Phoenix Spree Deutschland Share Discussion Threads

[nimbo1] 06/7/2018 13:00

Huge volume just went through - could clear things for a move up.

[podgyted] 04/7/2018 19:41

Jon. Thanks

[jonwig] 04/7/2018 17:51

The beneficial owner is Thames River capital:



and they seem to have acquired 'voting interests' not shares (so CFDs?). Let's call them a hedge fund. Though they have several sub-funds, I assume it's their European Fund which is interested.

[podgyted] 04/7/2018 17:41

Anyone got any comment on the BofM RNS today?

Have to admit I'm totally in the dark when an II issues one of these where the holding is indirect.

(The discount to NAV, from my research, can only increase markedly at 30 June 2018 - looks very tempting to add)

[kenmitch] 29/6/2018 09:44

Interesting article davebowler and thanks for posting it.

Have holidayed in Germany many times and been amazed at the exceptionally low house prices. e.g Lovely small town of Willingen in the Sauerland popular with Germans summer and winter (good small ski resort) but very few Brits go there, house prices even now are very low. Until recently it was possible to buy small houses and apartments there for as little as 15000 euros. That is changing now and nowhere more so than in Berlin. Hence the PSDL focus now almost entirely on Berlin.

So am a confident holder of PSDL.

Reason for the very disappointing share price performance so far this year is probably that far too generous reward scheme announced with last results. Also German property is perhaps little understood by many UK investors. But only for so long can a coiled spring be held back and next results might well get the share price moving up again.

[rimau1] 28/6/2018 22:28

I’m adding here too. Year-end Dec 2017 NAV £3.65 with a Portfolio valuation update due mid July which should take us well beyond £4 NAV. Berlin market still growing strongly, people continue to move to the cities and money is cheap so demand continues to outstrip supply. Weaker Sterling possible boost too. This will re-rate very soon with the valuation update as a discount to NAV is unwarranted given growth prospects out to 2019, remember the German residential cycle is a few years behind the UK.

[jonwig] 25/6/2018 14:37

Well, I bought some more, even though I've plenty of these.

[clausentum] 25/6/2018 10:36

I was expecting a gradual increase in share price by now, in anticipation of the 30th June 2018 revaluation being significantly higher when it is released in 4 weeks time!

[belgraviaboy] 15/6/2018 10:45

Yes - not often you can buy this at a discount to NAV.

Plus that valuation is nearly 6 months old. Last year revaluation numbers were released in July.

[jonwig] 15/6/2018 10:25

He has some issues with the balance of unquoteds in his two funds, together with high redemption levels.

Maybe bullish, as he's a busted flush in my view.

[belgraviaboy] 15/6/2018 10:20

Woodford selling down explains recent weakness.

Bullish?

[belgraviaboy] 08/6/2018 14:47

Adding here - it has got that coiling feeling

[jonwig] 09/5/2018 18:31

Does post #186 explain it?

[davebowler] 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.

[kenmitch] 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.

[skyship] 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!

[kenmitch] 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.

[clausentum] 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.

[kenmitch] 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.

[jonwig] 27/4/2018 18:27

@ AA29 - that reads convincingly - thanks.

[aa29] 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.