(VNA) Vonovia SE - XETRA
Sector: Real Estate | Industry: Real Estate Services | Exchange: XETRA (Germany) | Market Cap: 17.418m EUR | Total Return: -27.8% in 12m
Avg Turnover: 62.4M
EPS Trend: 73.7%
Qual. Beats: 0
Rev. Trend: 83.6%
Qual. Beats: 4
Warnings
Earnings expected to drop: P/E 4.8 → Forward 10.6
Below Avwap Earnings
Tailwinds
No distinct edge detected
Vonovia SE is Europe’s largest residential real estate company, headquartered in Bochum, Germany. The company manages an extensive portfolio through an integrated business model that encompasses property rental, large-scale residential development, and value-added services such as energy supply and maintenance. Historically, the firm expanded through significant acquisitions, including the takeover of rival Deutsche Wohnen, to consolidate its position in the German housing market.
The business operates across four primary segments: Rental, Value-Add, Recurring Sales, and Development. Beyond traditional property management, Vonovia utilizes an in-house craftsmen organization to handle modernization and repairs, which allows for greater vertical integration and cost control compared to outsourcing. Residential real estate in Germany is characterized by high demand in urban centers and a regulatory environment that often includes strict rent control measures.
For a detailed breakdown of the companys valuation metrics and financial health, investors should consult ValueRay.
Founded in 1998 and formerly known as Deutsche Annington Immobilien SE, the company rebranded as Vonovia in 2015. Its current operations focus on both the long-term management of existing units and the construction of new apartments for sale or internal portfolio growth.
- German rental market regulations and rent control legislation impact organic revenue growth
- High interest rates increase refinancing costs and pressure net asset value valuations
- Asset disposal program targets debt reduction and strengthens the corporate balance sheet
- Residential supply shortages in German urban centers drive long term occupancy rates
- Rising construction and material costs delay development projects and margin expansion
| Net Income: 3.44b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -0.95 > 1.0 |
| NWC/Revenue: -22.37% < 20% (prev -29.03%; Δ 6.66% < -1%) |
| CFO/TA 0.02 > 3% & CFO 1.70b > Net Income 3.44b |
| Net Debt (40.7b) to EBITDA (3.49b): 11.66 < 3 |
| Current Ratio: 0.66 > 1.5 & < 3 |
| Outstanding Shares: last quarter (848.4m) vs 12m ago 3.55% < -2% |
| Gross Margin: 58.03% > 18% (prev 32.67%; Δ 25.36% > 0.5%) |
| Asset Turnover: 6.92% > 50% (prev 6.89%; Δ 0.02% > 0%) |
| Interest Coverage Ratio: 3.24 > 6 (EBIT TTM 2.98b / Interest Expense TTM 917.0m) |
| A: -0.02 (Total Current Assets 2.71b - Total Current Liabilities 4.12b) / Total Assets 92.0b |
| B: 0.26 (Retained Earnings 24.4b / Total Assets 92.0b) |
| C: 0.03 (EBIT TTM 2.98b / Avg Total Assets 91.3b) |
| D: 0.46 (Book Value of Equity 27.6b / Total Liabilities 59.6b) |
| Altman-Z'' = 1.47 = BB |
| DSRI: 1.93 (Receivables 904.1m/463.1m, Revenue 6.32b/6.25b) |
| GMI: 0.56 (GM 32.67% / 58.03%) |
| AQI: 1.05 (AQ_t 0.96 / AQ_t-1 0.91) |
| SGI: 1.01 (Revenue 6.32b / 6.25b) |
| TATA: 0.02 (NI 3.44b - CFO 1.70b) / TA 92.0b) |
| Beneish M = -2.62 (Cap -4..+1) = A |
As of June 22, 2026, the stock is trading at EUR 20.60 with a total of 7,044,829 shares traded.
Over the past week, the price has changed by +1.03%,
over one month by -2.09%,
over three months by +3.92% and
over the past year by -27.76%.
Vonovia SE has no consensus analysts rating.
P/E Trailing = 4.7633
P/E Forward = 10.6383
P/S = 2.9321
P/B = 0.6342
P/EG = 14.7462
Revenue TTM = 6.32b EUR
EBIT TTM = 2.98b EUR
EBITDA TTM = 3.49b EUR
Long Term Debt = 38.3b EUR (from longTermDebt, last fiscal year)
Short Term Debt = 4.12b EUR (from shortTermDebt, last quarter)
Debt = 42.5b EUR (from shortLongTermDebtTotal, last quarter) + Leases 824.7m
Net Debt = 40.7b EUR (calculated: Debt 42.5b - CCE 1.80b)
Enterprise Value = 58.1b EUR (17.4b + Debt 42.5b - CCE 1.80b)
Interest Coverage Ratio = 3.24 (Ebit TTM 2.98b / Interest Expense TTM 917.0m)
EV/FCF = 40.29x (Enterprise Value 58.1b / FCF TTM 1.44b)
FCF Yield = 2.48% (FCF TTM 1.44b / Enterprise Value 58.1b)
FCF Margin = 22.83% (FCF TTM 1.44b / Revenue TTM 6.32b)
Net Margin = 54.48% (Net Income TTM 3.44b / Revenue TTM 6.32b)
Gross Margin = 58.03% ((Revenue TTM 6.32b - Cost of Revenue TTM 2.65b) / Revenue TTM)
Gross Margin QoQ = 61.23% (prev 52.73%)
Tobins Q-Ratio = 0.63 (Enterprise Value 58.1b / Total Assets 92.0b)
Interest Expense / Debt = 2.16% (Interest Expense 917.0m / Debt 42.5b)
Taxrate = 35.49% (137.7m / 388.0m)
NOPAT = 1.92b (EBIT 2.98b * (1 - 35.49%))
Current Ratio = 0.66 (Total Current Assets 2.71b / Total Current Liabilities 4.12b)
Debt / Equity = 1.54 (Debt 42.5b / totalStockholderEquity, last quarter 27.6b)
Debt / EBITDA = 11.66 (Net Debt 40.7b / EBITDA 3.49b)
Debt / FCF = 28.22 (Net Debt 40.7b / FCF TTM 1.44b)
Total Stockholder Equity = 26.3b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.77% (Net Income 3.44b / Total Assets 92.0b)
RoE = 13.06% (Net Income TTM 3.44b / Total Stockholder Equity 26.3b)
RoCE = 4.60% (EBIT 2.98b / Capital Employed (Equity 26.3b + L.T.Debt 38.3b))
RoIC = 2.09% (NOPAT 1.92b / Invested Capital 91.7b)
WACC = 2.79% (E(17.4b)/V(59.9b) * Re(6.21%) + D(42.5b)/V(59.9b) * Rd(2.16%) * (1-Tc(0.35)))
Discount Rate = 6.21% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 67.42 | Cagr: 1.82%
[DCF] Terminal Value 73.10% ; FCFF base≈1.78b ; Y1≈1.56b ; Y5≈1.26b
[DCF] Fair Price = N/A (negative equity: EV 20.2b - Net Debt 40.7b = -20.5b; debt exceeds intrinsic value)
EPS Correlation: 73.67 | EPS CAGR: 95.73% | SUE: 0.04 | # QB: 0
Revenue Correlation: 83.60 | Revenue CAGR: 5.72% | SUE: 0.86 | # QB: 4
EPS current Quarter (2026-06-30): EPS=0.40 | Chg30d=-5.59% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.45 | Chg30d=-4.06% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=1.79 | Chg30d=-1.27% | Revisions=-33% | GrowthEPS=-3.0% | GrowthRev=+3.0%
EPS next Year (2027-12-31): EPS=1.91 | Chg30d=-1.32% | Revisions=-20% | GrowthEPS=+6.5% | GrowthRev=+3.1%
[Analyst] Revisions Ratio: -33%