Desired analysis of the week: Vonovia shares

by Florian Hielscher, Euro on Sunday

Equities from the real estate sector have recently lost their reputation as crisis-resistant stocks. Problems with the balance sheets of individual companies are a burden. Vonovia holds around 20 percent of the troubled ADLER Group and does not rule out a later sale at a fair value. In addition, the economic environment is a burden. Rising interest rates make refinancing more expensive, and the high inflation rates can only be passed on to tenants to a limited extent.

In addition, there are increased costs, including for energy-related renovations. Germany’s largest real estate group is nevertheless optimistic and wants to increase key figures such as sales, Ebitda and the operating result (FFO), which is important for real estate groups, by at least 20 percent over the previous year. In addition, Vonovia remains attractive as a dividend stock, and analysts expect increasing payouts in the future. A lot of negative things seem to be priced in, the stock has good prospects in the long term.

Industry: property
Headquarters: Bochum, North Rhine-Westphalia

market value: 27.9 billion euros


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