Phoenix Spree Deutschland Limited Initiation of Coverage by Edison Inv. Research (1155I)
09 Dicembre 2020 - 4:55PM
UK Regulatory
TIDMPSDL
RNS Number : 1155I
Phoenix Spree Deutschland Limited
09 December 2020
09 December 2020
Phoenix Spree Deutschland Limited
("PSD" or the "Company")
Initiation of Coverage by Edison Investment Research
Phoenix Spree Deutschland Limited (LSE: PSDL.LN), the UK listed
investment company specialising in Berlin residential real estate,
announces that equity research company, Edison, has initiated
coverage on the Company.
Edison has been engaged to produce regular, in-depth research on
the Company. The intention is to raise the visibility of the
Company and enable investors to develop an improved understanding
of the business. Edison's research is read on a free-to-access
basis by individuals and institutions across the globe. A full copy
of the
research will shortly be made available on the Company website and c an be accessed at:
https://www.edisongroup.com/publication/rent-cap-decision-will-determine-strategy/28399/
Edison Writes : "Phoenix Spree Deutschland (PSD) is a pure play
on Berlin residential property, where excess demand drives free
market rent growth. H120 financial performance was robust despite
the COVID-19 pandemic and the first effects of Berlin rent
controls. Recent full implementation of the legislation will
significantly reduce FY21 rental income and peg rents for five
years, but it remains PSD's firm view that the legislation will
ultimately be ruled unconstitutional and overturned. Our central
scenario assumes repeal . Should this not happen, it has
significant condominium optionality and our analysis highlights
significant value embedded in the portfolio in either case.
A c 30% discount to FY20e EPRA NAV per share compares with a
five-year average of 8% since IPO. The discount is a larger c40% to
our estimated 'condominium' valuation that we would expect to be in
focus should the rent cap not be repealed."
Edison is authorised and regulated by the Financial Conduct
Authority , is not an adviser or broker-dealer and does not provide
investment advice. Edison's reports are not solicitations to buy or
sell any securities.
For further information, please contact:
Phoenix Spree Deutschland Limited
Stuart Young +44 (0)20 3937 8760
Edison Investment Research
Martyn King +44 (0)20 3 077 5745
Tulchan Communications (Financial
PR)
Elizabeth Snow +44 (0)20 7353 4200
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END
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(END) Dow Jones Newswires
December 09, 2020 10:55 ET (15:55 GMT)
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