olivLaw · European equity research
Phoenix Spree Deutschland Limited PSDL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Phoenix Spree Deutschland is a residential property fund whose portfolio is concentrated in Berlin and is now executing a managed realisation strategy that sells apartments individually. The company completed a refinancing in November 2025 and announced its first capital distribution, which matters for how asset value is converted into cash for shareholders.
At the close of 05 Nov 2026, Phoenix Spree Deutschland Limited (PSDL.L) stock was 1.31 GBP (+3.56% on the day), with beta 0.06, 52-week range 1.27–1.78 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 39.3
- weak (30–45)
- Bollinger (20, 2)
- 1.25 – 1.45
- in the lower half of the band · %B 0.30 · band width 15.1%
- SMA 50 / 200
- 1.44 / 1.62
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.7% | −0.6% | −8.1 pp | — |
| 3 months | −18.1% | −4.2% | −14.0 pp | — |
| 6 months | −24.8% | +4.3% | −29.2 pp | — |
| Year to date | −22.3% | +7.5% | −29.8 pp | — |
| 1 year | −20.1% | +9.9% | −30.0 pp | +5.8% |
| 3 years | −18.9% | +49.8% | −68.7 pp | +26.3% |
| 5 years | −67.4% | +42.8% | −110.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 25.9 m | 27.5 m | 28.1 m | 22.7 m |
| Revenue YoY | unavailable | +5.9% | +2.4% | −19.3% |
| Net income | -15.8 m | -98.8 m | -40.1 m | -6.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -61.0% | -359.7% | -142.6% | -28.4% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 34.0 m EUR
- Financial debt
- 252.6 m EUR
- Net debt
- 218.6 m EUR
- Equity
- 271.1 m EUR
- Total assets
- 586.5 m EUR
- Debt / equity
- 0.93x
- Current ratio
- 2.48x
- ROE
- -2.4%
- ROA
- -1.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 25.9 m | 27.5 m | 28.1 m | 22.7 m | esef· 02 Jun 2026verified |
| Gross profit | 8.8 m | 10.1 m | 12.4 m | 7.3 m | esef· 02 Jun 2026verified |
| Operating income | -36.5 m | -95.2 m | -50.0 k | -1.1 m | esef· 02 Jun 2026verified |
| Interest expense | — | — | 18.2 m | 14.9 m | esef· 02 Jun 2026verified |
| Pre-tax income | -17.5 m | -111.8 m | -39.5 m | -13.6 m | esef· 02 Jun 2026verified |
| Income tax | -1.7 m | -13.0 m | 607.0 k | -7.1 m | esef· 02 Jun 2026verified |
| Net income | -15.8 m | -98.8 m | -40.1 m | -6.5 m | esef· 02 Jun 2026verified |
| Dividend per share | 0.05 | — | — | — | esef· 11 Jun 2024verified |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 12.5 m | 11.0 m | 46.5 m | 34.0 m | esef· 02 Jun 2026verified |
| Receivables | 10.1 m | 12.8 m | 8.3 m | 7.6 m | esef· 02 Jun 2026verified |
| Current assets | 22.6 m | 23.8 m | 54.8 m | 41.6 m | esef· 02 Jun 2026verified |
| Property, plant & equipment, net | 12.0 k | 11.0 k | 9.0 k | 101.0 k | esef· 02 Jun 2026verified |
| Total assets | 815.3 m | 709.0 m | 612.5 m | 586.5 m | esef· 02 Jun 2026verified |
| Accounts payable | 15.1 m | 12.0 m | 11.7 m | 16.3 m | esef· 02 Jun 2026verified |
| Short-term debt | 820.0 k | 1.4 m | 407.0 k | 302.0 k | esef· 02 Jun 2026verified |
| Long-term debt | 311.3 m | 319.8 m | 267.5 m | 252.3 m | esef· 02 Jun 2026verified |
| Current liabilities | 16.8 m | 14.3 m | 13.7 m | 16.7 m | esef· 02 Jun 2026verified |
| Total liabilities | 398.9 m | 391.4 m | 335.0 m | 315.4 m | esef· 02 Jun 2026verified |
| Equity | 416.4 m | 317.6 m | 277.5 m | 271.1 m | esef· 02 Jun 2026verified |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 1.7 m | 6.8 m | 10.3 m | 3.4 m | esef· 02 Jun 2026verified |
| Investing cash flow | -8.2 m | -7.7 m | 45.1 m | 11.9 m | esef· 02 Jun 2026verified |
| Financing cash flow | 8.5 m | -606.0 k | -19.9 m | -27.8 m | esef· 02 Jun 2026verified |
| Dividends paid | 6.9 m | 0 | — | — | esef· 11 Jun 2024verified |
| Share repurchases | 4.2 m | 0 | — | — | esef· 11 Jun 2024verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.70 – 0.96 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)0.70 – 0.96 (Mid 0.81)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.2% | 17 (vs peers) | 29% |
| Net margin · Quality | -28.4% | 17 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.4% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.1x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PHOENIX SPREE DEUTSCHLAND LIMITED (PSDL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 22.7 m EUR in 2025; YoY growth -19.3%; net margin -28.4%; ROE -2.4%.
The estimated value range is 0.70–0.96 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.5x
What contradicts it
- ROIC: -0.2%
- Net margin: -28.4%
- Revenue CAGR 3Y: -4.4%
- Interest coverage: -0.1x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for PSDL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Phoenix Spree Deutschland is a residential property fund whose portfolio is concentrated in Berlin and is now executing a managed realisation strategy that sells apartments individually. The company completed a refinancing in November 2025 and announced its first capital distribution, which matters for how asset value is converted into cash for shareholders 1.
SWOT
Strengths
- A Berlin-focused portfolio with a high share of assets already legally divided into individual units, giving an availability advantage for sale.
- A refinanced capital structure with a single long-dated, interest-only facility that removes earlier restrictions on sales.
- A clear shareholder mandate for the realisation strategy and the compulsory redemption mechanism.
Weaknesses
- Execution costs were high in 2025, partly due to non-recurring items linked to transactions and refinancing.
- Dependence on the pace of individual apartment sales makes cash flows and amounts returned to shareholders variable and hard to predict.
- Interest rate exposure remains significant, although most debt is hedged.
Opportunities
- The gap between individual sale prices and PRS valuations could support better realisation values if the market remains stable.
- A smaller cost base as the portfolio contracts could improve cash generation.
- Periodic capital distributions, if covered by sales proceeds, could strengthen shareholder confidence.
Threats
- Berlin rent and conversion regulation could slow sales or raise compliance costs.
- Interest rate changes and geopolitical tensions could affect market sentiment and transaction timing.
- A fall in property values could reduce the realisable value of remaining assets.
Risks
- Sales pacehigh
Value realisation depends on individual apartment sales, and delays in notarisation or cash receipt could postpone capital returns.
- Berlin regulationhigh
Rent caps, the conversion regulation and property tax reform could limit or complicate the sales process.
- Cost of debtmedium
Although most debt is hedged, remaining exposure and rate increases could reduce margins and distribution capacity.
- Property valuationsmedium
A reversal of the recent stabilisation in Berlin values could reduce valuations and realisation outcomes.
- Dependence on the Property Advisorlow
Execution is run by the Property Advisor QSix, and higher operational pressure could affect the quality and pace of delivery.
Investment thesis
What would need to be true (bull case)
- If individual sales keep achieving prices above PRS valuations, realised value could exceed estimates based on book values 1.
- The long-dated refinancing and removal of distribution restrictions could allow regular capital returns from net proceeds 1.
- A reduced cost base and stabilising Berlin values could improve cash generation as the programme advances 1.
What would break the thesis
- If sales pace slows or regulation tightens, value realisation and distributions could be delayed or reduced.
- Execution costs and non-recurring expenses seen in 2025 could recur in other forms if the portfolio contracts more slowly than expected.
- Remaining interest rate exposure and pressure on property markets could reduce net asset value for shareholders.
What to watch
- Annual results and the size of the next capital distribution2026
- Volume and prices of condominium notarisations by tranche2026
- Trend in operating costs and the expense basenext 10-K
- Development of Berlin rental regulation and its effect on sales2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The 2025 strategy moved from approval to execution, with individual condominium sales as the central mechanism, which the company says achieve higher prices than valuations for the private rented sector (PRS) 1. Condominium sales were organised in four tranches, and the company approved a pro rata Compulsory Redemption Facility for returning capital 1. Management said no redemption targets have been set and amounts will depend on actual sales and cash availability 1.
The capital structure was simplified by the November 2025 refinancing, which placed all borrowings into a single long-dated, interest-only facility 1. Gross borrowings at 31 December 2025 were €256.0 million and net LTV was 41.0% 1. The blended interest rate was 4.17%, and at least 80% of debt is hedged against interest rate movements 1.
Segments
Market context
Management describes Berlin residential pricing as showing a persistent gap between prices from individual condominium sales and valuations of PRS portfolios sold to institutional investors 1. Recent limits on new condominium splitting have constrained supply of already divided stock, which the company says supports the portfolio's long-term value potential 1. Geopolitical tensions and conflicts in the Middle East and Ukraine are cited as factors that could influence market sentiment and transaction timing 1.
The Berlin regulatory framework remains a key factor, with the extension of the rent cap, renewal of the conversion regulation and property tax reform during 2025 1. The company states it fully observes tenant rights of first refusal, but regulatory changes could alter the pace of sales 1.
Trends
- Stabilising Berlin valuationstailwind
Management reports a like-for-like increase in total portfolio value in 2025, the second full-year increase since 2022, which could indicate stabilisation in the Berlin residential market 1. This supports, according to the company, the values achievable on asset realisation.
- Refinancing and cost of debtmixed
The November 2025 refinancing removed near-term refinancing risk and restrictions on sales and distributions, but the average blended rate of 4.17% and remaining rate exposure stay relevant 1.
- Berlin rental regulationheadwind
Extension of the rent cap, renewal of the conversion regulation and property tax reform could limit the pace of apartment sales and raise compliance costs if applied in their current form 1.
- Execution costs and one-off itemstailwind
Expenses in 2025 included non-recurring items linked to shareholder approvals, refinancing and accelerated sales, and management expects the cost base to decline as the portfolio contracts 1.
Competitive position
The analysed sources do not explicitly name listed direct competitors. The company is implicitly compared with other Berlin residential investors and with institutional buyers of PRS portfolios, which the sources cite as the reference market for the pricing gap 1. The high share of already divided assets is presented as a relative advantage 1.
- Institutional investors in Berlin PRS residential portfolios
Cited in the source as the comparison market for bulk portfolio sale prices, not as identified entities.
- Individual apartment buyers in Berlin
The demand segment that sets the higher prices the company attributes to individual sales.
- Other owners of Altbau buildings in Berlin
Indirect competitors for the older divided stock whose limited supply supports the portfolio's value.
- Brokers and residential sales firms
Partners expanded from three to five firms to support sales volumes.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202502 Jun 2026
- Annual report 202311 Jun 2024
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Phoenix Spree Deutschland Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.