Phoenix Spree Deutschland Valuation

Q: What is the Fair Price of PSDL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

PSDL (£1.74) is trading below our estimate of [[fair value]] (£5.4)

Is PSDL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PSDL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PSDL (£1.74) is trading below our estimate of fair value (£5.4)

Significantly Below Fair Value: PSDL is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PSDL?

Key metric: As PSDL is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for PSDL. This is calculated by dividing PSDL's market cap by their current revenue.
What is PSDL's PS Ratio?
PS Ratio	6.9x
Sales	€27.81m
Market Cap	€190.87m

PSDL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	17.8x
Enterprise Value/EBITDA	58.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does PSDL's PS Ratio compare to its peers?

The above table shows the PS ratio for PSDL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4.6x
ASLI abrdn European Logistics Income	7.2x	n/a	UK£239.1m
TPFG Property Franchise Group	6.7x	42.4%	UK£273.5m
PNS Panther Securities	3.7x	n/a	UK£55.8m
GR1T Grit Real Estate Income Group	0.9x	n/a	UK£50.8m
PSDL Phoenix Spree Deutschland	6.9x	-13.0%	UK£159.3m

Price-To-Sales vs Peers: PSDL is expensive based on its Price-To-Sales Ratio (6.9x) compared to the peer average (4.6x).

Price to Sales Ratio vs Industry

How does PSDL's PS Ratio compare vs other companies in the GB Real Estate Industry?

10 Companies	Price / Sales	Estimated Growth	Market Cap
IWG International Workplace Group	0.6x	6.1%	US$2.11b
ETLN Etalon Group	0.3x	10.5%	US$210.89m
WJG Watkin Jones	0.1x	1.6%	US$67.97m
RAV Raven Property Group	0.1x	-0.2%	US$23.74m

10 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: PSDL is expensive based on its Price-To-Sales Ratio (6.9x) compared to the UK Real Estate industry average (3.9x).

Price to Sales Ratio vs Fair Ratio

What is PSDL's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PSDL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	6.9x
Fair PS Ratio	1.5x

Price-To-Sales vs Fair Ratio: PSDL is expensive based on its Price-To-Sales Ratio (6.9x) compared to the estimated Fair Price-To-Sales Ratio (1.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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