Vonovia
Market Cap
€28.1b
Last Updated
2020/05/31 23:35 UTC
Data Sources
Company Financials +
Executive Summary
Vonovia SE operates as an integrated residential real estate company.
Risk Analysis
Earnings are forecast to decline by an average of -7.9% per year for the next 3 years
+ 2 more risks
Snowflake Analysis
Second-rate dividend payer with imperfect 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's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
4.5%
VNA
2.8%
DE Real Estate
3.1%
DE Market
1 Year Return
10.3%
VNA
-5.9%
DE Real Estate
0.1%
DE Market
Return vs Industry: VNA exceeded the German Real Estate industry which returned -5.9% over the past year.
Return vs Market: VNA exceeded the German Market which returned 0.2% over the past year.
Shareholder returns
| VNA | Industry | Market | |
|---|---|---|---|
| 7 Day | 4.5% | 2.8% | 3.1% |
| 30 Day | 14.9% | 8.2% | 5.6% |
| 90 Day | 4.8% | -3.6% | -1.8% |
| 1 Year | 10.3%10.3% | -4.5%-5.9% | 1.8%0.1% |
| 3 Year | 53.6%44.2% | 29.4%21.6% | -7.2%-14.3% |
| 5 Year | 127.2%89.9% | 98.5%72.6% | 4.3%-9.1% |
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
1 week ago | Simply Wall St
Don't Sell Vonovia SE (ETR:VNA) Before You Read This3 weeks ago | Simply Wall St
Here's How We Evaluate Vonovia SE's (ETR:VNA) Dividend1 month ago | Simply Wall St
If You Had Bought Vonovia (ETR:VNA) Stock Five Years Ago, You Could Pocket A 45% Gain TodayValuation
Is Vonovia undervalued compared to its fair value and its price relative to the market?
24.18x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: VNA (€51.78) is trading above our estimate of fair value (€22.51)
Significantly Below Fair Value: VNA is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: VNA is poor value based on its PE Ratio (24.2x) compared to the Real Estate industry average (10.3x).
PE vs Market: VNA is poor value based on its PE Ratio (24.2x) compared to the German market (19.3x).
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 is overvalued based on its PB Ratio (1.4x) compared to the DE Real Estate industry average (1.4x).
Next Steps
Future Growth
How is Vonovia forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?
-7.9%
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 (-7.9% per year).
Earnings vs Market: VNA's earnings are forecast to decline over the next 3 years (-7.9% per year).
High Growth Earnings: VNA's earnings are forecast to decline over the next 3 years.
Revenue vs Market: VNA's revenue is expected to decline over the next 3 years (-1.6% per year).
High Growth Revenue: VNA's revenue is forecast to decline over the next 3 years (-1.6% 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 (7.4%).
Next Steps
Past Performance
How has Vonovia performed over the past 5 years?
13.1%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: VNA has a large one-off gain of €2.0B impacting its March 31 2020 financial results.
Growing Profit Margin: VNA's current net profit margins (31.1%) are lower than last year (54.8%).
Past Earnings Growth Analysis
Earnings Trend: VNA's earnings have grown by 13.1% per year over the past 5 years.
Accelerating Growth: VNA's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: VNA had negative earnings growth (-50.1%) over the past year, making it difficult to compare to the Real Estate industry average (10%).
Return on Equity
High ROE: VNA's Return on Equity (6.2%) is considered low.
Next Steps
Financial Health
How is Vonovia's financial position?
Financial Position Analysis
Short Term Liabilities: VNA's short term assets (€1.4B) do not cover its short term liabilities (€3.1B).
Long Term Liabilities: VNA's short term assets (€1.4B) do not cover its long term liabilities (€32.2B).
Debt to Equity History and Analysis
Debt Level: VNA's debt to equity ratio (111.1%) is considered high.
Reducing Debt: VNA's debt to equity ratio has reduced from 143.8% to 111.1% over the past 5 years.
Debt Coverage: VNA's debt is not well covered by operating cash flow (6.3%).
Interest Coverage: VNA's interest payments on its debt are well covered by EBIT (3.7x coverage).
Balance Sheet
Next Steps
Dividend
What is Vonovia's current dividend yield, its reliability and sustainability?
3.03%
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: VNA's dividend (3.03%) is higher than the bottom 25% of dividend payers in the German market (1.28%).
High Dividend: VNA's dividend (3.03%) is low compared to the top 25% of dividend payers in the German market (3.93%).
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 6 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (73.3%), VNA's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: VNA's dividends in 3 years are forecast to be covered by earnings (63.9% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.0yrs
Average management tenure
CEO
Rolf Buch (54yo)
7yrs
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 hsa been the Chairman of the Board at Hembla AB (publ) since November 15, 2019. Mr. Buch has been ...
CEO Compensation Analysis
Compensation vs Market: Rolf's total compensation ($USD5.43M) is about average for companies of similar size in the German market ($USD5.12M).
Compensation vs Earnings: Rolf's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chairman of the Management Board & CEO | 7yrs | €4.88m | no data | |
| CFO & Member of Management Board | 2yrs | €2.44m | no data | |
| Chief Development Officer & Member of Management Board | 2yrs | €2.10m | no data | |
| Chief Rental Officer & Member of Management Board | 1yr | €1.69m | no data | |
| Consultant | 1yr | €1.98m | no data | |
| Head of Investor Relations | 4.33yrs | no data | no data | |
| Head of Corporate Communications | no data | no data | no data | |
| no data | no data | no data |
2.0yrs
Average Tenure
50yo
Average Age
Experienced Management: VNA's management team is considered experienced (2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Independent Chairman of Supervisory Board | 2yrs | €260.00k | no data | |
| Independent Supervisory Board Member | 11.75yrs | €120.00k | no data | |
| Independent Supervisory Board Member | 5.42yrs | €140.00k | no data | |
| Independent Deputy Chairman of the Supervisory Board | 2yrs | €230.00k | no data | |
| Independent Supervisory Board Member | 5.75yrs | €140.00k | no data | |
| Independent Supervisory Board Member | 4.42yrs | €120.00k | no data | |
| Independent Supervisory Board Member | 5.75yrs | €120.00k | no data | |
| Independent Supervisory Board Member | 4.83yrs | €120.00k | no data | |
| Independent Supervisory Board Member | 6.83yrs | €120.00k | no data | |
| Independent Supervisory Board Member | 6.83yrs | €160.00k | no data |
5.6yrs
Average Tenure
64.5yo
Average Age
Experienced Board: VNA's board of directors are considered experienced (5.6 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 not been meaningfully diluted in the past year.
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: €28.079b
- Shares outstanding: 542.27m
- Website: https://www.vonovia.de
Number of Employees
Location
- Vonovia SE
- Universitätsstrasse 133
- Bochum
- North Rhine-Westphalia
- 44803
- Germany
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| 0QFT | LSE (London Stock Exchange) | NAMENS AKTIEN | GB | EUR | No data | |
| VNA | DB (Deutsche Boerse AG) | Yes | Registered Shares | DE | EUR | Jul 2013 |
| VNA | XTRA (XETRA Trading Platform) | Yes | Registered Shares | DE | EUR | Jul 2013 |
| VNNV.F | OTCPK (Pink Sheets LLC) | Yes | Registered Shares | US | USD | Jul 2013 |
| 0QFT | LSE (London Stock Exchange) | Yes | Registered Shares | GB | EUR | Jul 2013 |
| VNA | WBAG (Wiener Boerse AG) | Yes | Registered Shares | AT | EUR | Jul 2013 |
| 94567408 | BDL (Bourse de Luxembourg) | Yes | Registered Shares | LU | EUR | Jul 2013 |
| VNA | SWX (SIX Swiss Exchange) | Yes | Registered Shares | CH | CHF | Jul 2013 |
| VNA | BIT (Borsa Italiana) | Yes | Registered Shares | IT | EUR | Jul 2013 |
| VONO.Y | OTCPK (Pink Sheets LLC) | UNSPN ADR EACH REP 0.50 ORD SHS | US | USD | Oct 2015 | |
| VNAA | DB (Deutsche Boerse AG) | UNSPN ADR EACH REP 0.50 ORD SHS | DE | EUR | Oct 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; 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, electricity and gas supply, and insurances services. It also engages in the sale of individual condominiums and single-family houses; and project development activities. As of December 31, 2019, the company had 416,236 residential units; 138,176 garages and parking spaces; and 6,748 commercial units, as well as managed 78,691 residential units for other owners in Germany, Austria, and Sweden. The company was formerly known as Deutsche Annington Immobilien SE and changed its name to Vonovia SE in August 2015. Vonovia SE was founded in 1998 and is headquartered in Bochum, Germany.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/05/31 23:35 |
| End of Day Share Price | 2020/05/29 00:00 |
| Earnings | 2020/03/31 |
| Annual Earnings | 2019/12/31 |
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.