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PSDL Phoenix Spree Deutschland Limited

154.50
3.00 (1.98%)
Last Updated: 12:43:40
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Spree Deutschland Limited 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
  3.00 1.98% 154.50 154.50 156.00 155.50 154.50 155.50 95,450 12:43:40
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 26.29M -15.44M -0.1681 -9.22 142.33M
Phoenix Spree Deutschland Limited is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker PSDL. The last closing price for Phoenix Spree Deutschland was 151.50p. Over the last year, Phoenix Spree Deutschland shares have traded in a share price range of 124.50p to 223.00p.

Phoenix Spree Deutschland currently has 91,827,360 shares in issue. The market capitalisation of Phoenix Spree Deutschland is £142.33 million. Phoenix Spree Deutschland has a price to earnings ratio (PE ratio) of -9.22.

Phoenix Spree Deutschland Share Discussion Threads

Showing 51 to 75 of 750 messages
Chat Pages: Latest  6  5  4  3  2  1
DateSubjectAuthorDiscuss
28/4/2016
13:39
Final results, at a funny time of day -



I don't see anything to get concerned about: the currency risk just has to be swallowed if you're a holder. And PSDL ought to be a decent hedge against Brexit?

jonwig
26/4/2016
09:21
.................
Phoenix Spree Deutschland is a niche product with the potential to deliver decent returns and a growing level of income. If you are willing to accept the high level of risk it could make a good diversifying holding. The full year results should be released later this week.

davebowler
18/4/2016
10:46
Liberum
PSDL is currently trading on a 4.7% discount to our December 2015 EPRA NAV estimate which is significantly wider than its closest peer (Taliesin property Fund 27% premium to June NAV) and the average for the larger German listed residential companies (21% premium).

We believe the current share rating represents a compelling opportunity to gain exposure to a portfolio experiencing strong growth dynamics with the outlook for future returns supported by the high level of reversion in the portfolio and favourable demographic drivers. This is further underpinned by the company's strong balance sheet and the manager's excellent track record and strong alignment of interests with shareholders (c.13% owned by the property advisor). We reiterate our BUY recommendation.

davebowler
18/4/2016
09:24
Liberum view
Taliesin's impressive results were achieved on the back of a huge portfolio uplift in 2015 and we believe there is further growth to come in the Berlin residential market. Residential values are still below replacement cost (which is rising on the back of increasing land costs) and the majority of portfolios offer reversionary potential following a significant increase in market rents as a result of constrained housing supply which is running well below demand levels.

Our favoured play in this space is Phoenix Spree Deutschland which has also generated a material NAV uplift in 2015. Phoenix Spree has also begun privatising assets for sale and has achieved prices of €3,840 per sqm on the first phase of sales. Furthermore, Phoenix Spree's average carrying value of €1,900 per sqm for its Berlin portfolio is 15% below Taliesin and it has a more shareholder-friendly fee structure. Phoenix Spree trades on a 1.7% discount to NAV compared to a 14.2% premium for Taliesin.

davebowler
15/4/2016
11:01
Westhouse Taliesin update looks good for us-


For the year-ending December 2015, the adjusted NAV of the Taliesin Property Fund (TPF) rose to €31.44 per share. As at 31 December 2015, the value of the portfolio increased to €267.7 million, an increase of 27.9% after adjusting for property disposals and capital expenditure. The per square metre rate (psqm) stands at €2,240. It also announced that its first privatisation project, on Warschauer Strasse, had been almost completely sold at average prices of €3,750 psqm. It successfully refinanced its maturing loans in 2015 at lower interest rates and higher principal amounts and the loan to value at the year-end stood at 45.9%. We continue to recommend that investors buy TPF.

 

davebowler
30/3/2016
10:45
PSDL ticker wrongly shown as PDSL in last paragraph
grabster
30/3/2016
08:54
Liberum 21 March full extract-
Phoenix Spree Deutschland (BUY)
Positive read-across from Deutsche Wohnen's 2015 results

Event
Deutsche Wohnen's 2015 annual report (December period end) was released on Friday and the strong set of results has a positive read-across for Phoenix Spree. As a reminder, Deutsche Wohnen is an €8.8bn market cap German residential property company with 70% of its assets in Berlin.

Highlights of the results included a 29% increase in EPRA NAV and a 24% EPS rise. Other key takeaways include:

The main contribution to the growth in the year came from the company's Berlin assets. The Berlin portfolio is now valued at a 19.2x multiple of in-place rents (5.2% yield). Interestingly, Deutsche Wohnen also commented that this valuation is supported by portfolio transactions which traded at rent multiples in excess of 20x (sub 5% yield). The company also disposed of a Berlin city-border portfolio of c.900 units for an implied multiple of 23x (c.4.3% yield) in Q4 2015.
The improvement in prices for privatised residential units continued with an 18% uplift achieved on disposals in 2015.
Like-for like rental growth of 4.1% for the Berlin assets during 2015 which is the best-performing region in the portfolio. Significant upside potential remains with market rents 19% above in-place rents. Management have noted limited impact on re-letting rents from the rental cap regulations which have been in place since June 2015.
The current value per sqm of the portfolio represents only c.50% of replacement costs which are steadily rising.
Favourable demographics with a 5% population increase expected in Berlin by 2020 where the occupational market is already tight (1.9% vacancy) and new supply is well below demand.
Guidance for a c.11% NAV uplift and 30% dividend increase in 2016.

Liberum view
Deutsche Wohnen's results demonstrate 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 2015 (Download our previous comment here) and we expect the company will continue to generate double-digit NAV returns going forward. This is supported by the high level of reversion in the portfolio, market dynamics, favourable demographic drivers and strong balance sheet. We believe PDSL is one of the most attractive investment opportunities across the alternative funds space at the current share rating (5% discount to NAV vs. 24% premium for larger German peers and 15% premium for the company's closes peer Taliesin).

davebowler
21/3/2016
11:01
Liberum.....we expect the company will continue to generate double-digit  NAV returns going forward. This is supported by the high level of reversion in the portfolio, market dynamics, favourable demographic drivers and strong balance sheet. We believe PDSL is one of the most attractive investment opportunities across the alternative funds space at the current share rating (5% discount to NAV vs. 24% premium for larger German peers and 15% premium for the company's closes peer Taliesin). 
davebowler
18/3/2016
06:42
fastFT just now:

Deutsche Wohnen, the German residential landlord, has reported its best annual result on record and confirmed its outlook for 2016.

The property group, which oversees 148,218 units – most of which are residential – lifted net profit by a third to €1.2bn in the year to December 31, against a backdrop of high demand for property.

Michael Zahn, chief executive, said:

"With the above-average rent and value potential of our high-quality portfolio, our successful Disposals segment and value-enhancing acquisitions, we are better placed today than ever before."

The company said it was targeting funds from operations of at least €360m in 2016, from €303m in 2015, which was up 39 per cent on the previous year.

The board proposed lifting the 2015 dividend payout by 23 per cent to €0.54 per share.

jonwig
04/3/2016
10:09
Liberum;
Phoenix Spree Deutschland (BUY)
Full take-up of offer for subscription

Event
All of the resolutions regarding PSDL's proposed fundraising and placing programme were approved at yesterday's EGM. Gross proceeds of £38m have been raised including full take-up of the £5m offer for subscription. £33m was originally conditionally placed with institutional investors.

The shares issued under the initial issue will rank pari passu in all respects with the existing shares including the right to receive any dividend for H2 2

davebowler
13/2/2016
14:32
Some interesting bits of info in the prospectus:-

"....one of the Portfolio apartment units in Berlin was renovated for a cost of approximately €33,000 resulting in a rental uplift of approximately €6,000 per annum which represents a return of the refurbishment expenditure in just over five years. Taking into account the value uplift from re-letting, and factoring in the cost of the refurbishment, the Property Advisor estimates that the renovation increased the value of the unit by around €78,000, representing a return on investment of 235 per cent."

...and this about splitting apartment blocks into individual units for sale:-

"In 2015, the Company commenced the sale of units in two partitioned properties in Central Berlin. As at the Latest Practicable Date, 20 out of the 47 units or 1,331 square metres of the total 2,983 square metres acquired had either completed or sale contracts had been exchanged. The average price per square metre achieved for single apartments was €3,912 and for all units (including commercial) the average was €3,643. This compares favourably with the most recent valuation of the Company’s Berlin rental portfolio of €1,863 per square metre, the difference further highlighting the arbitrage possible between a rental and condominium building. In 2016, it is expected that the condominium sale process will begin in at least two further properties in Berlin."

...all very much like the experiences of Taliesin Property Fund (TPF).

jeff h
13/2/2016
06:34
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.

jonwig
09/2/2016
10:36
Are they quoting the 12/15 NAV at the then ruling FX rate? It seems not, really!

I've just checked that the closing GBP/EUR rate was 1.35724, but 2.19/160 and 2.28/1.67 convert to 1.365 or so. Maybe an intra-day rate?
Agreed, the current rate gives a small discount.

The fact that they've apparently placed all but about 3m of the shares suggests they'll have no problems with the issue.

jonwig
09/2/2016
08:55
Yes Jonwig good spot and frankly rather irritating as it suggests silly bugxers. I am assuming that the H2 dividend will be 2.7p approx.-ie they say total dividend 2.5% of NAV or 4p per share with 1.3p per share paid in H1.
They say that the shares are being issued at a premium to the 12.15 NAV yet my reading is that using today’s FX rate of .774 they are being issued at a discount –ie the E2.19 NAV becomes 169.6p and the E2.28 NAV becomes 176.6p NAV
Is that how you folks see things.??

cerrito
09/2/2016
07:51
Well spotted!
yieldsearch
09/2/2016
07:43
Issue of new shares at 168p looks a bit pricey considering it's above the current price. (NAV at 31/12/15 confirmed as 167p.)

And how do misprints such as this creep in ...

The New Shares will, when issued and fully paid, include the right to receive all dividends or other distributions made, paid or declared, if any, by reference to a record date after the date of their issue. Accordingly, the New Shares issued under the Initial Issue will be entitled to receive any dividend for the period from 1 July 2015 to 31 December 2015.

jonwig
21/1/2016
14:41
Westhouse on Taliesin;
Taliesin Property Fund (TPF) announced a revaluation of its property portfolio by the company’s property valuers, Jones Lang LaSalle. As at 31 December 2015, the value of the portfolio increased to €267.7 million versus €212 million as at 31 December 2014. It also announced that 21 of the 25 residential units in its first privatisation project had been sold. As at 31 December 2015, the company estimated an NAV of over €30 per share. We have emphasized the attractiveness of the portfolio and the fund despite the company trading at a significant premium. We continue to like Berlin residential property, despite the current market turmoil and recommend that investors buy TPF at current levels.

davebowler
14/1/2016
11:38
Jonwig yes agree
Davebowler tks for posting

yieldsearch
14/1/2016
11:16
Yieldsearch - yes, the revaluation was completed on 31/12, and I'm looking at the price action since then - clearly not a complete surprise.

Dave - so Liberum has NAV up from 219c to 228c, which is a bit below my estimate.
Cash drag, exceptional costs, EPRA adjustments?

jonwig
14/1/2016
10:29
Liberum;
Event
PSDL's portfolio valuation rose by 15% in 2015 to €283m at 31 December 2015. We calculate a like-for-like revaluation uplift of 8.3% for 2015 (H2 3.8%) after adjusting for capex and net acquisitions. We now estimate an EPRA NAV of €2.28 (172p based on current FX rate) at 31 December 2015 which represents a 3% upgrade to our original forecast. This equates to a strong NAV total return of 12% in the company's first year of listing. We believe the shares are extremely attractive given the discount to peers and future NAV growth potential from a high-quality reversionary portfolio. BUY.


more;
PSDL has announced a portfolio valuation of €282.8m at 31 December 2015 which reflects an
increase of 15.3% over the year. After adjusting for acquisitions and disposals, the increase over the
year was 10.6% (H1 5.3%, H2 5.0%). We estimate a like-for-like revaluation movement of 8.3% for
the year (H1 4.4%; H2 3.8%) after making further adjustments for capex.
The revaluation uplift is a result of a combination of factors including yield tightening, rental uplifts,
market rent improvements, lower vacancy and asset management. The fully occupied gross yield on
the portfolio has tightened by 40bps in 2015 to 5.7% (2014: 6.1%) although this is not strictly like-forlike
and part of the yield movement is due to acquisitions. The portfolio value per sqm is now €1,635
which compares to €1,523 at 30 June 2015 and the increase over the period was broadly in line with
the uplift on Deutsche Wohnen's Berlin assets (announced earlier this week).
The portfolio delivered positive capital growth across all regions and PSDL's core markets
of Nuremberg and Fürth (+14.7%) and Berlin (+12.2%) have experienced the strongest like-for-like
growth.
This report is prepared solely for the use of David Bowler
12% FY2015 NAV TR estimate
We estimate a portfolio revaluation surplus of €9.7m in H2 2015 and an EPRA NAV of €2.28 per
share (172p based on current FX rate) at 31 December 2015. This represents a 3% upgrade to our
previous forecast of €2.22 per share.
This equates to a NAV total return of 11.7% for 2015 (H1 6.3%, H2 5.0%) which is well ahead of the
company's target of 8-10% per annum over the next three years. After stripping out exceptional costs
relating to the main market listing, NAV total return for the year was c.13.5%. The excess return has
also been achieved despite PSDL having a lower gearing level than targeted (41% net LTV at June
2015 vs. 50% target).
Figure 2: 2015 NAV total return estimate
€m € Per share
EPRA NAV at 31 December 2014 143.9 2.06
EPRA NAV at 30 June 2015 153.0 2.19
Dividends paid in H1 0.00
H1 NAV total return 6.3%
H2 Adjustments
Revaluation uplift 9.7
Recurring PBT 0.9
Other adjustments -2.9
Dividends paid -1.2
EPRA NAV estimate at 31 December 2015 159.5 2.28
Dividends paid in H2 0.02
H2 NAV total return 5.0%
FY 2015 NAV total return 11.7%
Source: Liberum estimates
A discount to a rising NAV with a strong growth outlook = BUY
PSDL is currently trading on a 4.7% discount to our December 2015 EPRA NAV estimate which is
significantly wider than its closest peer (Taliesin property Fund 27% premium to June NAV) and the
average for the larger German listed residential companies (21% premium).
We believe the current share rating represents a compelling opportunity to gain exposure to a
portfolio experiencing strong growth dynamics with the outlook for future returns supported by the
high level of reversion in the portfolio and favourable demographic drivers. This is further underpinned
by the company's strong balance sheet and the manager's excellent track record and strong
alignment of interests with shareholders (c.13% owned by the property advisor). We reiterate our BUY
recommendation.

davebowler
14/1/2016
10:22
jonwig: you are suggesting leaked because of recent days price action?

I am tempted to add more, would have expected a better price reaction with such an increase in NAV

yieldsearch
14/1/2016
07:54
perhaps - I didn't look at forex, sorry.
jonwig
14/1/2016
07:49
With fx movement I would expect nav to be in 175-80 range.
langland
14/1/2016
07:21
Property revaluation results: inclrease of about 15%. Given the gearing that would come to a NAV increase of about 30%. But on a like-for-like basis, the gross increase is 10%, so 20% at the net level.

It all depends on the amount of uninvested cash, but a 20% increase in NAV is still pretty good. It also looks to have been leaked!

jonwig
04/12/2015
14:54
Bought four in Berlin, sold two in Nürnberg:



Smaller cities are best left to locals with their closer knowledge. Berlin has a more liquid market and still, I think, lots of upside potential.

Sniff of an equity fundraising any time soon? The last reported NAV (30/06,€2.19, or 156p at today's forex) suggests they have scope in the 153p - 155p range, and no need to apply pre-emption rights.

jonwig
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