Share Name Share Symbol Market Type Share ISIN Share Description
Taliesin Pty LSE:TPF London Ordinary Share JE00B3B3WB31 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 3,970.00p 3,925.00p 4,015.00p 3,970.00p 3,970.00p 3,970.00p 30 07:57:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 11.3 35.8 555.7 6.9 202.47

Taliesin Pty Share Discussion Threads

Showing 51 to 73 of 75 messages
Chat Pages: 3  2  1
DateSubjectAuthorDiscuss
11/8/2017
11:01
Posted By DaveBowler on the PSDL thread today - but obviously relates also to Taliesin: Liberum; Phoenix Spree Deutschland (Mkt Cap £275m) Positive read-across from Deutsche Wohnen's H1 results Event Deutsche Wohnen has reported positive results for the period to June 2017. Deutsche Wohnen is a German residential property company with a €17 billion portfolio of which 77% (115,492 units) is located in Berlin. Highlights of today's interim results include: 5.6% revaluation uplift for the overall portfolio in H1 2017 including an 8.3% increase in the average value per sqm of the Berlin assets. Like-for-like rental growth of 3.6% in 12 months to June 2017. Management have increased guidance for rental growth in 2017 to 5% (previously 3.5%) partly due to higher than anticipated growth in the Berlin rent table (Mietspiegel). . New letting rents have grown much faster than regulated in-place rents which has significantly increased the rent potential. Deutsche Wohnen has also highlighted the widening spread between in-place and market-rent multiples which suggests further potential for NAV growth. New letting rents continue to outpace growth for in-place rents. Liberum view Deutsche Wohnen's results illustrate several trends that are occurring in the Berlin residential market as the supply demand imbalance has widened. There is no sign of a reversal as new construction remains relatively low partly as a result of asset values being below replacement cost. Completions are approximately 50% of the required 20,000 units pa. Phoenix Spree trades on a 1.3% premium to our estimate of the June 2017 NAV and we regard it as attractive given the favourable fundamentals and prospect of long-term NAV growth.
grabster
04/7/2017
08:32
still a discount to value realised on sale no doubt...
edwardt
04/7/2017
07:51
TPF up to 3070 Euros psf
belgraviaboy
03/7/2017
11:47
suspect it is differing neighbourhoods and marks those with more sitting tenants. I do think tpd is a better vintage and certainly is better placed in terms of a sale...
edwardt
30/6/2017
17:33
Good point about 2700 v 1950 psf valuation discrepancy, but I note they are both valued by the same agent, so possibly the tpf properties are of a slightly higher quality and justify higher psf valuation.
riverman77
30/6/2017
16:52
As an aside - I hold an equal weighting of both
belgraviaboy
30/6/2017
16:51
One thing to look at is the how the NAV has been calculated. On a quick scan it looks like TPF is valued at 2,700 euros psf, where as PSDL is 1,950. Obviously not comparing exactly the same things etc. but it may explain why PSDL 'appears' more expensive relative to NAV.
belgraviaboy
29/6/2017
22:52
I have switched to tpf - I still like psdl but the gap between them doesn't seem justified. Also, reading more closely through the annual reports, tpf appears to have more of a clear intent to eventually privatise all the properties (which seems to be where the big nav uplifts arise) with permissions in place for 85%, whereas psdl suggests this will be done more selectively. So potentially tpf could be holding a more attractive portfolio of properties, although hard to be sure.
riverman77
29/6/2017
16:32
i would suspect that is a good move but I am biased being long tpf!
edwardt
23/6/2017
23:26
Liberum wrote PSDL was on a 2% premium and TPF on 16% premium in April. Since that time PSDL has risen nearly 25% and TPF is more or less the same. I can't see any reason for the NAV of PSDL to have risen much more than TFP in the last 2 months, IMO that implies that TPF is now better value on a NAV comparison, and I have topped up my holding in TPF rather than more PSDL shares. I am still confident that property in the large German cities is a good long term investment.
tidcombe
20/6/2017
16:14
phoenix spree has left this behind of late. anyone know why??
edwardt
27/4/2017
10:07
Liberum; re. Phoenix Spree Deutschland (Mkt Cap £218m) 22% NAV return in 2016 Event Phoenix Spree has generated a 22.3% NAV total return in 2016 with the EPRA NAV at 31 December 2016 of €2.73 per share. NAV performance has been driven by a strong letting performance and yield shift across the portfolio. As previously announced, the portfolio valuation at 31 December 2016 was €423.8m which reflects a like-for-like increase of 19% over the year. This compares to a figure of 8.1% (our calculation) in 2015. Berlin was the strongest performing region in the portfolio with an uplift of 24% followed by Nuremberg and Furth (+12%) and Central and North Germany (+10%). The fully occupied gross yield on the portfolio has tightened by c.90bps in 2016 to 4.8% (2015: 5.7%) although this is not strictly like-for-like, as part of the yield movement is due to acquisitions. The portfolio value per sqm is now €1,965 (€2,320 in Berlin) which remains well below replacement cost. Rent per sqm rose by 5.3% across the portfolio on a like-for-like basis (Berlin +6.1%, Nuremberg and Furth +7.5% and Central and North Germany +4.4%). New lettings were signed at an average premium of 30.6% to passing rents and 36.8% in Berlin. Portfolio vacancy is at an all-time low of 2.6% after adjusting for units undergoing refurbishment. The company has increased the focus on the high-growth Berlin market through acquisitions and a recent €35m disposal of the Nuremberg and Furth assets at an 11% premium to NAV. Berlin now accounts for 82% of the portfolio. €78m of new assets were agreed at an average value of €1,888 per sqm. The assets acquired during 2016 have been revalued upwards by 15% at December, more than offsetting the transaction costs. The average price achieved on condominium sales was €3,874 per sqm (67% ahead of current Berlin portfolio value). Net LTV at 31 December 2016 was 39.4% (2015: 42.8%) and this should increase slightly as new acquisitions are likely to be funded with debt. The company has also announced a final dividend of €0.043 per share (3.7p). Total declared dividends for the year are €0.063 (5.3p) which is 9% ahead of last year. Liberum view This is another excellent set of results from Phoenix Spree with the company's NAV coming in 9% ahead of our forecasts at the time of the interim results in September. The company's strategy of avoiding portfolio transactions and acquiring assets on a piecemeal basis is paying off given the attractive purchase price that has been achieved. The success of condominium sales at Boxhagenerstrasse is evidence of this with initial sales achieving €4,110 per sqm (59% ahead of July 2015 acquisition price). The average price of the portfolio remains well below estimates of replacement cost. The company's Berlin assets are valued at €2,320 per sqm which is c.27% below replacement cost of €3,200 per sqm (including land). Replacement cost is being driven up by rising construction costs and scarcity of land. The market for single apartments (condominiums) remains very strong which is helping to drive demand for multi-family apartment blocks. Phoenix Spree trades on a 2% premium to NAV compared to 16% for Taliesin and 8% for the listed German property companies. We believe that the opportunity remains compelling with the outlook for future returns supported by a highly reversionary portfolio and favourable demographic drivers.
davebowler
12/4/2017
10:08
anyone done any work on potential uplift if portfolio moves totally into realisation mode? I know simplistic but given 40% ltv and difference between 2700sym and 4000sqm as evidenced by small sales, my simple maths gives circa 90% return to equity. obviously not likely to happen over night but does show in this instance why the 11% premium to nav is possibly justified imo.... thoughts welcome. only problem is the chunky performance fee that will knock probably 20% off this but I for one will not begrudge them this if it does happen over the next 3 or 4 years...
edwardt
11/4/2017
17:23
indeed. premium to nav is therefore spurious imo.
edwardt
11/4/2017
14:00
Thanks dave. With more residential sales having being made and with more in the pipeline another capital return quite likely I would have thought.
jeff h
11/4/2017
09:58
Liberum re Taliesin -see last sentence; Taliesin Property Fund (Mkt Cap £189m) 25% NAV return underlines strength of Berlin residential market Event Taliesin Property Fund's generated a NAV return of 25% in 2016. The key driver of returns was a 16.6% like-for-like portfolio valuation increase in the year. The average value per sqm of the portfolio is now €2,700 per sqm (20.5% above December 2015). The valuation uplift reflects a combination of tightening yields, rental growth (+4.4% in 2016) and the privatisation potential of the portfolio. The company's first privatisation project completed in the year achieving average prices of €3,750 per sqm. Recent sale prices on the company's second privatisation project were in excess of €4,000 per sqm. €34m of debt was refinanced during 2016 at significantly lower interest rates and the company expects to refinance a similar level of debt in 2017. The proceeds from the asset sales and debt refinancing enabled a capital return to shareholders of €2 per share. Taliesin's LTV at 31 December 2016 was 42.2% (2015: 45.9%). Liberum view Taliesin's positive results were achieved on the back of a strong portfolio uplift and we believe there is further growth to come in the Berlin residential market. This is supported by market dynamics with new construction unable to keep pace with population growth. Berlin's population has risen by 8% over the past 10 years and is conservatively forecast to rise by another 7.5% by 2030. Completions are approximately 50% of the required 20,000 units pa. Residential values are still below replacement cost (which is rising on the back of increasing land costs). Taliesin trades on an 11.9% premium to NAV compared to 2.3% for Phoenix Spree Deutschland. Phoenix Spree is our favoured play in this space given the current share rating and the valuation of their respective portfolios. We estimate Phoenix Spree's Berlin assets are valued at c.€2,400 per sqm compared to €2,700 per sqm for Taliesin
davebowler
13/1/2017
13:03
All sounds good:- http://www.investegate.co.uk/taliesin-prop-fd-ltd--tpf-/rns/property-portfolio-valuation-and-estimated-nav/201701131243521579U/
jeff h
12/8/2016
09:35
Liberum; Positive read-across from Taliesin and Deutsche Wohnen Event Taliesin Property Fund and Deutsche Wohnen have both released positive results for the period to June 2016. As a reminder, Taliesin is Phoenix Spree's closest peer and Deutsche Wohnen is a €10bn market cap German residential property company with 73% of its assets in Berlin. Taliesin's EPRA NAV rose 11.7% to €34.73 per share following a 9.5% increase in its portfolio value in H1 2016 after adjusting for disposals in the period. The portfolio value at 30 June 2016 was €289.2m with an average value per sqm of €2,440 (December 2015: €2,240 per sqm). Highlights of Deutsche Wohnen's interim results included a 9% increase in EPRA NAV. Other key takeaways include: The company's Berlin assets rose by 7% on a price per sqm basis to €1,457. The Berlin portfolio is now valued at a 20.3x multiple of in-place rents (4.9% yield) which represents a c.30bps yield shift over the half-year (December 2015: 19.2x or 5.2% yield). The current value per sqm of the portfolio represents only c.50% of replacement costs which are steadily rising. At current levels of construction cost, the only profitable new developments are in the higher end of the market and for privatisation. Like-for like rental growth of 4.6% for the Berlin assets in the 12 months to June 2016 which is the best-performing region in the portfolio. Significant upside potential remains with market rents 23% above in-place rents. Shortage of residential supply expected to continue until shortfall of 170,000 units expected until 2020. Liberum view Taliesin and Deutsche Wohnen have reported strong results for H1 2016 with both companies reporting the continuation of a number of positive trends which have been driving the Berlin residential market. Berlin's economy continues to perform well with employment rising by a further 2.7% (double the overall rate in Germany). The majority of portfolios offer huge reversionary potential following a significant increase in market rents as a result of constrained housing supply which is running well below demand levels We expect Phoenix Spree will also report strong numbers for the period to June 2016 given the quality of its portfolio and there is potential for the company to materially outperform our 10% NAV total return forecast for FY2016. The average carrying value of Phoenix Spree's portfolio at December 2015 was €1,979 per sqm (12% below Taliesin's equivalent figure for the period). We believe Taliesin has reflected more of the portfolio privatisation potential in its valuation than Phoenix Spree. We believe the Berlin residential market offers one of the most compelling long-term investment propositions in combination with downside protection provided by current values (versus replacement cost). If we conservatively assume a 5% NAV growth rate for Phoenix Spree in H1 2016, the shares would trade on a 4.5% discount to NAV compared to a 1% discount for Taliesin and a 40% premium for the larger German-listed residential companies.
davebowler
11/8/2016
15:12
A nice set of Interims and a nice Return of Capital as well.
jeff h
20/7/2016
09:58
Liberum; Taliesin Property Fund 9.5% valuation increase in H1 2016 Event Taliesin Property Fund has reported a 9.5% increase in its portfolio value for H1 2016 after adjusting for disposals in the period. The portfolio value at 30 June 2016 was €289.2m and the average value per sqm was €2,440 (December 2015: €2,240 per sqm). Liberum view Taliesin's Berlin-focused portfolio is benefiting from a number of trends in the residential market which should continue to drive further gains over the medium-term. Residential values are still below replacement cost (which is rising on the back of increasing land costs) and the majority of portfolios offer reversionary potential following a significant increase in market rents as a result of constrained housing supply which is running well below demand levels. We believe the Berlin residential market offers one of the most compelling long-term investment propositions and our favoured play in this sector is Phoenix Spree Deutschland. The average carrying value of Phoenix Spree's portfolio at December 2015 was €1,979 per sqm (12% below Taliesin's equivalent figure for the period) and we believe the company will comfortably exceed our 10% NAV total return forecast for the year. Furthermore, Phoenix Spree has a more shareholder-friendly fee structure with an 8% performance fee hurdle compared to a hurdle of Euribor plus 1% for Taliesin. Phoenix Spree trades on a 4.0% premium to NAV compared to a 11.8% premium for Taliesin and a 30% premium for the larger German-listed residential companies.
davebowler
11/7/2016
10:17
Liberum on PSDL; Phoenix Spree currently trades in line with NAV which is significantly wider than its closest peer (Taliesin property Fund 11.8% premium to June NAV) and the average for the larger German listed residential companies (26.3% premium). We believe the current share rating represents a compelling opportunity to gain exposure to a portfolio experiencing strong growth dynamics with the outlook for future returns supported by the high level of reversion in the portfolio and favourable demographic drivers.
davebowler
03/6/2016
11:17
HTtp://www.taliesinberlin.com/media/images/AnnRep_2015.pdf
davebowler
29/4/2016
09:47
Liberum- Phoenix Spree Deutschland (BUY) Impressive 2015 results Event Phoenix Spree generated a NAV total return of 12% in 2015. This growth was underpinned by an 8% (our calculation) like-for-like revaluation uplift in the portfolio with the key drivers of value creation (rental growth, yield shift and asset management initiatives) all contributing to the increase. The portfolio valuation of €282.8m at 31 December 2015 reflects an increase of 15.3% over the year. After adjusting for acquisitions and disposals, the increase over the year was 10.6%. We estimate a like-for-like revaluation movement of 8.1% for the year after making further adjustments for capex and a total like-for-like revaluation increase of 45% since 2010. The fully occupied gross yield on the portfolio has tightened by 40bps in 2015 to 5.7% (2014: 6.1%) although this is not strictly like-for-like and part of the yield movement is due to acquisitions. The portfolio value per sqm is now €1,635 (€1,979 in Berlin) which is well below replacement cost. Like-for-like rental growth of 4.8% was driven by an excellent year for new lettings. New leases were signed at an average 21.2% premium to in-place rents. New lettings achieved an average of €8.9 per sqm (9.8% above 2014’s lettings). Nuremberg and Furth experienced the strongest growth in rent per sqm (+8.9%) followed by Berlin (+6.5%). In Berlin, the typical value per sqm of apartment blocks lags the price of apartments that have been split up and sold as single apartments. Phoenix Spree launched its first condominium sales project in 2015 to capitalise on this arbitrage opportunity. The first phase completed with 20 units sold generating an aggregate sales value of €4.9m which represented an average value per sqm of €3,912 (compared to the carrying value of the Berlin portfolio of €1,979 per sqm at 31 December 2015). The balance sheet is in a strong position (net LTV of 42.8% at 31 December 2015) and is well-placed to fund future acquisitions following the £38m placing in early 2016. Liberum view Phoenix Spree is currently trading on a 1.3% premium to the December 2015 NAV which is still significantly lower than its closest peer (Taliesin Property Fund 16.4% premium to December NAV) and the average for the larger German listed residential companies (18% premium). Furthermore, the average carrying value of Phoenix Spree's Berlin portfolio of €1,979 per sqm is 12% below Taliesin's carrying value. We believe the current share rating represents a compelling opportunity to gain exposure to a portfolio experiencing strong growth dynamics with the outlook for future returns supported by the high level of reversion in the portfolio and favourable demographic drivers. This is further underpinned by carrying values which are c.25% below replacement cost. We reiterate our BUY recommendation.
davebowler
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