Vonovia Earnings: Deleveraging Questions Linger; Shares Overvalued
Vonovia reported third-quarter results after cutting its guidance at the end of October.
Vonovia SE VNA
Bulls Say, Bears Say
Bulls
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).
Bears
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.
Trading Information
- Previous Close Price
- €17.10
- Day Range
- €16.85–17.19
- 52-Week Range
- €15.26–28.90
- Bid/Ask
- €0.00 / €0.00
- Shares Outstanding
- 848.46M
- Market Cap
- €14.43B
- Volume/Avg
- 2M / 3M
Key Statistics
- Price/Earnings (Normalized)
- 9.02
- Price/Sales
- 2.98
- Dividend Yield (Trailing)
- 7.31%
- Dividend Yield (Forward)
- 7.31%
- Dividend Payment Schedule
- May
- Total Yield
- 19.10%
Company Profile
Vonovia is a German REIT and Europe’s largest private residential landlord, managing over 600,000 units across Germany, Austria, and Sweden.
- Sector
- Real Estate
- Industry
- Real Estate Services
- Stock Style Box
- Mid Value
- Total Number of Employees
- 13,120
- Website
- https://www.vonovia.com
Competitors
Valuation
Metric | VNA | VMRK | ESS |
|---|---|---|---|
Price/Earnings (Normalized) | 9.02 | 46.76 | 53.02 |
Price/Book Value | 0.53 | 1.39 | 3.33 |
Price/Sales | 2.98 | 8.16 | 9.06 |
Price/Cash Flow | 10.06 | 21.69 | 17.06 |
Price/Earnings
VNA
VMRK
ESS
Financial Strength
Metric | VNA | VMRK | ESS |
|---|---|---|---|
Quick Ratio | 0.45 | 0.15 | 0.50 |
Current Ratio | 1.10 | 0.25 | 0.52 |
Interest Coverage | 4.56 | 0.62 | 2.35 |
Quick Ratio
VNA
VMRK
ESS
Profitability
Metric | VNA | VMRK | ESS |
|---|---|---|---|
Return on Assets (Normalized) | 1.58% | 0.54% | 2.72% |
Return on Equity (Normalized) | 5.38% | 0.95% | 6.51% |
Return on Invested Capital (Normalized) | 3.87% | 1.64% | 4.35% |
Return on Assets
VNA
VMRK
ESS
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United States