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Phoenix Spree Deutschland (LSE: PSDL)

Last close As at 21/11/2024

GBP1.75

▲ 1.25 (0.72%)

Market capitalisation

GBP161m

Phoenix Spree Deutschland (PSD) is a long-term investor in mid-market residential property in Berlin, targeting reliable income and capital growth. Its core strategy is to acquire unmodernised apartment blocks that may be improved to the benefit of tenants, generating attractive returns for shareholders.

Demographic trends in the Berlin market remain positive, providing continuing support for the rental market. Rising interest rates, inflation and economic uncertainty are depressing private buyer and institutional investment demand, and continue to weigh on capital values.

Latest Insights

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Real Estate | Outlook

Phoenix Spree Deutschland — Accelerating the unlocking of value

Real Estate | Update

Phoenix Spree Deutschland — One city but two tales

Real Estate | Update

Phoenix Spree Deutschland — To buy or to rent?

Real Estate | Update

Phoenix Spree Deutschland — Stress-testing the challenges
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Richard Collins

    COO

  • Stuart Young

    Partner, head of public markets

Balance Sheet

Forecast net debt (€m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.0) 9.9 6.5
Relative 2.5 12.6 (1.4)
52 week high/low 182.5p/124.5p

Financials

Phoenix’s (PSD’s) H124 results contrast the strength of the Berlin private rental sector with the subdued investment market, which continued to weigh on property valuations. H124 new lettings were at an average 31% premium to previous passing rents, while EPRA vacancy reached an all-time low of 1.4%. Property valuations continued to weaken, but at a slower rate (-3.3% like-for-like vs 5.3% in H223) and are now almost 20% below the mid-2022 peak. Condominium sales are recovering with aggregate H124 notarisations of €5.3m (H123: €2.0m) at a 23% premium to portfolio book value. Agreed changes to PSD’s financing arrangements pave the way for a significant increase in the sale of condominiums (78% of total portfolio) subject to completion of the sale of a 16-building rental portfolio and debt reduction.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2022A 15.7 (36.5) (17.5) (16.8) N/A 114.7
2023A 15.9 (95.2) (111.8) (106.8) N/A 28.2
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A