Phoenix Spree Deutschland Limited

6.00 (3.06%)
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 Shares Traded Last Trade
  6.00 3.06% 202.00 6,355 16:35:25
Bid Price Offer Price High Price Low Price Open Price
196.50 204.00 199.50 199.50 199.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trust 8.83 -15.81 - - 187.46
Last Trade Time Trade Type Trade Size Trade Price Currency
17:47:40 O 251 201.98 GBX

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Date Time Title Posts
20/4/202314:49;;; PHOENIX SPREE DEUTSCHLAND :::626

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Posted at 20/4/2023 14:49 by davebowler
I'll mention the Barclays problem to PSDL as I have my ISA with them too!
Posted at 17/4/2023 16:53 by cerrito
While I am reluctant to make comparisons between PSDL and Vonovia, I see that the share price of both have recuperated abit in the last few days.
I note that my online broker Barclays does not allow me to purchase more PSDL shares no doubt because PSDL have not completed some paperwork.
Anyone else having problems making on line purchases of PSDL??
I need to say Barclays are not very flexible and I would not reccomend them to anyone and indeed if I was younger would close my account with them.
At the same time I get the impression that PSDL probably do not see completing Barclays paperwork requirement as a top priority.

Posted at 08/4/2023 08:20 by carlopig1
My comments re the business model not working was forward looking. Whilst there is no formal covenant concern, pfandbrief lenders become uncomfortable when leverage gets above 50%.
Ability to raise rents in line with costs becomes harder if tenant churn slows. The gap between revenue and refi costs will increasingly hurt as we approach 2025/26.
In such an environment who knows where NAV will be never mind the share price with no dividend to support it.
Whilst I would like to think more positively the reality is German property has significant headwinds facing them in the coming years.

Posted at 07/4/2023 08:07 by spectoacc
There's two angles surely. One is to say PSDL has a NAV of 423p, and is therefore seriously undervalued. Even valuations falling another quarter from here doesn't get to current s/p, albeit NAV would fall further than 25% with gearing, and covenants do need watching.

Second angle is to say it's a £174m mkt cap co bringing in £26m/year in rent, which doesn't seem likely to change all that much. Ignore the losses being reported - non-cash valuation falls.

As to whether the PSDL business model is busted - the one that sells condos is paused, likely temporarily. The one that owns a lot of rentals and brings in decent cashflow looks largely fine.

Posted at 06/4/2023 17:08 by carlopig1
Sadly I don't agree. The move in property values post December 22 has been dramatically lower. (Deutsche Bank put out a note that resi rpoperty in GermNy can fall 25%). The PSDL NAV will be down at least 10% next time and possibly up to 25%. All the property companies have cancelled their dividends. This is all about preserving cash. It is clearly far cheaper to rent than to buy although the supply demand equation is getting worse. That said if interest rates stay at these levels or increase then the PSDL model doesn't work. Best you can hope for is a low ball bid for the company at some point but PE buyers are waiting for more pain before tabling a bid.
Posted at 03/4/2023 08:54 by spectoacc
Averaged PSDL. Not calling the bottom - look at that chart - and a lot of other possible homes for the money atm. But PSDL isn't expensive here.
Posted at 29/3/2023 09:08 by kenmitch
The bears were right. I’ve taken the loss today. Cancellation of the dividend was the key reason as unlike with the likes of EBOX there’s no income while holders wait for that share price recovery. Bearing in mind the still big discount the share price reaction seems over harsh so a good chance this is the low. But my enthusiasm for PDSL was wrong and even when the share price recovers it will be without the added bonus of big dividends available from so many if the alternatives and I would much rather invest the cash raised from the PDSL sale in those.

The buybacks were definitively a waste of money. Other REITS buying back more heavily than PDSL like SREI also wasted a lot of money on buybacks at much higher prices. If nothing else current events just might reduce the clamour for them.

Posted at 14/3/2023 10:06 by kenmitch
Below is a post I did a couple of days ago on the very good “The Commercial Property Thread,” but in case not seen there I’m posting it here too.

“I agree with SKYSHIP that EBOX looks the best of them all at present. Close behind is one rarely covered on this thread, Berlin Property REIT, PSDL. PSDL is at a 52% discount to 494p NAV.

PSDL results are due at the end of this month. NAV sure to have fallen but possibly not by much. Dividend is small which will put some off, but as long as their results update reassures, share price upside could be large.

This might interest a few, but I’ll refrain from posting my views yet again so will just give the facts and the odd question.

PSDL started their last series of buybacks in June 2021 when the discount to NAV was 17% “a level that does not reflect the track record and performance of the Portfolio.”

The share price at the start of those buybacks was 397p compared with 236p now.

When those buybacks concluded in July 2022 the share price had fallen from the near £4 at the start of them to £3.20 and that “too wide discount” had widened further.

Earlier in September 2019 “the Company has bought back 5.1% of its shares as part of a buyback strategy designed to limit the downside risk to the share price.” Share price then was 390p.

Did those expensive buybacks achieve their aim of “limiting the downside risk to the share price?”

In their interim results in September 2022 (two months after completion of buybacks) PSDL reported “€63 million has been returned to shareholders from dividends and buybacks.”


The share price has fallen 40% from £4 at the start of those buybacks, to just £2.36! Is that really “returning money to shareholders” or is it in reality a 40% loss?

Now that the share price looks really cheap and at a massive 52% discount, compared with the 17% discount PSDL were keen to narrow via buybacks, perhaps there IS a case for buying back now. But they have stopped buybacks!

I bought PSDL too soon and am 16% down. I’m looking to average down but will wait for their results just in case there’s a big fall in NAV (I think a small fall is more likely) or any shock bad news that might explain the exceptionally wide NAV discount. If no such shocks PSDL looks a stunning bargain priced buy.”

Posted at 13/2/2023 22:35 by cerrito
I guess the share price increase today followed the good election result on Sunday for the CDU but my reading of the situation is that we may well continue with the present coalition.
Too bad that as the current share price is just over half EPRA there is no financial flexibility to do buy backs. I guess we need to brace ourselves for a dividend reduction.
It seems the company will be marching on the spot. No purchases of assets and selling condominiums where they can but the figures involved likely to be small.
Sterling investors like me have had a tailwind over recent months with the revaluation of the euro against sterling but my reading of the tea leaves is that this has largely run its course.
Good that no immediate pressure from the banks and at least for now a stable shareholder base with just one change of holdings RNS since last May.
Possible that with the disconnect between the EPRA and the share price we could get taken out but my instinct is that this is unlikely.

Posted at 04/8/2022 17:40 by davebowler
1.9% like-for-like valuation growth in H1

Mkt Cap £309m | Share price 337.0p | Prem/(disc) -28.5% | Div yield 1.9%


Phoenix Spree Deutschland's portfolio value rose by 1.9% on a like-for-like basis in H1 2022 to €812.4m. The valuation uplift reflects increased market rents, improvements in the micro locations of certain portfolio assets, investments in the Brandenburg asset and completion of the condominium splitting process in one building. Based on the valuation uplift and the impact of share buybacks, we estimate EPRA NTA per share will be within a range of €5.75-5.80 at 30 June 2022, which would represent a NAV total return of c.3% for the first half of the year.

The portfolio value per sqm was €4,318 at 30 June 2022 (Dec-21: €4,225). Six of the properties have been valued as condominiums, with a total value of €33m. The gross fully occupied yield on the portfolio is unchanged at 2.8%.

Phoenix Spree Deutschland has notarised nine condominium sales in H1 2022 for a total of €3.0m. Condominium notarisations during Q2 have slowed due to the impact of increases in the cost of living, higher borrowing costs and uncertainty surrounding the crisis in Ukraine. The average price achieved was €5,291 per sqm, representing a 20% premium to book value.

During H1, PSDL bought back a further 931k shares (0.9% of share capital), for £4.0m. The average price paid represents a 24.2% discount to the December 2021 EPRA NTA. We estimate this will have added c.0.3% to EPRA NTA. At 30 June 2022, PSDL had a net LTV of 37%.

Liberum view

The first half of 2022 was another solid period for Phoenix Spree Deutschland, with condominiums notarisations achieved well ahead of book values. The current macro environment will clearly put pressure on further sales in the near-term, with the cost of living crisis and rising borrowing costs already having an impact in Q2. The company continues to buy back shares, demonstrating confidence in the underlying portfolio. Further buyback activity is likely to slow, with the board stating these will be dependent on condominium sales and non-core asset disposals rather than refinancing, given the 37% LTV. It did, however, reiterate that any proceeds over and above amounts required to fund normal working capital requirements and payment of dividends will continue to be used to buy back shares. We believe the shares are materially undervalued at a c.30% discount to our estimated NAV.

Phoenix Spree Deutschland share price data is direct from the London Stock Exchange
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