company background image
VNA

VonoviaXTRA:VNA Stock Report

Last Price

€47.95

Market Cap

€37.5b

7D

2.6%

1Y

-14.4%

Updated

17 Jan, 2022

Data

Company Financials +
VNA fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance4/6
Financial Health1/6
Dividends4/6

VNA Stock Overview

Vonovia SE operates as an integrated residential real estate company in Europe.

Vonovia Competitors

Deutsche Wohnen

XTRA:DWNI

€14.5b

LEG Immobilien

XTRA:LEG

€8.5b

Aroundtown

XTRA:AT1

€6.4b

GSW Immobilien

DB:GIB

€6.3b

Price History & Performance

Summary of all time highs, changes and price drops for Vonovia
Historical stock prices
Current Share Price€47.95
52 Week High€60.96
52 Week Low€46.28
Beta0.43
1 Month Change-1.94%
3 Month Change-11.79%
1 Year Change-14.37%
3 Year Change12.45%
5 Year Change57.81%
Change since IPO173.22%

Recent News & Updates

Aug 10
Is Vonovia (ETR:VNA) A Risky Investment?

Is Vonovia (ETR:VNA) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...

May 12
Vonovia (ETR:VNA) Has A Somewhat Strained Balance Sheet

Vonovia (ETR:VNA) Has A Somewhat Strained Balance Sheet

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...

Shareholder Returns

VNADE Real EstateDE Market
7D2.6%1.1%-0.6%
1Y-14.4%-7.1%12.1%

Return vs Industry: VNA underperformed the German Real Estate industry which returned -7.1% over the past year.

Return vs Market: VNA underperformed the German Market which returned 12.1% over the past year.

Price Volatility

Is VNA's price volatile compared to industry and market?
VNA volatility
VNA Average Weekly Movement3.1%
Real Estate Industry Average Movement4.0%
Market Average Movement5.0%
10% most volatile stocks in DE Market9.8%
10% least volatile stocks in DE Market2.6%

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

Volatility Over Time: VNA's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199816,051Rolf Buchhttps://www.vonovia.de

Vonovia SE operates as an integrated residential real estate company in Europe. It operates through four segments: Rental, Value-Add, Recurring Sales, and Development. The company offers property management services; apartments and property-related services; and value-added services, including maintenance and modernization of properties, craftsmen and residential environment organization, residential environment organization, condominium administration, cable TV, metering, energy supply, and insurances services.

Vonovia Fundamentals Summary

How do Vonovia's earnings and revenue compare to its market cap?
VNA fundamental statistics
Market Cap€37.49b
Earnings (TTM)€5.19b
Revenue (TTM)€4.28b

7.2x

P/E Ratio

8.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
VNA income statement (TTM)
Revenue€4.28b
Cost of Revenue€1.73b
Gross Profit€2.55b
Expenses-€2.64b
Earnings€5.19b

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)6.69
Gross Margin59.63%
Net Profit Margin121.38%
Debt/Equity Ratio160.4%

How did VNA perform over the long term?

See historical performance and comparison

Dividends

3.5%

Current Dividend Yield

19%

Payout Ratio

Valuation

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

7.17x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VNA (€47.95) is trading above our estimate of fair value (€25.28)

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 (7.2x) compared to the German Real Estate industry average (14.3x).

PE vs Market: VNA is good value based on its PE Ratio (7.2x) compared to the German market (21.4x).


Price to Earnings Growth Ratio

PEG Ratio: VNA is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: VNA is overvalued based on its PB Ratio (1.4x) compared to the DE Real Estate industry average (1.2x).


Future Growth

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

3.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VNA's forecast earnings growth (3.4% per year) is above the savings rate (-0.01%).

Earnings vs Market: VNA's earnings (3.4% per year) are forecast to grow slower than the German market (10.4% per year).

High Growth Earnings: VNA's earnings are forecast to grow, but not significantly.

Revenue vs Market: VNA's revenue (8.4% per year) is forecast to grow faster than the German market (5.6% per year).

High Growth Revenue: VNA's revenue (8.4% 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 (9.6%).


Past Performance

How has Vonovia performed over the past 5 years?

11.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: VNA has a large one-off gain of €7.0B impacting its September 30 2021 financial results.

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


Past Earnings Growth Analysis

Earnings Trend: VNA's earnings have grown by 11.1% per year over the past 5 years.

Accelerating Growth: VNA's earnings growth over the past year (76.8%) exceeds its 5-year average (11.1% per year).

Earnings vs Industry: VNA earnings growth over the past year (76.8%) exceeded the Real Estate industry 3.6%.


Return on Equity

High ROE: VNA's Return on Equity (18.5%) is considered low.


Financial Health

How is Vonovia's financial position?


Financial Position Analysis

Short Term Liabilities: VNA's short term assets (€8.6B) do not cover its short term liabilities (€22.0B).

Long Term Liabilities: VNA's short term assets (€8.6B) do not cover its long term liabilities (€57.9B).


Debt to Equity History and Analysis

Debt Level: VNA's net debt to equity ratio (152.8%) is considered high.

Reducing Debt: VNA's debt to equity ratio has increased from 111.6% to 160.4% over the past 5 years.

Debt Coverage: VNA's debt is not well covered by operating cash flow (3.1%).

Interest Coverage: VNA's interest payments on its debt are well covered by EBIT (4x coverage).


Balance Sheet


Dividend

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

3.52%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VNA's dividend (3.52%) is higher than the bottom 25% of dividend payers in the German market (1.02%).

High Dividend: VNA's dividend (3.52%) is in the top 25% of dividend payers in the German market (3.34%)


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 8 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (18.5%), 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 (68.5% payout ratio).


Next Steps

Management

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

3.8yrs

Average management tenure


CEO

Rolf Buch (56 yo)

8.75yrs

Tenure

€5,649,858

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 ($USD6.45M) is about average for companies of similar size in the German market ($USD5.11M).

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


Leadership Team

Experienced Management: VNA's management team is considered experienced (3.8 years average tenure).


Board Members

Experienced Board: VNA's board of directors are considered experienced (7.3 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 37.2%.


Top Shareholders

Company Information

Vonovia SE's 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
  • Implied Market Cap: €37.486b
  • Shares outstanding: 776.60m
  • Website: https://www.vonovia.de

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/17 19:04
End of Day Share Price2022/01/17 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.