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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
  4.00 1.17% 347.00 76,976 16:35:08
Bid Price Offer Price High Price Low Price Open Price
347.00 349.00 349.00 343.00 344.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 21.69 38.05 32.80 10.5 321
Last Trade Time Trade Type Trade Size Trade Price Currency
18:00:15 O 1,803 343.838 GBX

Phoenix Spree Deutschland (PSDL) Latest News (1)

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Date Time Title Posts
13/5/202216:00;;; PHOENIX SPREE DEUTSCHLAND :::561

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DateSubject
28/5/2022
09:20
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 343p.
Phoenix Spree Deutschland Limited has a 4 week average price of 332p and a 12 week average price of 332p.
The 1 year high share price is 422p while the 1 year low share price is currently 332p.
There are currently 92,465,819 shares in issue and the average daily traded volume is 70,487 shares. The market capitalisation of Phoenix Spree Deutschland Limited is £320,856,391.93.
24/4/2022
15:29
cerrito: Wondering in rather a desultory way if I should buy more at the reduced price of 360 but decided to remain with what I have. While to me not realistic to have in 2022 the same number of shares bought back as in 2021 ie 4.5m.shares, at the moment the share buy back programme is quite leisurely. There are as the company notes headwinds but I am not expecting to see much change in the NAV between December 2021 and June 2022. For me the big issue is that my online broker Barclays does not allow one to buy more and so I have to go through the hassle and expense of using my full service broker. I do not see myself as selling.
11/4/2022
18:45
davebowler: Not residential but encouraging nevertheless...hTTps://www.dailymail.co.uk/money/investing/article-10299267/MIDAS-SHARE-TIPS-UPDATE-Invest-German-growth.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
01/4/2022
16:34
davebowler: Webinar of results FY21 hTTps://numiscorp.zoom.us/rec/share/5qTgNfa0BGEAEfzf0X_ftPgkA6DJ_Z_CaglT9hDr1_9xLjtb0eZ33ncJl0v9hO4.W3b5XjpLIyCzUXE9 PSDLFY22!
30/3/2022
09:10
davebowler: Liberum; Phoenix Spree Deutschland Confident outlook Mkt Cap £361m | Share price 390.0p | Prem/(disc) -18.5% | Div yield 1.6% Event Phoenix Spree Deutschland has generated an 8.4% NAV total return in 2021. EPRA NAV was €5.65 per share at 31 December 2021 (upper end of the previously indicated range of €5.60-€5.66 per share). NAV performance has been driven by a 6.3% like-for-like revaluation gain in the period. The valuation uplift reflects increased market rents and progress in condominium splitting. The portfolio value per sqm was €4,225 at December 2021 (Jun-21: €4,075; Dec-20: €3,977). The gross fully occupied yield on the portfolio is 2.8%. Like-for-like rental growth of 3.9% for the 12 months to December 2021, maintains the company's consistent track record of uplifts. New lettings in Berlin were completed at an average 33.8% premium to passing rents. The average rent achieved on new lettings was €12.2 per sqm, representing a 4.4% increase on the prior year. Rent collection has remained robust at 97% and the EPRA vacancy rate is low at 3.1%. All of PSDL's leases had been structured to allow for the back payment of rents due for the period during which the Mietendeckel (rent freeze) was in place. PSDL has collected 95% of the back-dated rent which could be claimed from tenants. Phoenix Spree Deutschland has notarised €15.2m of condominium sales in 2021. The average price achieved was €4,988 per sqm, representing an 18.3% premium to the December 2020 book value. 75% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 10%. Legislation is likely to impact the ability of landlords to split condominiums in future. The legislation is not retrospective and should be positive for future sale prices. Net LTV has increased marginally to 34.7% (33.1% at December 2020). Liberum view Several actions by management have demonstrated confidence in the portfolio and the outlook for improved returns. This was clearly highlighted by consistent buyback activity (€18m in 2021). The company recently completed its first acquisition since the removal of the rent freeze legislation and has also restored the level of capex investment in the portfolio to pre-rent freeze levels in order to capture the reversionary upside. Despite the rent freeze legislation, the company was still able to achieve an 8-9% NAV returns during this period. The supply-demand imbalance remains acute, as evidenced by an 11.6% year-on-year increase in condominium asking prices in H2 2021, according to JLL. We believe the shares remain undervalued at an 18.5% discount to NAV, given long-term returns are underpinned by the reversionary potential across the portfolio.
11/2/2022
09:15
carlopig: They also emphasized the gap between selling condos above NAV and using proceeds to do share buybacks (alongside new debt facility) at discount to NAV. Makes sense. I specifically asked whether they thought PSD was a target for acquirers like KKR and other PE that have been looking at buying portfolios in the space. The question was totally ignored. Make your own judgement.
08/2/2022
09:40
davebowler: Liberum; Event Phoenix Spree Deutschland's portfolio value rose by 3.7% on a like-for-like basis in H2 2021 to €801.5m. The valuation uplift reflects increased market rents and progress in condominium splitting. Based on the valuation uplift, the EPRA NAV per share is expected to be within a range of €5.60-€5.66 at 31 December 2021, representing a NAV total return of 7.5-8.6% for 2021. The portfolio value per sqm was €4,225 at December 2021 (Jun-21: €4,075; Dec-20: €3,977). Eight of the properties have been valued as condominiums, with a total value of €39m. The gross fully occupied yield on the portfolio is 2.8%. Phoenix Spree Deutschland has notarised 23 condominium sales in H2 2021 for a total of €10.9m. The pace of condominium sales has picked up considerably from the first half of the year (€4.3m in H1). The average price achieved was €5,031 per sqm, representing a 19.1% premium to the December 2020 book value. 75% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 10%. Legislation is likely to impact the ability of landlords to split condominiums in future. The legislation is not retrospective and should be positive for future sale prices. The removal of the Mietendeckel has led to the resumption of uplifts on new lettings (28% uplift to passing rents on new leases in December 2021). The company achieved a rent collection rate of 97% in 2021. All of PSDL's leases had been structured to allow for the back payment of rents due for the period during which the Mietendeckel (rent freeze) was in place. PSDL has collected 95% of the €2.1m of back-dated rent which could be claimed from tenants. Liberum view The resumption of the asset management strategy to capture the significant reversionary potential across the portfolio will underpin the long-term return profile. Despite the rent freeze legislation, the company was still able to achieve an 8-9% NAV returns during this period. The risk of new legislation remains the key concern, but the company's flexible strategy and efficient capital allocation should enable it to deliver value for shareholders. The material level of buybacks demonstrates a clear belief in the value of the underlying portfolio. Transaction activity continues to highlight institutional investor demand for Berlin assets. Heimstaden acquired a €5.3bn portfolio of German residential assets (80% in Berlin) from Akelius in September 2021 at a 22% premium to book value. The supply-demand imbalance remains acute, as evidenced by a 9.7% increase in condominium asking prices in the nine months to September 2021. We believe the shares are materially undervalued at a 20.5% discount to NAV.
24/9/2021
08:59
davebowler: Liberum; Improved rental growth drives H1 performance Mkt Cap £378m | Share price 404p | Prem/(disc) -12.9% | Div yield 1.6% Event Phoenix Spree Deutschland has generated a 3.6% NAV total return in H1 2021. EPRA NAV was €5.42 per share at 30 June 2021 (31 December 2020: €5.28). NAV performance has been driven by a 2.5% like-for-like revaluation gain in the period. The valuation uplift reflects increased market rents following the removal of the rent freeze and progress in condominium splitting. The portfolio value per sqm was €4,075 at June 2021 (December 2020: €3,977). Eight of the properties have been valued as condominiums, with a total value of €43m. The valuation assumes market rents for the full period (the December valuation had assumed the rent freeze legislation was in place for five years). Like-for-like rental growth of 4.6% for the 12 months to June 2021 represents an improvement on the prior year. New lettings in Berlin were completed at an average 35.8% premium to passing rents. The gross fully occupied yield on the portfolio is 2.9%. Rent collection has remained robust at 97% and the EPRA vacancy rate has dropped to a low of 1.3%. Phoenix Spree Deutschland has notarised 13 condominium sales in H1 2021 for a total of €4.3m. The pace of condominium sales was hampered by Covid restrictions during H1. The average price achieved was €4,821 per sqm, representing a 25.4% premium to book value. The sale price represents a 15.9% premium to the average value for the Berlin portfolio. 74% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 11%. All of PSDL's leases had been structured to allow for the back payment of rents due for the period during which the Mietendeckel (rent freeze) was in place. PSDL has collected 92% of the €2.1m of back-dated rent which could be claimed from tenants. Net LTV was relatively stable at 33.7% (33.1% at December 2020). The weighted average maturity of the company's debt is now 5.3 years with an average cost of 2.0%. Liberum view The company's outlook is notably bullish and we expect continued strong performance from PSDL's portfolio over the medium term due to the ongoing supply demand imbalance. The availability of rental stock has reduced as a result of the rent freeze legislation. Despite a significant increase in rents over the last decade, Berlin rental costs remain lower than other large German cities. The company's confidence in its long-term growth prospects were demonstrated by the enhanced share buyback programme. The removal of the rent freeze legislation will enable the company to return to its highly profitable asset management strategy. The reversionary upside across the portfolio was evidenced in the 36% uplift achieved on new lettings and the company expects to increase capex spend to capture further gains. There is always the potential for new rent regulations but PSDL remains well-placed to deal with any material changes in legislation. The condominium disposal programme can be accelerated if required. The upside from condominium disposals was demonstrated in H1 and in transactions post period end. Since June, PSDL has notarised a further €3.9m of disposals at a price per sqm of €5,655, representing a 25.3% premium to book value and a 38.8% premium to to the average residential portfolio value at June 2021. At a 13% discount to NAV, PSDL represents an attractive long-term investment.
10/8/2021
23:45
cerrito: I have just seen this Jonesy100 and people more on the ball than me have I now see have known about this since last year as the first article on this appeared in November 2020. For those who cannot access the FT, here is a Bloomberg June 25 article. https://www.bloomberg.com/news/articles/2021-06-25/berlin-heads-for-vote-on-expropriating-landlords-amid-tenant-ire Interesting that Liberum did not mention this in their August 4 note...nor indeed PSDL in their portfolio update, which was a bit naughty. I note that the referendum will take place on the day of the national elections so the turnout will be big.This seems to be important if as the FT says more than a quarter of all eligible voters have to vote for it. If the referendum is passed, no doubt the legal wrangles would go on for some time. I suspect there will be a wobble in the share price in September. My problem is that my online broker-Barclays-does not allow me to buy PSDL probably because PSDL has not sent them some paperwork. PS Given that this has been in the works since last year I went to the Principal risks and uncertainties section in the AR which came out on May 7 and there was no mention of this..
04/8/2021
09:39
davebowler: Liberum; 2.5% like-for-like revaluation gain in H1 Mkt Cap £387m | Share price 408p | Prem/(disc) -8.7% | Div yield 1.6% Event Phoenix Spree Deutschland's portfolio value rose by 2.5% on a like-for-like basis to €777.7m in the six-month period to 30 June 2021. The valuation uplift reflects increased market rents following the removal of the rent freeze and progress in condominium splitting. The valuation assumes market rents for the full period (the December valuation had assumed the rent freeze legislation was in place for five years). The portfolio value per sqm was €4,075 at June 2021 (December 2020: €3,977). Eight of the properties have been valued as condominiums, with a total value of €43m. The gross fully occupied yield on the portfolio is 2.9%. Phoenix Spree Deutschland has notarised 13 condominium sales in H1 2021 for a total of €4.3m. The pace of condominium sales was hampered by Covid restrictions during H1. The average price achieved was €4,821 per sqm, representing a 25.4% premium to book value. The sale price represents a 15.9% premium to the average value for the Berlin portfolio. 74% of the Berlin portfolio has been legally split into condominiums and applications are in progress for a further 11%. All of PSDL's leases had been structured to allow for the back payment of rents due for the period during which the Mietendeckel (rent freeze) was in place. PSDL has collected 89% of the €2.1m of back-dated rent which could be claimed from tenants. Liberum view The NAV gain as a result of the valuation uplift in H1 2021 is c.3.8%. This is at the lower end of the range in recent years but we expect continued strong performance from PSDL's portfolio over the medium term due to the ongoing supply demand imbalance. The removal of the rent freeze legislation will enable the company to return to its highly profitable asset management strategy to capture the significant reversionary potential across the portfolio. The company's confidence in its long-term growth prospects were demonstrated recently by the enhanced share buyback programme. PSDL has allocated a material amount of capital to the buyback programme and this has contributed to a significantly narrower discount to NAV.
02/6/2021
09:11
davebowler: Liberum; Additional share buyback programme Mkt Cap £368m | Share price 380p | Prem/(disc) -16.9% | Div yield 1.7% Event Phoenix Spree Deutschland intends to adopt a more proactive share buyback strategy in order to address the share price discount to NAV. The company will make a material allocation of capital to the buyback programme through a combination of existing cash balances, refinancing, condominium sale proceeds and the disposal of non-core assets. The new buyback programme will take effect immediately. Liberum view The enhanced buyback programme follows the improved outlook for the Berlin market after the recent court ruling that Berlin's rent freeze was unconstitutional. The buyback programme should have a meaningful impact on the discount to NAV. We believe the company is vulnerable to a potential bid and this may have influenced the decision to take a more aggressive approach on buybacks. We expect continued strong performance from PSDL's portfolio over the medium term due to the ongoing supply demand imbalance.. We also note the latest portfolio valuation from December 2020 assumed the rent freeze would be in place for five years, offering near term NAV upside in the June 2021 interims.
Phoenix Spree Deutschland share price data is direct from the London Stock Exchange
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