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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
  +2.00p +0.59% 342.00p 343.00p 356.00p 349.00p 340.00p 340.00p 104,625 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 16.1 123.1 107.5 3.2 344.57

Phoenix Spree D Share Discussion Threads

Showing 276 to 300 of 300 messages
Chat Pages: 12  11  10  9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
03/1/2019
08:45
hTTps://www.propertywire.com/news/global-news/madrid-berlin-and-paris-set-to-lead-prime-property-price-growth-in-2019/
davebowler
27/11/2018
09:00
From the RNS.. Based on the Company's EPRA NAV as at 30 June 2018 of EUR425.8 million, the New PAIR represents an annual saving of EUR838k when compared with the Existing PAA, rising to EUR875k per annum should the Company's EPRA NAV reach EUR500.0 million. Furthermore, under the terms of the New PAIR, additional fees relating to acquisitions and financing will now be deducted from the management fees. In 2018, these additional fees are expected to total approximately EUR130k. The New PAIR also offers additional potential cost savings from a reduced rate of performance fee compared to the Existing PAA: for the period from 1 July 2018 to 31 December 2020, the performance fee payable under the New PAIR will be reduced by 20% compared with that payable under the Existing PAA and by 25% for periods thereafter.
davebowler
27/11/2018
08:55
Liberum; Event Phoenix Spree Deutschland has agreed a new property advisory and investor relations agreement. The team will remain substantially the same, with the exception of Paul Ruddle, who is stepping back from an executive role with the investment advisor. He will continue to act as a consultant to new property adviser for an 18-month period. Under the proposals, the new agreement will have a minimum term ending in December 2022. The key differences between the existing and proposed advisory agreements are outlined below: Summary of proposed changes Existing Management Fee 1.5% of EPRA NAV < €250m; 1.25% of EPRA NAV > €250m and < €500m, ............................................................... Proposed 1.0% of EPRA NAV > €500m 1.2% of EPRA NAV < €500m; 1.0% of EPRA NAV > €500m Performance Fee Existing 20% of EPRA NAV total return in excess of 8% return hurdle. Calculated every 3 years and payable in shares Proposed 16% of EPRA NAV total return in excess of 8% return hurdle in first calculation period (15% thereafter). Payable in shares .............................. Capex Monitoring Fee 7% on capex Unchanged Finance Fee 0.1% of any borrowing arrangements entered into Unchanged but deducted from management fee Investor Relations Fee £75k paid to associated company of the adviser £75k paid to new property adviser Transaction Fee £1k per transaction Unchanged but deducted from management fee Source: Liberum, Company data Liberum view The number of line items in the fee calculations remains high but the changes are all in the right direction with the reduced manage and performance fee. The deduction of the finance fee and transaction fee from the management fee will also help to reduce ongoing costs. The company has estimated the annualised fee saving at €0.84m based on the latest NAV (0.8 cents per share).
davebowler
27/11/2018
07:15
New Property Advisory and Investor Relations Agreement: https://www.investegate.co.uk/phoenix-spreedeutsch--psdl-/rns/new-property-advisory-investor-relations-agreement/201811270700205533I/ A bit cheaper for shareholders, but essentially the same advisory team. I wonder if both the trust's board and the advisor were amazed at how well they'd done over the years and wanted to deflect attention from the criticism of a gravy train?
jonwig
25/11/2018
10:33
A reasonable hedge against break-up of the Eurozone.
jonwig
24/11/2018
22:31
My belated thanks for posting this, davebowler. There have been so many thrills and spills with other shares in my portfolio that I have not given PSDL any thought in the last couple of weeks. My reading is steady as she goes; from the interims there do not seem to be any developments in the offing that merit a RNS and it may well be that the next news we get is the Investment Property update in the second half of January. Do not see myself selling or buying in the foreseeable future.
cerrito
14/11/2018
10:33
Liberum; Positive Q3 updates from peers Mkt Cap £350m | Prem/(disc) -6.9% | Div yield 1.9% Event Q3 updates from two of the larger Berlin-focused property companies have reiterated a number of positive portfolio trends and a strong long-term market outlook. Deutsche Wohnen has a €20bn portfolio of which 78% is in Berlin (115,478 units) and ADO Properties has a €3.8bn portfolio located entirely in Berlin. Takeaways from the respective results included Rental growth - ADO Properties and Deutsche Wohnen achieved like-for-like rental growth of 5.5% and 3.8% respectively in 12 months to September 2018. Reversionary potential - Like-for-like rental growth has been high for a number of years for both companies but the reversionary potential remains significant. Market rents are 37% above in-place rents for both Deutsche Wohnen and ADO Properties. Valuation gain - Deutsche Wohnen has guided towards a €1.5bn revaluation gain in H2 2018. This is equivalent to a like-for-like uplift of 7.5%. Supply/demand imbalance - Jones Lang LaSalle's H1 market update highlights that the supply/demand imbalance remains acute in Berlin which is continuing to drive rents and capital values. Median asking rents rose by 5% in H1 2018 with peripheral areas rising sharply due to the supply shortage. Asking prices for condominiums rose by 9.4% to €4,200 per sqm, the highest increase over a half-year period. Liberum view Today's updates support our view that Phoenix Spree will continue to generate strong double-digit NAV returns over the long term as it captures the embedded value in the portfolio. Even in the event of a slowdown in market rental growth, there is considerable upside potential as the uplift achieved on new new lettings is c.40% above the average passing rent in the portfolio. Phoenix Spree trades at a -6.9% discount to the June 2018 NAV compared to an average 9.3% premium for the Berlin-focused peers, Deutsche Wohnen and ADO Properties.
davebowler
04/10/2018
16:03
German companies now way off their highs and down about 2.5% today - trimmed holding.
podgyted
02/10/2018
04:12
alpal - the 27/09 HY results has the NAV. That's what you must have missed. (In the header.)
jonwig
01/10/2018
22:42
What is latest per share NAV? When is next announcement due, or did I miss something recent?
alpal2
28/9/2018
08:24
There's a silver lining .........
podgyted
27/9/2018
17:59
podgyted - I thought everything was fine and on track. I guess the absence of property revaluation this time round might mean performance bonuses are off the table for a while!
jonwig
27/9/2018
16:26
Well..... Not as good as I'd hoped but I can't complain at the moment.
podgyted
19/9/2018
11:54
I've got a Researchtree sub too so yes it's a bit disappointing.
davebowler
19/9/2018
00:50
From what I can tell they haven't produced an initiation research note. Although I can understand they would probably want to wait for the half year accounts.
podgyted
19/9/2018
00:48
Anyone got a view on the change of brokers to Numis. Seems a bit abrupt. (Causes me a bit of a problem as Numis are not on Researchtree so I won't get any analysis in future.)
podgyted
28/8/2018
14:49
Encouraging info podgyted.
davebowler
23/8/2018
18:28
Interesting podgyted. Thanks for posting it. Agree PSDL looks cheap and hoping results next month confirm that and give the share price a lift.
kenmitch
23/8/2018
18:17
ADO Properties 29/12/17 42.28 euros : 23/8/18 53.80 euros - gain 27%. Price to book value (including June revaluation) 1.20. Phoenix Spree 29/12/17 393p : 23/8/18 376p - loss 4%. Price to book value (excluding June revaluation) 1.08. Still looks cheap.
podgyted
14/8/2018
18:43
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
18:17
Or perhaps they won't.
podgyted
09/8/2018
16:16
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
09:05
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
08:27
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
07:57
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
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