Berlin’s Left Party, Greens, and the SPD concluded exploratory coalition talks on Oct. 17, agreeing to apply the socialization clause (Article 15) of Germany's Basic Law to landlords with over 10,000 units. This would allow private property to be transferred into public ownership below market value.
Vonovia’s core rental business is supported by a severe housing shortage in German urban areas that is expected to persist for decades. This imbalance ensures virtually full occupancy and high collection rates (98% and >99% in 2025, respectively).
Vonovia fails to earn its cost of capital, and its rental portfolio’s net initial yield is lower than its marginal cost of new debt.
|
Metric
|
VNA
|
VMRK
|
ESS
|
|---|---|---|---|
Price/Earnings (Normalized) | 3.80 | 35.95 | 52.90 |
Price/Book Value | 0.52 | 2.04 | 3.31 |
Price/Sales | 2.78 | 7.98 | 9.16 |
Price/Cash Flow | 9.12 | 15.01 | 16.99 |
|
Metric
|
VNA
|
VMRK
|
ESS
|
|---|---|---|---|
Quick Ratio | 0.40 | 0.05 | 0.30 |
Current Ratio | 0.89 | 0.14 | 0.31 |
Interest Coverage | 4.79 | 4.64 | 2.59 |
|
Metric
|
VNA
|
VMRK
|
ESS
|
|---|---|---|---|
Return on Assets (Normalized) | 4.59% | 3.60% | 3.10% |
Return on Equity (Normalized) | 15.93% | 6.73% | 7.37% |
Return on Invested Capital (Normalized) | 8.51% | 4.66% | 4.79% |
|
1-Day Chart
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Name
|
Price
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Morningstar Rating for Stocks
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Capital Allocation
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Economic Moat
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Market Cap
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