OTCPK:VONO.Y

Stock Analysis Report

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Executive Summary

Vonovia SE operates as an integrated residential real estate company.


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: VONO.Y's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

11.1%

VONO.Y

2.9%

US Real Estate

2.4%

US Market


1 Year Return

n/a

VONO.Y

-15.7%

US Real Estate

9.2%

US Market

Return vs Industry: Insufficient data to determine how VONO.Y performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how VONO.Y performed against the US Market.


Shareholder returns

VONO.YIndustryMarket
7 Day11.1%2.9%2.4%
30 Day30.1%14.2%10.2%
90 Dayn/a-23.0%3.4%
1 Yearn/a-15.2%-15.7%11.6%9.2%
3 Yearn/a-15.8%-17.7%33.7%24.9%
5 Yearn/a-23.1%-25.4%59.7%41.8%

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

No news available

Valuation

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

24.72x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: VONO.Y ($30.05) is trading above our estimate of fair value ($11.56)

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


Price To Earnings Ratio

PE vs Industry: VONO.Y is poor value based on its PE Ratio (24.7x) compared to the Real Estate industry average (15.5x).

PE vs Market: VONO.Y is poor value based on its PE Ratio (24.7x) compared to the US market (16.1x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: VONO.Y is overvalued based on its PB Ratio (1.4x) compared to the US Real Estate industry average (1.1x).


Next Steps

Future Growth

How is Vonovia forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

-10.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: VONO.Y's earnings are forecast to decline over the next 3 years (-10.9% per year).

Earnings vs Market: VONO.Y's earnings are forecast to decline over the next 3 years (-10.9% per year).

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

Revenue vs Market: VONO.Y's revenue (0.2% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: VONO.Y's revenue (0.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: VONO.Y'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: VONO.Y has a large one-off gain of €2.0B impacting its March 31 2020 financial results.

Growing Profit Margin: VONO.Y's current net profit margins (31.1%) are lower than last year (54.8%).


Past Earnings Growth Analysis

Earnings Trend: VONO.Y's earnings have grown by 13.1% per year over the past 5 years.

Accelerating Growth: VONO.Y's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: VONO.Y had negative earnings growth (-50.1%) over the past year, making it difficult to compare to the Real Estate industry average (-6.4%).


Return on Equity

High ROE: VONO.Y'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: VONO.Y's short term assets (€1.4B) do not cover its short term liabilities (€3.1B).

Long Term Liabilities: VONO.Y's short term assets (€1.4B) do not cover its long term liabilities (€32.2B).


Debt to Equity History and Analysis

Debt Level: VONO.Y's debt to equity ratio (111.1%) is considered high.

Reducing Debt: VONO.Y's debt to equity ratio has reduced from 143.8% to 111.1% over the past 5 years.

Debt Coverage: VONO.Y's debt is not well covered by operating cash flow (6.3%).

Interest Coverage: VONO.Y'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?

2.97%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: VONO.Y's dividend (2.97%) is higher than the bottom 25% of dividend payers in the US market (1.65%).

High Dividend: VONO.Y's dividend (2.97%) is low compared to the top 25% of dividend payers in the US market (4.39%).


Stability and Growth of Payments

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

Growing Dividend: VONO.Y'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%), VONO.Y's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: VONO.Y's dividends in 3 years are forecast to be covered by earnings (69.4% payout ratio).


Next Steps

Management

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

2.1yrs

Average management tenure


CEO

Rolf Buch (54yo)

7.17yrs

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 ($USD5.49M) is below average for companies of similar size in the US market ($USD11.58M).

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 & CEO7.17yrs€4.88mno data
Helene von Roeder
CFO & Member of Management Board2.08yrs€2.44mno data
Daniel Riedl
Chief Development Officer & Member of Management Board2.08yrs€2.10mno data
Arnd Fittkau
Chief Rental Officer & Member of Management Board1.08yrs€1.69mno data
Klaus Freiberg
Consultant1.08yrs€1.98mno data
Rene Hoffmann
Head of Investor Relations4.42yrsno datano data
Klaus Markus
Head of Corporate Communicationsno datano datano data
Karsten Rech
no datano datano data

2.1yrs

Average Tenure

50yo

Average Age

Experienced Management: VONO.Y's management team is considered experienced (2.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Jürgen Fitschen
Independent Chairman of Supervisory Board2.08yrs€260.00kno data
Klaus Rauscher
Independent Supervisory Board Member11.83yrs€120.00kno data
Burkhard Drescher
Independent Supervisory Board Member5.5yrs€140.00kno data
Edgar Ernst
Independent Deputy Chairman of the Supervisory Board2.08yrs€230.00kno data
Florian Funck
Independent Supervisory Board Member5.83yrs€140.00kno data
Ute Geipel-Faber
Independent Supervisory Board Member4.58yrs€120.00kno data
Christian Ulbrich
Independent Supervisory Board Member5.83yrs€120.00kno data
Daniel Just
Independent Supervisory Board Member5yrs€120.00kno data
Hildegard Müller
Independent Supervisory Board Member7yrs€120.00kno data
Clara-Christina F. Streit
Independent Supervisory Board Member7yrs€160.00kno data

5.7yrs

Average Tenure

64.5yo

Average Age

Experienced Board: VONO.Y's board of directors are considered experienced (5.7 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: VONO.Y
  • Exchange: OTCPK
  • Founded: 1998
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: €28.708b
  • Listing Market Cap: €32.242b
  • Shares outstanding: 542.27m
  • Website: https://www.vonovia.de

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
0QFTLSE (London Stock Exchange)NAMENS AKTIENGBEURNo data
VNADB (Deutsche Boerse AG)YesRegistered SharesDEEURJul 2013
VNAXTRA (XETRA Trading Platform)YesRegistered SharesDEEURJul 2013
VNNV.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDJul 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)ADRUSUSDOct 2015
VNAADB (Deutsche Boerse AG)ADRDEEUROct 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/04 04:48
End of Day Share Price2020/06/03 00:00
Earnings2020/03/31
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.