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
  -5.00p -1.40% 351.00p 190,319 16:29:20
Bid Price Offer Price High Price Low Price Open Price
351.00p 352.50p 356.00p 347.00p 356.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 20.39 50.74 41.36 8.7 353.6

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Date Time Title Posts
14/5/201913:11;;; PHOENIX SPREE DEUTSCHLAND :::312

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Phoenix Spree Deutschland (PSDL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2019-05-22 15:38:52351.0010,00035,100.00O
2019-05-22 15:35:25351.009,83234,510.32UT
2019-05-22 15:29:20351.002794.77AT
2019-05-22 15:28:04352.0027.04AT
2019-05-22 15:26:52351.003931,379.43AT
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Phoenix Spree Deutschland Daily Update: Phoenix Spree Deutschland Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker PSDL. The last closing price for Phoenix Spree Deutschland was 356p.
Phoenix Spree Deutschland Limited has a 4 week average price of 347p and a 12 week average price of 347p.
The 1 year high share price is 390p while the 1 year low share price is currently 329p.
There are currently 100,751,409 shares in issue and the average daily traded volume is 90,174 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £353,637,445.59.
davebowler: Share price chart looks like a coiled spring.
kenmitch: 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: Update should be in second week of this month. So since this is the 1st presumably next week. Whatever not long to wait and it will be a real surprise if valuation update disappoints. Good chance Woodford had to reduce because of heavy selling of his funds after very disappointing performance and (surprisingly in view of his experience) beginners mistakes like avergaging down very big on shares he had already got wrong. So his selling most of his PSDL probably means little, and aside from hitting the share price is not a negative. In fact it has given (and it's still there!) the opportunity to buy at a depressed price.
kenmitch: 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.
kenmitch: 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.
aa29: 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.
kenmitch: 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."
jonwig: Duly arrived today: NAV growth in line with Liberum's March estimate. Share price premium about 2%. A bit stingy!
jonwig: It's based on premium to last stated NAV. The relevant passage: The share price today of 290p translates into €3.27, suggesting shares are trading at a premium to net asset value of around 18pc. That sounds very far from bargain territory. However, the underlying value of Phoenix Spree's portfolio is growing staggeringly fast: it registered growth of 49.5pc during 2016, its first full year listed on the main London market. Previous years' growth were 16pc (2015) and 5pc (2014). If growth in 2017 has continued at its breakneck 2016 rate, today's share price - which looks rich on the €2.73 valuation - would in fact represent a discount. There is another, better-known, London-listed company investing in German residential property: the £187m Taliesin Property Fund. This gives us some benchmark of value. Its latest NAV figure - again from the end of December 2016 - is some 10pc below the estimated NAV, according to data provided by broker Hargreaves Lansdown. On the latest estimated NAV, Taliesin currently trades at a pc premium. On its December 2016 NAV, Taliesin is on a premium of 20pc. This comparison suggests Phoenix is cheaper - irrespective of any growth since the latest official valuation.
davebowler: BUY Target price 254p | Published price 243p | *Corporate Client of Liberum Phoenix Spree Deutschland's (Phoenix Spree) portfolio valuation rose by 49.9% to €423.8m at 31 December 2016. We calculate a like-for-like revaluation uplift for FY2016 of c.17%, after adjusting for capex and net acquisitions. We now estimate an EPRA NAV of €2.66 per share (230p based on the current FX rate) at 31 December 2016. We believe that the company continues to offer compelling value at the now c.5.7% premium, given the performance to date and potential for further NAV growth from a highly reversionary portfolio. BUY Berlin assets continue to drive growth Phoenix Spree has announced a portfolio valuation of €423.8m as at 31 December 2016 (FY2015: €282.8m). This reflects a headline increase of 49.9% over the year. After making adjustments for acquisitions and disposals, the like-for-like increase was 19.4% (FY2015: 10.7%) and after adjusting for capex we estimate a like-for-like revaluation gain of 17.3% (FY2015: 8.3%). The valuation uplift has been driven by yield movements, rental increases, the impact of property upgrades and the €87m net impact of acquisitions, disposals and condominium sales. The portfolio value per sqm is now €1,965 compared to €1,755 in June 2016 and €1,635 at 31 December 2015. The gross initial rental yield is now 4.8% compared to 5.7% at the end of December last year. All geographical regions experienced significant valuation gains over the year, particularly Berlin which gained 24.3% on a like-for-like basis. The Berlin property market has continued to perform strongly, with a transaction volume of €13.7bn for the year, of which €6.3bn arose in Q4 2016. Nuremberg and Fürth and Central and North Germany increased by 12% and 10.4% respectively. 18.5% FY2016 NAV TR estimate We now estimate an EPRA NAV of €2.66 per share (230p based on the current FX rate), representing a 6% upgrade to our forecast of €2.51 made following the publication of the June 2016 interim results. This equates to an estimated NAV total return for 2016 of 18.5%, well in excess of the company's 8-10% per annum target over the next three years. Transactional activity to drive further growth During the year Phoenix Spree completed c.€74m worth of acquisitions- four properties in Berlin, announced in October and a package of eight properties in Berlin, comprising 486 residential and 23 commercial units. In Q4 2016 the company notarised the acquisition of a further three property packages in Berlin, consisting of 102 residential and 9 commercial units, for an aggregate purchase price of €19.9m or €2,089 per sqm. The acquisitions are expected to complete in early 2017 and add c.4.2% to rental income. Additionally, the sale of a non-core mixed use property was also notarised before the end of the year; the sale proceeds of €3.8m reflect a 18.8% premium to the 30 June book value. 22 condominium sales were completed or notarised during the year for an aggregate value of €5.7m at an average price per sqm of €3,762. The company estimates a portfolio value of €437.4m as of 18 January 2017, which includes the aforementioned notarised but not completed transactions. In order to fund these acquisitions and manage its balance sheet, the company has committed or drawn a total of €103.5m of new debt in during H2 2016. This consists of €59.1m that has been successfully refinanced, new loans totalling €19.9m and €20.2m of equity released from the portfolio of the agreed €22.3m. In the past 24 month 98% of the Phoenix Spree's existing debt; since June 2016 the average loan maturity has been extended from 5.5 years to 7 years. Valuation Phoenix Spree now trades on a 5.7% premium to our estimated December EPRA NAV, with the share price up over 20% over the course of H2 2016. Phoenix Spree's closest listed peer, Taliesin Property Fund, trades at a premium of 18.7% to its last published EPRA NAV, while the average premium for the larger listed German residential companies is now 13%. The premium rating reflects the attractiveness of the investment opportunity given the beneficial structural forces in the Berlin residential property market and the management's success in realising portfolio upside. However, we believe that the opportunity remains compelling with the outlook for future returns supported by a highly reversionary portfolio and favourable demographic drivers. Rising rents are a result of constrained supply and residential values are still below replacement cost (which is rising on the back of increasing land costs). This is in addition to the management's excellent track record and strong alignment of interests with shareholders. At these levels we believe that Phoenix Spree offers considerable value given the potential for NAV growth. Our forecasts assume only 25bps yield compression over the period to December 2018 and transactional evidence would suggest these numbers are conservative. Every additional 25bps of yield compression would add c.6% to our NAV forecasts.
Phoenix Spree Deutschland share price data is direct from the London Stock Exchange
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