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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
  0.00 0.00% 288.00 19,470 13:23:39
Bid Price Offer Price High Price Low Price Open Price
288.00 291.00 291.00 287.50 289.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 20.39 50.74 41.36 7.0 290.0
Last Trade Time Trade Type Trade Size Trade Price Currency
13:23:35 AT 150 288.00 GBX

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Date Time Title Posts
09/7/201916:21;;; PHOENIX SPREE DEUTSCHLAND :::367

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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 288p.
Phoenix Spree Deutschland Limited has a 4 week average price of 275.50p and a 12 week average price of 275.50p.
The 1 year high share price is 390p while the 1 year low share price is currently 275.50p.
There are currently 100,751,409 shares in issue and the average daily traded volume is 72,563 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £290,164,057.92.
charlie153: i tend to agree with you although i make the yield more like 2.5% (last year's dividends totalled c6.7p) also they say 60% of the portfolio has permission to be split up and sold and i think this would be at an uplift give the rental controls should ultimately lead to increased purchase prices if rental supply decreases forcing people to buy. And even if the 40% of the portfolio left were to dramatically fall in value then you are covered by the share price discount.
davebowler: Liberum; Phoenix Spree Deutschland made its first announcement on Friday since media reports indicated that Berlin's urban development senator will put forward proposals for a five-year rent freeze in the city to the Berlin Senate. Further details of the proposals are expected in August. The board believes there are concerns regarding the constitutionality of the new rent proposals as rental legislation has always been determined under federal legislation. The board has also highlighted the flexibility within its business model and the company's track record over the past 12 years in the Berlin market which already has a number of rent controls in place. Over half of the properties in the portfolio are already split into condominiums. Liberum view At this stage, there is a limited amount the board can say until there is greater clarity on proposed rent freeze. The shares have fallen by -14.4% since the proposals first emerged and the stock now trades on a 27% discount to NAV. The share price decline is broadly in line with German-listed peers (Deutsche Wohnen -12.8%, ADO Properties -15.8%). A rent freeze would likely deter development of new rental housing in the city and would reduce supply which is the real issue. We would expect much of the existing rental stock will be converted to condominiums by landlords with existing permissions. It would bring an end to the business model operated by landlords, such as Phoenix Spree, that seeks to achieve rental growth through refurbishment and re-letting. Phoenix Spree Deutschland has the ability to adjust its business model as it already has permission to convert over 50% of the portfolio to condominiums and is in the process of seeking further approvals. The company could also seek to change its letting strategy to focus on short-term furnished letting, which would not be affected by the proposed legislation. We have illustrated a headline scenario below of the potential upside from the condominium sale process. The current market cap implies a 19.5% discount on the December 2018 portfolio value. Assuming the company can achieve sale prices in line with the level achieved in 2018, the potential upside is c.60% above the value implied by the current share rating. This makes no allowance for the time it would take to complete the disposal of a large number of units but should provide some reassurance on the optionality within the portfolio. Potential upside from condominium sales Market Cap £m 298.2m €m 334.8m Dec-18 EPRA NAV Euro 461.0m Implied discount (Euro 126.1m) Portfolio value 645.7 Implied discount as % of portfolio value -19.5% Value per sqm 3,527 Market cap implied value per sqm 2,838 Condominium sale price in 2018 4,566 Upside from condominium sale price to implied book value 60.9% Source: Liberum estimates
davebowler: Statement re. Share PricePhoenix Spree Deutschland (LSE: PSDL.LN), the UK listed real estate company specialising in Berlin residential property, provides a statement regarding new Berlin state rent proposals.The Board notes the recent weakness in the share price of Phoenix Spree, which has resulted in the shares trading at a 27% discount to EPRA Net Asset Value as at 31 December 2018. The decline in share price is in line with the listed German peer group and, the Board believes, reflects market concern following press reports of the possibility of new rent controls being proposed by the Berlin state government.Further details of the proposals are expected to emerge during August, which the Company will review carefully. To the extent that rental legislation has always been determined under Federal legislation, the Board believes there are serious concerns regarding the constitutionality of the new rent proposals and there is no certainty that these proposals will come into effect. We would expect an increasing number of legal challenges.It should be noted that there already exist a number of rent control instruments in the Berlin market and, during its 12 years of operation, the Company has adapted many times to the changing environment while still delivering positive returns to investors each year. The Board believes the Company has significant strategic flexibility to adapt its business model if required. As per the Annual Report over half of the buildings the Company holds are already split into condominiumsFurthermore, there is a significant body of evidence from other markets where stringent rent controls have been imposed which seek to limit rent levels to below that set by the market indicating that this leads to a reduction in the supply of rental properties.As previously disclosed, the Company is in the process of completing a significant refinancing which will deliver sufficient liquidity in order to take advantage of opportunities arising from this uncertainty.
jonwig: A moderately reassuring statement:
caradog: I'm out now. Annoyed with myself - I read about the political rumblings in Berlin but failed to grasp how angry ordinary Berliners are about the practices of the big landlords. Tenants are, after all, the company's customers. More than anything, I am very disappointed that the company has not made any statement to reassure shareholders about the drop in share price and the changed financial risk now facing the company. Any board that had the interests of small shareholders at heart would have made some clarification by now. I wasn't too happy about the enormous share issue and dilution. Moving on, a little poorer but a lot wiser (I hope)...
davebowler: Share price chart looks like a coiled spring.
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.
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."
Phoenix Spree Deutschland share price data is direct from the London Stock Exchange
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