XTRA:VNA

Stock Analysis Report

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Executive Summary

Vonovia SE operates as an integrated residential real estate company. More Details


Snowflake Analysis

Proven track record with mediocre balance sheet.


Similar Companies

Share Price & News

How has Vonovia's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: VNA is less volatile than 75% of German stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: VNA's weekly volatility (2%) has been stable over the past year.


Market Performance


7 Day Return

-0.1%

VNA

-1.3%

DE Real Estate

-2.1%

DE Market


1 Year Return

8.4%

VNA

0.8%

DE Real Estate

17.6%

DE Market

Return vs Industry: VNA exceeded the German Real Estate industry which returned 0.8% over the past year.

Return vs Market: VNA underperformed the German Market which returned 17.6% over the past year.


Shareholder returns

VNAIndustryMarket
7 Day-0.1%-1.3%-2.1%
30 Day-2.9%-2.1%2.1%
90 Day-5.6%-3.0%6.7%
1 Year11.6%8.4%3.6%0.8%21.3%17.6%
3 Year55.7%42.0%26.6%17.2%17.3%7.0%
5 Year114.4%83.6%66.5%47.1%42.9%22.6%

Long-Term Price Volatility Vs. Market

How volatile is Vonovia's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Vonovia undervalued compared to its fair value and its price relative to the market?

9.65x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VNA (€53.54) is trading above our estimate of fair value (€25.96)

Significantly Below Fair Value: VNA is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: VNA is good value based on its PE Ratio (9.7x) compared to the DE Real Estate industry average (13.6x).

PE vs Market: VNA is good value based on its PE Ratio (9.7x) compared to the German market (24.7x).


Price to Earnings Growth Ratio

PEG Ratio: VNA's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: VNA's PB Ratio (1.3x) is in line with the DE Real Estate industry average.


Next Steps

Future Growth

How is Vonovia forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

-17.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VNA's earnings are forecast to decline over the next 3 years (-17.1% per year).

Earnings vs Market: VNA's earnings are forecast to decline over the next 3 years (-17.1% per year).

High Growth Earnings: VNA's earnings are forecast to decline over the next 3 years.

Revenue vs Market: VNA's revenue (0.8% per year) is forecast to grow slower than the German market (6.1% per year).

High Growth Revenue: VNA's revenue (0.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VNA's Return on Equity is forecast to be low in 3 years time (7.1%).


Next Steps

Past Performance

How has Vonovia performed over the past 5 years?

9.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VNA has a large one-off gain of €1.6B impacting its September 30 2020 financial results.

Growing Profit Margin: VNA's current net profit margins (75%) are higher than last year (24.5%).


Past Earnings Growth Analysis

Earnings Trend: VNA's earnings have grown by 9.2% per year over the past 5 years.

Accelerating Growth: VNA's earnings growth over the past year (202%) exceeds its 5-year average (9.2% per year).

Earnings vs Industry: VNA earnings growth over the past year (202%) exceeded the Real Estate industry -4.7%.


Return on Equity

High ROE: VNA's Return on Equity (13.4%) is considered low.


Next Steps

  • Explore strong past performing companies in the Real Estate industry.

Financial Health

How is Vonovia's financial position?


Financial Position Analysis

Short Term Liabilities: VNA's short term assets (€2.8B) exceed its short term liabilities (€2.7B).

Long Term Liabilities: VNA's short term assets (€2.8B) do not cover its long term liabilities (€34.5B).


Debt to Equity History and Analysis

Debt Level: VNA's debt to equity ratio (106.1%) is considered high.

Reducing Debt: VNA's debt to equity ratio has reduced from 112.2% to 106.1% over the past 5 years.

Debt Coverage: VNA's debt is not well covered by operating cash flow (5.8%).

Interest Coverage: VNA's interest payments on its debt are well covered by EBIT (10x coverage).


Balance Sheet


Next Steps

Dividend

What is Vonovia current dividend yield, its reliability and sustainability?

2.93%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VNA's dividend (2.93%) is higher than the bottom 25% of dividend payers in the German market (0.95%).

High Dividend: VNA's dividend (2.93%) is low compared to the top 25% of dividend payers in the German market (3.42%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, VNA has been paying a dividend for less than 10 years.

Growing Dividend: VNA's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (28.3%), VNA's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VNA's dividends in 3 years are forecast to be covered by earnings (68% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Rolf Buch (55 yo)

7.83yrs

Tenure

€4,884,447

Compensation

Mr. Rolf Eberhard Buch has been Chairman of the Supervisory Board at BUWOG AG since May 04, 2018. Mr. Buch served as the Chairman of the Board at Hembla AB (publ) since November 15, 2019 until 2020 and ser...


CEO Compensation Analysis

Compensation vs Market: Rolf's total compensation ($USD5.91M) is about average for companies of similar size in the German market ($USD5.58M).

Compensation vs Earnings: Rolf's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Rolf Buch
Chairman of the Management Board & CEO7.83yrs€4.88mno data
Helene von Roeder
CFO & Member of Management Board2.75yrs€2.44mno data
Daniel Riedl
Chief Development Officer & Member of Management Board2.75yrs€2.10mno data
Arnd Fittkau
Chief Rental Officer & Member of Management Board1.75yrs€1.69mno data
Rene Hoffmann
Head of Investor Relations5.08yrsno datano data
Klaus Markus
Head of Corporate Communicationsno datano datano data
Karsten Rech
no datano datano data

2.8yrs

Average Tenure

50.5yo

Average Age

Experienced Management: VNA's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jurgen Fitschen
Independent Chairman of Supervisory Board2.75yrs€260.00kno data
Klaus Rauscher
Independent Supervisory Board Member12.5yrs€120.00kno data
Burkhard Drescher
Independent Supervisory Board Member6.17yrs€140.00kno data
Edgar Ernst
Independent Deputy Chairman of the Supervisory Board2.75yrs€230.00kno data
Florian Funck
Independent Supervisory Board Member6.5yrs€140.00kno data
Ute Geipel-Faber
Independent Supervisory Board Member5.25yrs€120.00kno data
Christian Ulbrich
Independent Supervisory Board Member6.5yrs€120.00kno data
Vitus Eckert
Independent Supervisory Board Member2.75yrs€140.00kno data
Daniel Just
Independent Supervisory Board Member5.75yrs€120.00kno data
Hildegard Müller
Independent Supervisory Board Member7.67yrs€120.00kno data
Clara-Christina F. Streit
Independent Supervisory Board Member7.67yrs€160.00kno data
Ariane Reinhart
Independent Supervisory Board Member4.75yrs€120.00kno data

6.0yrs

Average Tenure

58.5yo

Average Age

Experienced Board: VNA's board of directors are considered experienced (6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 4.4%.


Top Shareholders

Company Information

Vonovia SE's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Vonovia SE
  • Ticker: VNA
  • Exchange: XTRA
  • Founded: 1998
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €29.845b
  • Shares outstanding: 565.89m
  • Website: https://www.vonovia.de

Number of Employees


Location

  • Vonovia SE
  • Universitätsstrasse 133
  • Bochum
  • North Rhine-Westphalia
  • 44803
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
VNADB (Deutsche Boerse AG)YesRegistered SharesDEEURJul 2013
VNAXTRA (XETRA Trading Platform)YesRegistered SharesDEEURJul 2013
VNNV.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJul 2013
VNADBATS-CHIXE (BATS 'Chi-X Europe')YesRegistered SharesGBEURJul 2013
0QFTLSE (London Stock Exchange)YesRegistered SharesGBEURJul 2013
VNAWBAG (Wiener Boerse AG)YesRegistered SharesATEURJul 2013
94567408BDL (Bourse de Luxembourg)YesRegistered SharesLUEURJul 2013
VNASWX (SIX Swiss Exchange)YesRegistered SharesCHCHFJul 2013
VNABIT (Borsa Italiana)YesRegistered SharesITEURJul 2013
VONO.YOTCPK (Pink Sheets LLC)UNSPN ADR EACH REP 0.50 ORD SHSUSUSDOct 2015
VNAADB (Deutsche Boerse AG)UNSPN ADR EACH REP 0.50 ORD SHSDEEUROct 2015

Biography

Vonovia SE operates as an integrated residential real estate company. It operates through four segments: Rental, Value-Add, Recurring Sales, and Development. The company offers property management services...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/03/01 18:30
End of Day Share Price2021/03/01 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.