NAV was €4.11 per share (357p based on current FX rates) at 31 December 2017 (31 December 2016:€2.73). NAV performance has been driven by a €157m revaluation gain over the period. The like-for-like portfolio revaluation gain in the year was 40%, which was driven by yield shift and continued letting gains. The portfolio is now almost entirely focused on the high-growth Berlin residential market following a number of profitable disposals of non-core assets. The gross fully occupied yield on the portfolio is now 3.4% compared to 4.8% at December 2016. The average rent per sqm has risen by 6.9% on a like-for-like basis across the portfolio and 8.4% in Berlin in the year. The average rent achieved on new lettings in 2017 was €10.3 per sqm which is 7.9% ahead of the prior year. New lettings in Berlin were signed at an average 40% premium to passing rents. The company continues to acquire assets in Berlin at prices well below the current average value of €3,220 per sqm. A total of €81m of acquisitions have completed since the start of 2017 with an average acquisition price of c.€2,262 per sqm. The average price achieved on condominium sales (31 apartments) was €4,027 per sqm (25% ahead of current Berlin portfolio value). Net LTV has fallen to 32.0% from 39.4% at December 2016 due to a the material revaluation gain. The company has taken advantage of the favourable lending market to refinance several facilities. The weighted average interest cost is now 2.1% and the average remaining term on the debt is 8.4 years. Liberum view 2017 was a superb year for Phoenix Spree with an acceleration in both rental growth and yield shift. The level of yield shift is unlikely to be repeated but we believe future growth is underpinned by the high demand, inelastic supply and reversionary upside. Supply of new residential units remains well below the required level of 20,000 units p.a. Demand is supported by continued population growth and record low unemployment levels in Berlin. Phoenix Spree trades on a 1.4% premium to the December 2017 NAV and a -10% discount to our 2018 NAV forecast. We believe the company will continue to deliver attractive double-digit NAV returns principally due to rental growth. Investment demand for the asset class remains high, as evidenced by recent M&A activity, which suggests there is further upside to come.
davebowler
27/4/2018
08:06
In sweet spot at moment - rising asset values and rents - falling interest rates. Outlook is positive for it to continue - although I'd be surprised if last year was replicated next. Yeah, should be at a more significant premium.
podgyted
27/4/2018
07:49
Duly arrived today: https://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/final-results/201804270700073153M/ NAV growth in line with Liberum's March estimate. Share price premium about 2%. A bit stingy!
jonwig
17/4/2018
09:35
Final results were on 27th April last year, we need some good news to improve the SP!
clausentum
20/3/2018
08:56
Liberum; Phoenix Spree Deutschland (Mkt Cap £338m) Positive read across from peer's rental growth forecasts Event Full year results for 2017 from ADO Properties, a large Berlin residential property company, have demonstrated strong returns in 2017 and highlighted a positive outlook for rental growth in 2018. ADO Properties generated 25% EPRA NAV growth in 2017 driven by strong revaluation gains arising from rental growth and yield compression. Like-for-like rental growth in 2017 was 4.8% and the company has forecast 5% rental growth in 2018. Liberum view Favourable demographic trends point to ongoing robust rental growth in Berlin as evidenced by ADO's guidance of 5% p.a. going forward. Phoenix Spree's rental growth has typically outperformed the peer group due to the company's intense asset management approach. We calculate a 50% NAV return for Phoenix Spree in 2017 driven by yield compression, rising rental growth and significant gains from asset management initiatives. The portfolio is now a pure play on the high-growth Berlin market following a number of profitable disposals in H2 2017. We believe further material upside is supported by the supply demand imbalance and recent M&A activity. The shares trade on a 3.3% premium to December 2017 NAV estimate or a -9.2% discount to our 2018 NAV forecast.
davebowler
02/2/2018
10:35
The valuation was worth waiting for!
jeff h
02/2/2018
09:07
Liberum; Event Phoenix Spree's portfolio value rose by 37.6% on a like-for-like basis in 2017. The implied NAV total return for the year is 50%. Both rental value growth and yield compression accelerated in the year, in addition to strong asset management gains. The portfolio is now a pure play on the high-growth Berlin market following a number of profitable disposals in H2. 2017 may be hard to repeat but we believe further material upside is supported by the supply demand imbalance and recent M&A activity. Trading on a 7% discount to our 2018 NAV forecast, we maintain our BUY rating.
davebowler
02/2/2018
08:01
Liberum new target price 430p. 2018 NAV est €4.05 (355p).
jonwig
02/2/2018
07:49
Glad I topped up here with my TPF proceeds - great revaluation numbers
belgraviaboy
02/2/2018
07:12
Property revaluation, quite striking on both a total and a LfL basis: https://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/investment-property-valuation/201802020700037072D/
jonwig
01/2/2018
14:30
2 page article in this week's Shares Mag...
jockthescot
01/2/2018
11:26
What has happened to the 31 Dec year end NAV announcement due "the final week of January"?
jeff h
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