Morningstar

Vonovia SE VNA

Morningstar Rating
Unlock
Stock XETR Rating as of
€16.82 +0.08 (0.48%)
View Full Chart
As of Delayed Price Open

Company Report

View Archive

Initiating Coverage of Vonovia, the German Residential REIT

Jack Fletcher-Price

Since Vonovia’s poorly timed acquisition of Deutsche Wohnen in 2021, it has been focused on deleveraging its balance sheet and diversifying revenue through nonrental activities. Specifically, these initiatives include expanding the internal craftsmen organization (VTS), ramping up ‘development to sell’ projects, and monetizing the portfolio through recurring sales.

Read Analysis

Price vs Fair Value

View History
VNA is trading at a LOCK|dl$Y>D premium.
Price
€16.74
Fair Value
>rM
Uncertainty
LOCK|mZ!
1-Star Price
LOCK|.jL$
5-Star Price
LOCK|.p<
Economic Moat
LOCK|>@
Capital Allocation
LOCK|?P#

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.

Show More

Trading Information

Previous Close Price
€16.74
Day Range
€16.73–17.00
52-Week Range
€16.60–28.90
Bid/Ask
€16.81 / €16.82
Shares Outstanding
848.44M
Market Cap
€14.30B
Volume/Avg
2M / 3M

Key Statistics

Price/Earnings (Normalized)
3.83
Price/Sales
2.80
Dividend Yield (Trailing)
7.47%
Dividend Yield (Forward)
7.47%
Dividend Payment Schedule
May
Total Yield
12.02%

Company Profile

Vonovia SE is a residential real estate company based out of Germany. It owns and manages a multitude of residential units in many German cities and regions. The company makes long-term investments in the maintenance, modernization, and senior-friendly conversion of its properties. In addition to conducting property management, it handles financing, service, and coordination tasks. The company manages its operations through four business segments; Rental, Value-add, Recurring Sales, and Development. Maximum revenue is generated from the Rental segment, which combines all of the business activities that are aimed at the value-enhancing management of its residential real estate. It includes the company's property management activities in 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

View More
Metric
VNA
VMRK
ESS
Price/Earnings (Normalized)
 3.8334.8952.01
Price/Book Value
 0.521.983.25
Price/Sales
 2.807.749.01
Price/Cash Flow
 9.1914.5716.70
Price/Earnings
VNA
VMRK
ESS

Financial Strength

Metric
VNA
VMRK
ESS
Quick Ratio
 0.400.050.30
Current Ratio
 0.890.140.31
Interest Coverage
 4.794.642.59
Quick Ratio
VNA
VMRK
ESS

Profitability

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%
Return on Assets
VNA
VMRK
ESS

Real Estate Services Industry Comparables

Screen With Investor
1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
CBRE Group Inc Class A
CBRE
LOCK|!Dk?PCFLOCK|s%DX$38B
 KE Holdings Inc ADR
BEKE
LOCK|yhK@<XLOCK|Nz%z%$19B
 Sumitomo Realty & Development Co Ltd
SURDF
—LOCK|%C$19B
 Sumitomo Realty & Development Co Ltd ADR
SURYY
—LOCK|$LX$19B
 Swire Properties Ltd
SWPFF
—LOCK|fC<&$18B
 Cellnex Telecom SA ADR
CLLNY
—LOCK|Rlvb$17B
 Cellnex Telecom SA
CLNXF
—LOCK|W$n?$17B
 Jones Lang LaSalle Inc
JLL
LOCK|%@B%?<%LOCK|rKk?$14B
 CoStar Group Inc
CSGP
LOCK|^lzX&??LOCK|<Y%Q$11B
 Cushman & Wakefield Ltd
CWK
LOCK|@qM$P&LOCK|!Y%$3B

Sponsor Center