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Vonovia
(XETRA:VNA)
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Rating:66Neutral
Price Target:
€17.50
▼(-11.30% Downside)
Action:Reiterated
Date:08/10/26
The score is driven by attractive valuation (very low P/E and high dividend yield) and improved recent profitability, but it is moderated by balance-sheet leverage and softer cash-flow conversion, alongside mostly neutral technical signals and a longer-term trend still below the 200-day average.
Positive Factors
Recurring rental-income model
Recurring rent from a residential portfolio provides a relatively durable operating base and links revenue to occupancy, rent levels, and owned or managed units. Modernization, management services, and development add additional ways to support tenant retention and property-level earnings over time.
Negative Factors
Elevated leverage
Leverage around 1.6 times equity is a meaningful constraint for a capital-intensive residential property company. It leaves less flexibility if asset values or earnings weaken, and higher financing costs can absorb more operating cash, limiting investment and deleveraging capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental-income model
Recurring rent from a residential portfolio provides a relatively durable operating base and links revenue to occupancy, rent levels, and owned or managed units. Modernization, management services, and development add additional ways to support tenant retention and property-level earnings over time.
Read all positive factors
Vonovia (VNA) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€13.84B
Dividend Yield7.66%
Average Volume (3M)3.64M
Price to Earnings (P/E)3.5
Beta (1Y)0.68
Revenue Growth-20.61%
EPS Growth907.76%
CountryDE
Employees13,120
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Services
Share Statistics
EPS (TTM)4.60
Shares Outstanding848,458,860
10 Day Avg. Volume3,734,204
30 Day Avg. Volume3,637,457
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)0.74
Price to Sales (P/S)4.11
P/FCF Ratio15.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€28.24Price Target Upside43.15% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.8
Revenue Forecast (FY)€3.49B
Vonovia Business Overview & Revenue Model
Company Description
Vonovia SE functions as a prominent integrated residential real estate firm operating throughout Europe. Its operations are structured into five distinct divisions: Rental, Value-Add, Recurring Sales, Development, and Deutsche Wohnen. The company ...
How the Company Makes Money
Vonovia primarily makes money through recurring rental income from its residential portfolio. The largest revenue stream is collecting rent (cold rent and, where applicable, billable service charges/operating cost allocations depending on local re...
Vonovia Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.37B | 4.98B | 5.94B | 5.23B | 5.15B | 3.62B |
| Gross Profit | 3.63B | 2.49B | 2.25B | 2.46B | 2.86B | 2.23B |
| EBITDA | 4.50B | 3.08B | 2.11B | -7.96B | 1.26B | 9.81B |
| Net Income | 3.87B | 3.72B | -896.00M | -6.29B | -669.40M | 2.68B |
Balance Sheet | ||||||
| Total Assets | 93.11B | 93.26B | 90.24B | 92.00B | 101.39B | 106.32B |
| Cash, Cash Equivalents and Short-Term Investments | 1.85B | 3.26B | 2.02B | 1.37B | 1.20B | 1.32B |
| Total Debt | 42.91B | 43.31B | 43.21B | 43.57B | 45.69B | 47.69B |
| Total Liabilities | 61.21B | 61.09B | 62.11B | 62.05B | 66.95B | 69.78B |
| Stockholders Equity | 27.20B | 27.47B | 24.00B | 25.68B | 31.33B | 33.29B |
Cash Flow | ||||||
| Free Cash Flow | 878.80M | 1.31B | 2.40B | 1.90B | 1.86B | 1.47B |
| Operating Cash Flow | 1.24B | 1.66B | 2.40B | 1.90B | 2.08B | 1.82B |
| Investing Cash Flow | -883.00M | -403.30M | -187.60M | -825.90M | 938.20M | -19.12B |
| Financing Cash Flow | -188.00M | 190.20M | -1.82B | -961.00M | -3.15B | 18.13B |
Vonovia Technical Analysis
Negative
19.73
Price Trends
18.83
Negative
19.93
Negative
21.35
Negative
Market Momentum
-0.65
Negative
27.37
Positive
8.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:VNA, the sentiment is Negative. The current price of 19.73 is above the 20-day moving average (MA) of 17.21, above the 50-day MA of 18.83, and below the 200-day MA of 21.35, indicating a bearish trend. The MACD of -0.65 indicates Negative momentum. The RSI at 27.37 is Positive, neither overbought nor oversold. The STOCH value of 8.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:VNA.
Vonovia Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €1.12B | 2.99 | 11.29% | 4.48% | 2.40% | -8.00% | |
67 Neutral | €3.44B | 2.61 | 14.93% | 6.53% | 0.54% | 112.86% | |
66 Neutral | €13.84B | 3.55 | 14.27% | 7.66% | -20.61% | 907.76% | |
60 Neutral | €1.62B | 4.00 | 6.50% | 5.41% | 1.08% | -44.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | €6.15B | 38.89 | 2.34% | ― | -8.37% | ― | |
43 Neutral | €14.62M | -0.06 | -82.03% | 2.01% | 54.52% | -122.93% |
* General Sector Average
DE:VNA
Vonovia
16.31
-9.63
-37.12%
DE:LEG
LEG Immobilien
44.70
-20.49
-31.43%
DE:AT1
Aroundtown SA
1.48
-1.68
-53.16%
DE:GYC
Grand City Properties SA
6.69
-4.28
-39.00%
DE:ADJ
ADLER Group
0.10
-0.11
-52.24%
DE:O5G
CPI PROPERTY GROUP S.A.
0.74
-0.07
-8.13%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.